The ‘Climate Solutions Investment Platform’ will provide growth capital to companies that provide products, services, and technologies that drive decarbonisation and address the impacts of climate change

The COP28 Presidency revealed the USD 750 million Climate Solutions Investment Platform announced by Investcorp, an alternative investment management firm, as part of its collaboration with ‘Innovate for Climate Tech’ – a coalition between Masdar City, Tencent, and Catalyst that was facilitated by the COP28 Presidency.

The ‘Climate Solutions Investment Platform’ will provide growth capital to companies that provide products, services, and technologies that drive decarbonisation and address the impacts of climate change.

In November 2023, the Innovate for Climate Tech coalition was established. Enabled by the COP28 Presidency, it is supported by Tencent, a globally recognised internet and technology giant with its headquarters located in China; Masdar City, an innovative sustainable urban community and premier business and technology hub in Abu Dhabi; and Catalyst, a startup technology accelerator situated in Masdar City.

As one of the coalition’s investment partners, Investcorp will have access to the group’s expertise and networking possibilities, which will aid in directing its distribution.

“We are delighted to welcome Investcorp to the Innovate for Climate Tech coalition. Their commitment towards addressing the impacts of climate through technology aligns with the COP28 commitment towards supporting, promoting, and facilitating the deployment of climate technologies. By working together and building a platform for innovation and investment, we can create opportunities for sustainable economic growth and employment, especially in those regions which need it the most,” said Adnan Amin, CEO of COP28 UAE.

“Our focus on scaling commercially proven climate solutions provides the most attractive risk-return and delivers the highest impact by helping corporates and consumers achieve decarbonization targets within accelerated timeframes,” said Rishi Kapoor, Co-CEO of Investcorp.

“We are proud to welcome Investcorp as an Investment Partner to the coalition in our effort to advance climate innovation. Masdar City’s steadfast commitment to the climate tech ecosystem is demonstrated through strategic partnerships like these. Our firm belief in working together fuels initiatives that accelerate decarbonization and builds a more sustainable future for generations to come,” added Steve Severance, Masdar City’s Director of Growth.

At the Business and Philanthropy Forum at COP28 in Dubai, Investcorp made the declaration. With the support of Bahrain’s Sovereign Wealth Fund Mumtalakat and other Bahrain-based organisations, it debuted its platform with initial anchor pledges.

The platform, which aims to raise USD 750 million in funding, focuses on companies that are at the “inflexion point,” or when they have grown past many of the dangers associated with early-stage endeavours and are ready to expand quickly.

Investcorp is in discussions to become an anchor partner for the Innovate for Climate Tech coalition alongside Masdar City, Tencent, and the Catalyst. Some of the latest entities to join the coalition include Siemens, Asian Infrastructure Investment Bank, The Climate Drive powered by the World Business Council for Sustainable Development, Flat6Labs, Gulf Capital, Martin Trust Centre for MIT Entrepreneurship, Climate Collective, Startup Nation Central, Rainmaking, Belt and Road Environmental Technology Exchange and Transfer Centre, Foresight Group, and Principes Ventures.

The Innovate for Climate Tech coalition brings climate tech innovators, investors, programs, and knowledge partners together to drive global climate technology ecosystems. The coalition strengthens COP28’s efforts to improve the global climate tech ecosystem and will continue beyond the two-week conference by providing a significant launching ground for expanding the work of its members.

An important step forward was the global launch of TanLIVE, a Tencent-powered portal, by the coalition’s key partners. This platform functions as a dynamic digital hub for climate action, providing a range of collaborative tools such as project listings, community networking, and access to a well-vetted ecosystem of financial and technological solutions. Designed with entrepreneurs, investors, and researchers in mind, TanLIVE has already attracted over a thousand registered users from important industries like ICT, textiles, building, energy, and nature-based solutions in addition to packaging.

“The introduction of TanLIVE is a testament to Tencent’s commitment to leveraging technology as a force for good.”  Hao Xu, Vice President of Tencent Sustainable Social Value and Head of Tencent Carbon Neutrality Lab, said, “By providing an online platform for the exchange of ideas among like-minded partners around the world who are committed to working on climate solutions, TanLIVE fosters collaboration and empowers the global community to collectively address climate challenges and drive innovation towards a sustainable future.”