The Responsible Finance and Investment (RFI) Foundation, in partnership with HSBC Middle East Ltd, have announced the final six startup businesses for their Middle East based Net Zero Challenge. The startups successfully demonstrated their ability to offer technology solutions to financial institutions in the Middle East, North Africa and Turkey (MENAT) region on their Net Zero journeys. Following their pitches, the finalists were chosen based on their potential to improve data collection, analysis, validation and dissemination of financed emissions for financial institutions.
The successful finalists are Blockchain Triangle (Bermuda), Evercity (Germany), ESGi (UK), ESGTree (Canada), Greenomy (Belgium), and CDIOXIDE LLC (Egypt).
The startups progressed through a Global Virtual Innovation bootcamp where they were supported by mentors, including experts from HSBC, Falak Startups and the RFI Foundation’s Emissary Network. The bootcamp prepared the finalists to present their business plans to the Net Zero Challenge’s partners: Falak Startups, ADGM, the Central Bank of Bahrain, and the Economic Development Board of Bahrain.
“We are excited by the opportunity to connect companies from around the world with the financial ecosystem in the MENAT region through the Net Zero Challenge. Net Zero Challenge finalists have a big opportunity they can take forward from the connections gained during the Challenge to leverage their solutions in support of MENAT financial sector institutions working towards the region’s Net Zero goals,” said Blake Goud, CEO of the RFI Foundation.
“On behalf of HSBC, I congratulate the Net Zero Challenge finalists in successfully presenting the potential of their technology to support financial institutions looking to align their targets with the region’s Net Zero goals. At HSBC, we’re committed to supporting our clients on their Net Zero journey, and hope that this challenge will increase momentum for companies aligning their sustainability plans ahead of COP27 and COP28, being held in Egypt and the UAE this year and in 2023,” said Sabrin Rahman, HSBC Managing Director & Head of Sustainability for Europe and the Middle East.
“The Central Bank of Bahrain is committed to upholding international standards and best practices on climate change risk management and encouraging start-ups who bear that common goal in mind. We congratulate the finalists of the Net Zero Challenge, and look forward to seeing fruitful collaboration with financial institutions in the region to support and promote sustainable finance and to align business models to Net Zero targets.” said Yasmeen Al Sharaf, Director of Fintech and Innovation Unit at the Central Bank of Bahrain.
“It was an absolute pleasure taking part in the Net Zero Challenge. We were impressed by the solutions the contenders are offering. We see great potential in them helping investment partners ourselves at Falak Startups included – achieve their sustainability goals, and we are happy to offer our full range of support to give the acceleration those solutions need,” said Ahmed Hazem, Chief Executive Officer of Falak Startups.