Exploring the Climate Tech Landscape: Lessons from COP28
Participating in the COP28 roundtable on ‘Scaling Climate Tech Innovations’, Foresight Senior Investment Manager, Jai Mallick, shares insights into the critical pathways required for the expansion of climate technology. Bringing together a diverse array of stakeholders, including investors, innovators, and decision-makers from both the private and public sectors, the group shared knowledge on tech-based solutions that could help accelerate the race to net zero.
In this roundup, Jai Mallick shares his key takeaways from the session, shedding light on the multifaceted aspects of climate tech and its global commercialisation.
Beyond Accelerators: A Comprehensive Support Framework
While acknowledging the effectiveness of climate tech accelerators in early-stage development and local market access, the group highlighted the necessity for a more nuanced, dynamic and comprehensive support network for international development and commercialisation of climate solutions.
An illustrative example was shared by a Singaporean company, emphasising the supportive role played by the Abu Dhabi Investment Office’s (ADIO) outreach program. The program proactively approached the company with a bespoke package including, R&D support, visa facilitation and grants, implementation and network introductions, driving expansion. Ultimately, ADIO’s initiative, played a pivotal role in the company's decision to establish its global headquarters in Abu Dhabi, showcasing how effective frameworks can support increased global innovation and growth surrounding climate tech.
Key Enablers for Climate Tech Ecosystem Development
The discussion recognised ecosystem development as a fundamental enabler essential for establishing a world-leading climate tech and investment framework. Emphasising knowledge sharing and capacity building, participants identified key drivers for an effective climate tech ecosystem, which included:
- Capital: Diverse capital sources, including public, concessional, and private return-driven capital.
- Research: Emphasis on local research to drive technology development, exemplified by partnerships such as that of the Massachusetts Institute of Technology (MIT) and the Masdar Institute Cooperative Program.
- Talent: Availability of diverse, intelligent, and local talent, supported by a robust education sector.
- Policy Support: Coherent and consistent policies critical for instilling confidence and certainty among emerging technology businesses and investors.
- Supply Chain: Local availability of materials and components, foundational for developing multifaceted technology solutions.
- Resource Availability: A crucial focus discussed below:
The concluding segment of the roundtable delved into the importance of resource availability in developing sustainable, climate-positive solutions. Using the example of water's intrinsic role in battery technology production, the group explored the interconnectedness of food, energy, and water resource systems. This exploration highlighted the need for locationally diverse, yet context-specific, solutions to ensure sustainability and system resilience. As resources become increasingly scarce due to climate impacts, solutions must facilitate sustainable production and use of food, energy and water.
In conclusion, the roundtable served as a platform for stakeholders to share experiences and knowledge on a sustainable and resilient future powered by climate tech. Recognising the interplay between technological, financial, and resource-driven elements, the session reinforced the urgency of cross-sector collaboration, whilst increasing much needed funding toward climate-positive solutions.
Across Foresight’s Infrastructure proposition, we work with global institutional investors, driving investment opportunities towards infrastructure projects which act as the foundation for smart and sustainable resource systems.
For more information contact:
Jai Mallick | Senior Investment Manager