Hub71, Abu Dhabi’s global technology system, has launched a new initiative to support climate technology startups backed by several of the UAE’s largest public and private sector organizations.

Known as the Hub71+ ClimateTech ecosystem, the program was announced at the COP28 climate conference in Dubai, with funding commitments from 25+ local and international partners already in place.

A total of 342 startups have submitted applications so far, with the top companies being added to a shortlist that will be revealed shortly. Selected startups will receive Dh250,000 ($68,000) in incentives and an upfront cash support package of Dh250,000. In addition, the top performers of Hub71’s new initiative will also receive a top-up of up to Dh250,000 in exchange for additional equity.

Ahmad Alwan, deputy chief executive of Hub71, said: “This initiative aims to bring in different entities that have a shared mission towards climate tech […] Throughout the journey, we will support these companies, not only from being startups to becoming mature companies but also to facilitate their engagement with entities that would support them with access to capital, market, and talent”.

The Hub71+ ClimateTech ecosystem is backed by the Abu Dhabi National Energy Company and the National Central Cooling Company, who have each pledged Dh500,000 to the initiative as anchor partners.

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They are joined by corporate partners, including Abu Dhabi holding company ADQ, Aldar Properties, sovereign wealth fund Mubadala, First Abu Dhabi Bank, Masdar City, and Dubai’s Emirates NBD. In addition, Siemens Energy is also onboard as an anchor partner.

So far, Hub71 has helped 260 member startups and created over 1,000 jobs, according to the organization’s website. In addition, it has collectively raised around Dh5 billion since its foundation in 2019.