The Mega Green Accelerator will be open to startups in the MENA region focusing on circular economy solutions, clean energy transition and climate mitigation technologies, including water and agriculture.The Accelerator is a collaboration between PepsiCo, SABIC, AstroLabs and other strategic partners.Dubai, United Arab Emirates: On the heels of the first week of COP28, PepsiCo, SABIC, AstroLabs and their strategic partners have announced the launch of the Mega Green Accelerator, a new initiative to nurture the next generation of innovators in the region as they develop solutions to both regional and global sustainability challenges. The Middle East is warming almost two times faster than the global average, yet the support and investment for the sustainability innovation ecosystem in the region does not match this urgency. Since 2010, less than 50 new climate technology startups have been founded in the MENA region, compared to nearly 5,000 in Europe and the US. The Mega Green Accelerator aims to reduce this gap, foster regional collaboration and cultivate a network of MENA-based innovators addressing the most pressing sustainability challenges in the region.The priority focus areas for the first round of the Accelerator program include circular economy, clean energy transitions, water and agriculture, some of the most pressing issues for the Middle East. In addition to seed funding and mentorship, the partners will provide participating entrepreneurs access to some of the most prominent business leaders in the region.“Innovators in the MENA region have incredible potential for scaling and are making important strides to develop homegrown solutions to address the unique challenges the region is facing. COP28 is already putting a spotlight on climate innovations coming out of the UAE and the region at large, and PepsiCo is excited to support the next generation of climate leaders through the Mega Green Accelerator. By bridging the gap between entrepreneurs and the networks and resources they need, we are committed to supporting breakthrough start-ups as they scale sustainability solutions, grow their businesses and form critical connections,” said Eugene Willemsen, CEO of PepsiCo, Africa, Middle East, South Asia. In addition to PepsiCo, SABIC and AstroLabs, the Accelerator will leverage its strategic partners’ unique capabilities and expertise to best support participating entrepreneurs. Investment partners Dubai Future District Fund, Venture Souq and Shurooq Partners will provide platforms for investment opportunities, mentorship in raising capital, and networking opportunities. They will also inform startup criteria and participate in the selection process to maximize investment success.Ecosystem partners London Business School Entrepreneurship Club, Berytech, American University of Cairo Venture Lab, the Sharjah Research Technology and Innovation Park and the Mohammed VI Foundation for Environmental Protection will source applicants through their networks, amplify Accelerator information and communicate progress through their channels. Schneider Electric will support the Accelerator as a prize partner, participating in the final selection of participants. “SABIC is proud to join with PepsiCo and other fellow partners to provide our business expertise, mentorship, resources and platform to help the brightest minds in the region reach their full potential through the Mega Green Accelerator. We believe that such cross-sector partnerships are crucial in effectively tackling complex, critical issues such as climate change. In supporting this initiative, we are not just bettering local economies, but people and planet at the same time,” said Dr.Bob Maughon, SABIC Chief Technology and Sustainability Officer."Our partnership with PepsiCo and SABIC comes at an exciting time - it’s a strategic step in accelerating innovation within the GCC, with a strong focus on sustainability. With the influx of international sustainable and climate-conscious companies, the region is rising as a global testbed for innovation - we will double down on creating an environment where these businesses can scale into the local markets. Our aim is to ensure the GCC not only responds to the current demand for green solutions but also pioneers the advancement of sustainable business practices on a global scale,’’ said Roland Daher, CEO, AstroLabs.The priority focus areas of the Mega Green Accelerator align with PepsiCo’s transformation strategy, pep+ (PepsiCo Positive) and the other partners' sustainability agendas, while further driving collaboration with businesses across the region to catalyze positive impact. In the coming months, PepsiCo and partners will share additional details and application information for the Mega Green Accelerator. To stay updated, follow PepsiCo Positive (pep+) Middle East LinkedIn page and @PepsiCo on Twitter, Instagram, Facebook, and LinkedIn.

In observance of World Water Week, PepsiCo AMESA recognized its key water stewardship milestones in progressing towards the vision of becoming net positive by 2030. Guided by pep+, PepsiCo’s strategic end-to-end transformation for driving long-term sustainability, PepsiCo AMESA highlights its multi-pronged approach to watershed management through water-use efficiency on farms and in manufacturing facilities, water replenishment, watershed health improvement and safe water access for communities. Water Stewardship is of topmost priority to PepsiCo’s Positive Value Chain agenda.PepsiCo AMESA has avoided the use of approximately 5 billion litres of water in 2021 compared to 2020 by changing the way farmers irrigate crops, focusing on at-risk locations and improving water-use efficiency.Since 2021, PepsiCo AMESA estimates that it has improved water efficiency by a historic 50% in company-owned high-water risk sites across the region (excluding Pioneer Foods facilities in Sub Saharan Africa).PepsiCo AMESA further estimates that in 2021, it has replenished 2.5 billion litres of water through community partnership projects in 6 high risk watershed areas through with science-based interventions.PepsiCo Foundation in AMESA has invested more than $8 million in safe water access programs, impacting about 27 million people’s daily lives since 2018. “Collaboration with local stakeholders plays a key role in understanding the water circuit and implementing meaningful climate action in the most effective direction. We continue working hard to use water even more efficiently, replenish it in high-risk areas and bring safe water access to people in need. For the latter half of 2022, we look forward to more partnerships and targeted initiatives and look forward to exploring the potential for even more partnerships at COP27,” said Eugene Willemsen, CEO – Africa, Middle East, and South Asia, PepsiCo. “AMESA as a region is a very diverse and culturally rich sector and this demands the need for local solutions. We have been partnering with key regional and local governments to help them in their ambitions to achieve each country’s sustainability goals while using location-specific specialized solutions. Water disparity may look different for each country, however action towards water conservation must be united by one major focus – elevating the value of water and its equitable use by all in the watershed,” said Manali Desai, Sustainability Lead, AMESA, PepsiCo.