Verofax, a compliance and commerce SaaS solution provider, has been selected among the top Future50 climate tech startups by PwC Middle East to help enterprises’ accelerate on their path to Net Zero.
PWC had scoured the region and short-listed from 500 businesses across 11 categories of impact. Verofax was selected among top 6 Climate Change Management and Report (CCMR) startups for its sustainable traceability solution to help decarbonize industries and enable validated exports in line with recent regulations like EU’s Carbon Border Tax (CBAM).
PwC Middle East revealed the 50 pioneering startups in the Middle East at Net Zero Future50′ launch event highlighting the groundbreaking technologies and achievements in climate management and carbon emissions reporting, in addition to opportunities and challenges in growing and scaling climate tech businesses.
“Climate tech innovation in the Middle East is being driven by some of the most dynamic entrepreneurs in our region, championing new technologies to accelerate the path to net zero. As we stand just days away from the world’s most important climate conference, COP28, taking place here in the United Arab Emirates, we are excited to shine a light on regional innovators whose organizations, we feel, are making the biggest difference in reducing emissions and accelerating decarbonization in our region.”
The PwC Net Zero Future50 – Middle East report identifies leading organizations in this space, and discusses the challenges they face in their ambition to grow and scale. Their range and diversity highlights the vibrancy of the startup and small companies scene in the region.
Mr. Wassim Merheby, CEO of Verofax, said that “Existing ERP systems are siloed by design, which hinders the capability of having immutable data and certifications verified on interoperable system for all stakeholders from material collectors to recyclers, exporters, customs and clients. Verofax offers an award-winning Digital Passporting and traceability solution for multi-tier supply chain verification, enabling seamless compliance and verification of Carbon emissions.”
“The Gulf region trails behind India and other markets that recycle up to 80 percent of targeted commodities. Recycling can reduce emissions by up to 95 percent, thus markets with lower recycling threshold are at risk of being priced out of the EU market. The UAE for example, exports $1.5 billion to the EU mainly Aluminum, and recycles under 10 percent to date. With Verofax emission verification and commodity passporting, exporters have a great opportunity to trail a path towards export growth,” Mr. Merheby added.
Ms. Patricia Keating, Scale Lead at PwC Middle East, mentioned that “In our analyses of the Middle East climate technology landscape, we see the founders of climate tech companies driving innovation that’s helping to reduce emissions and accelerate decarbonization. We found that the largest share of our NetZero Future50 companies are working ontechnologies within the sectors responsible for most GHG emissions: With Industry, Manufacturing and Resource Management contributing 29 percent of Middle East GHG emissions and Energy at 46 percent.”