Representative Image Guillaume de Germain/Unsplash

Crescent Enterprises, a company based in the United Arab Emirates (UAE), announced the four winners of the Crescent Enterprises Climate Innovation Prize at the COP28 Business Philanthropy Climate Forum.

Each of the awardees received AED 735,000 of non-dilutive funding from Crescent Enterprises for their winning solutions to help curb the impact of climate change.

The award was in partnership with MIT Solve, an initiative of the Massachusetts Institute of Technology (MIT) that aims to solve global challenges.

More than 45 startups participated in the competition, but only four were selected as winners. Two of the awardees were women.

One of them was Nepal-based Rumee Singh. She is the co-founder of Rumsan, which created Rahat, a blockchain-powered financial access platform.

Nigeria-based Nnaemeka Ikegwuonu, founder and CEO of ColdHubs, was also named a winner for addressing the food spoilage problem caused by a lack of cold storage and creating and operating 100% solar-powered walk-in cold rooms to increase the shelf life of perishable items.

Another winner was Thailand-based Patipat Susumpao, managing director of OpenDream. The social enterprise developed One Health Toolkit (OHTK) to train farmers in learning about diseases at earlier stages and respond quickly in backyard farming.

Finally, U.S.-based Alexia Akbay, CEO and founder of Symbrosia, was recognized for showcasing a product called SeaGraze, which helps lower carbon footprint by reducing methane output by 85% while improving the productivity of ruminant livestock agriculture.

"We are deeply honored to receive the Climate Innovation Prize for the work we are driving with Rahat. This recognition not only fuels our commitment to creating impactful change but also highlights the promising impact of blockchain technology on climate-focused interventions," Singh said, as per WAM.

"We are grateful to Crescent Enterprises for this acknowledgment, and we remain committed to advancing sustainable and innovative solutions in Nepal and beyond," she added.

Akbay, on the other hand, called this prize a "game changer for climate startups," adding that "the combination of catalytic non-dilutive capital and a platform at COP to engage with stakeholders has met us precisely where we need resources the most. Our team is grateful for the opportunities that have already emerged as part of this prize."

Tushar Singhvi, deputy CEO and head of investments at Crescent Enterprises, expressed appreciation for the impactful solutions showcased by inspiring entrepreneurs from across the globe, noting that the enterprises have been committed to sustainable development, women empowerment and supporting global technological innovation.

Hala Hanna, executive director of MIT, said, "We are thrilled to be working with Crescent Enterprises for the prestigious Crescent Enterprises Climate Innovation Prize. This collaboration underscores both of our shared commitment to fostering global entrepreneurship and driving impactful solutions towards a sustainable future."

"By honoring visionary entrepreneurs from the USA, Nepal, Nigeria and Thailand, the Prize amplifies their innovative contributions in tackling climate challenges, inspiring change, and paving the way for a more resilient, equitable and sustainable world," she added.