The Dubai Electricity and Water Authority (DEWA) is issuing a request for consultants to develop a strategy and execute investments for a 100 billion Emirati dirham ($27.2 billion; €24.4 billion) green fund.
The state-owned utility company is inviting companies to submit proposals for the strategy, structure, execution plan and governance framework for the Dubai Green Fund, a vehicle launched last November that will help investors finance clean energy projects. The fund was created to support the Dubai Clean Energy Strategy 2050, which aims for the city to generate 75 percent of its power from clean energy by mid-century.
“Launching the Dubai Green Fund […] is an important step to encourage green investments and green growth, which in turn, enhances Dubai’s position as a global hub for green economy,” said vice-chairman of Dubai’s Supreme Council of Energy Saeed Mohammed Al Tayer.
“Dubai aims to become the city with the smallest carbon footprint in the world by 2050,” he added.
The United Arab Emirates has been leading the region in clean energy investment. Earlier this month, the National Bank of Abu Dhabi (NBAD) committed $10 billion to clean energy projects over the next 10 years. The commitment will focus on projects including renewable energy, clean transportation, sustainable water, waste management and energy efficiency real estate across the Middle East and North Africa region.