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15 April 2024

Dewa calls proposals to develop Dh100bn Dubai Green Fund

By Wam

Dubai Electricity and Water Authority (Dewa) has issued a request for proposals (RFP) for consultants to develop the strategy, structure and execution plan and the governance framework for the Dh100 billion Dubai Green Fund. This was launched in November by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister and Ruler of Dubai. Proposals will be accepted until end-February 2016, Dewa added.

The fund will provide financial tools for investors in clean energy as the scope of the RFP includes providing consultancy services to develop the Green Fund Concept, governance structure, underlying regulations and framework, contractual structure, and execution plan, according to international best practices, and in light of Dubai specific needs.

"The vision of Sheikh Mohammed guides all our work and operations. Launching the Dubai Green Fund by His Highness 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. This supports the Dubai Plan 2021 to make Dubai sustainable with its resources, whose environmental resources are clean, healthy, and sustainable," said Saeed Mohammed Al Tayer, Vice-Chairman of the Dubai Supreme Council of Energy, and Managing Director and CEO of Dewa.

"It also supports the Dubai Clean Energy Strategy 2050, to produce 75 per cent of Dubai’s total power output from clean energy by 2050. This is done by establishing a sustainable model for saving energy that supports economic development without affecting the environment or natural resources. Dubai aims to become the city with the smallest carbon footprint in the world by 2050."

The Dubai Green Fund, he noted, will encourage green investments and projects in Dubai.

"At Dewa, we support all efforts to further build and develop a greener economy, as part of our vision to become a sustainable innovative world-class utility. We are inspired in our resolve to achieve these ambitious goals from our wise leadership who support the plan to diversify our energy mix to ensure energy security, and build a sustainable and greener future. His Highness Sheikh Mohammed bin Rashid Al Maktoum observed that every investment in the development of clean energy sources is at the same time an investment to protect the environment for future generations," added Al Tayer.