Dubai’s Electricity and Water Authority (DEWA) announced this week that it has secured $650 million for green projects through its Dubai Green Fund.
Saeed Al Tayer, managing director and CEO of DEWA said: “In collaboration with national banks, we are pleased to announce that Dewa has raised Dh2.4 billion ($650 million) for the Dubai Green Fund”.
He added: “The world today is witnessing a lot of change, and is feeling the impact of climate change. We are in dire need of adapting to these changes”. Read more…
DEWA committed to green growth
Established in 2016, the primary objective of the Fund is to invest in multiple types of projects, including renewable energy, retrofitting existing fossil fuel based energy systems, energy efficiency and balancing technologies between electricity demand and supply, Climate Action Programme reported.
Climate Action Programme noted that “National Bonds, a local savings scheme wholly owned by Dubai’s sovereign wealth fund and the Investment Corporation of Dubai are among the fund’s principal investors.”
Samy Ben-Jafaar, Private Sector Investments at Green Climate Fund said: “The intention of the fund is not profit maximisation.
“It is to demonstrate that, firstly, it is possible to invest in green projects in a profitable manner, and secondly to show it is possible to de-risk some of the smaller projects, and thirdly, once you do that, you will crowd in the bigger institutional money”.
Dubai Green Fund
According to Climate Action Programme, Samy Ben-Jafaar revealed last week that the Dubai Green Fund aims to raise a total of approximately £20 billion ($26 billion) for green investment.
Climate Action Programme said: “Al Tayler said during a press conference last week that a full investment roadmap will be announced during the World Green Economy Summit (WGES).
“He revealed that there was interest in the Fund from actors in Europe and Asia and that they were already in talks with a state-owned Chinese bank.”
Lars Kroijer, a veteran hedge fund investor and CEO of AlliedCrowds said: “It sends a hugely positive message to institutional investors that there’s nothing wrong with getting involved in the green space, and it sends a hugely positive message to other sovereign wealth funds, who will say, ‘Why aren’t we doing these things?”.
According to Climate Action Programme, Kroijer said the Fund “constituted a progressive step for Dubai, which aims to become a sustainability hub for companies and investors.”
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