Dewa invites proposals to develop Dh100 billion clean energy fund

Dubai’s utility company has invited proposals from consultants to develop a Dh100 billion clean energy fund.

Dubai Electricity and Water Authority issued a request for proposals to develop the Dubai Green Fund, a key part of the recently launched Dubai Clean Energy Strategy 2050.

The scope of the work includes the provision of consultancy services to develop the Green Fund Concept, the fund’s governance structure, underlying regulations and framework, contractual structure and execution plan.

Interested parties will have until the end of February to apply. Dewa did not respond to requests for comment on when the contract would be awarded.

“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,” said Saeed Mohammed Al Tayer, the chief executive of Dewa, and vice chairman of the Dubai Supreme Council of Energy.

The Dubai Green Fund is one of the central planks in Dubai’s Clean Energy Strategy 2050, unveiled in November, which sets a target for the provision of 7 per cent of Dubai’s energy from clean energy sources by 2020, increasing to 25 per cent by 2030 and 75 per cent by 2050.

“Our goal is to become the city with the smallest carbon footprint in the world by 2050,” said Sheikh Mohammed bin Rashid at the strategy’s launch.

The strategy envisages the creation of a new free zone, the Dubai Green Zone, aimed at attracting research and development centres and emerging companies in clean energy.

In addition to the Green Fund, the new strategy will also see the capacity of Dubai’s Mohammed bin Rashid Al Maktoum Solar Park upgraded to 5,000 megawatts from 3,000MW previously.

Under the same programme, the government has said that every roof in the emirate would be equipped with solar panels by 2030.

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