DUBAI // A commitment to a US$27 billion (Dh99.2bn) fund to make Dubai the green capital of the world was made on the last day of the World Green Economy Summit on Thursday.
The event was held under the patronage of Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai.
The Dubai Green Fund was launched by the Dubai Electricity and Water Authority last November.
On the last day of the summit, the Third Dubai Declaration was issued by Saeed Mohammed Al Tayer, vice chairman of the Dubai Supreme Council of Energy, managing director and chief executive of Dubai Electricity and Water Authority.
“The Dubai declaration represents our commitment to create an even smarter, greener, happier Dubai, and make it the green capital of the world,” said Mr Al Tayer, who is also chairman of the summit.
The fund will be used to support projects at home and abroad, said Mr Al Tayer.
These include the Dubai Green Free Zone, which will be developed by Dewa as a hub for start-ups and to establish clean energy companies.
Dewa will also promote the Shams Dubai Initiative, which allows customers to install photovoltaic panels on their rooftops to generate electricity from solar power and connect the systems to the grid.
The fund will also be used so the city meets the global target to keep the increase in global temperatures below 2°C above pre-industrial levels.
More than 80 speakers from across the globe attended.
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