The head of Dubai Electricity and Water Authority (Dewa) has said that it has finalised funding for its Dh100 billion ($27 billion) green investment fund, ahead of next weeks World Green Economy Summit (WGES) in Dubai.

He added that the funds headline investors, and the amount so far raised, would be announced on the first day of WGES.

The amount we will start the fund with will be announced during the first day of the WGES, said Saeed Al Tayer, CEO and MD of Dewa, adding: We have finalised [deals] with some funds, both locally and externally.

The fund was established in 2016 to offer loans to investors in the clean energy sector at reduced interest rates, whilst investing directly in to green companies.

Al Tayer confirmed that the funds intention was still to target Dh100 billion in investment, to be spent on different types of projects, whether it is renewable, retro-fitting, or green projects, mostly related to efficiency on the demand side and the supply side.

He promised to reveal the road map for the green fund at WGES, which begins on October 24.

We have decided [which investors to work with], the time is for negotiating and finalising these contracts, Al Tayer added.

The CEO told local media in November 2016 that there was interest in the fund across Europe and Asia, adding that the fund was in talks with a state-owned Chinese bank.

Gulf News understands that a delegation from Dewa and the Dubai Green Fund, the investment vehicles official name, recently returned from a trip to China.

Held under the patronage of His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, the fourth edition of WGES 2017 is set to be held on October 24 to 25, at the Dubai International Convention and Exhibition Centre.

Key issues

This years summit will highlight three key issues facing the green economy, according to Al Tayer. These are innovation and technology, finance and investment, and leadership and policy.

Organisers hope that stakeholders and policymakers will work together at the summit to tackle some of the challenges created by climate change.

On this point, Al Tayer said: The world today is witnessing a lot of development, and is feeling the impact of climate change. We are in dire need of adapting to these changes.

He said that people often mistook climate change for a merely environmental problem.

Rising sea levels and so on are not the only impact [of climate change]. Climate change will impact the economy, reaching social and health organisations, Al Tayer said.

The private and public sectors must sit together looking to curb their carbon footprint, he added.

WGES will be held in conjunction with the 19th edition of Water, Energy, Technology and Energy Exhibition WETEX 2017 and the 2nd edition of Dubai Solar Show 2017, as part of the Green Week activities in Dubai.

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