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Dubai to launch US$27bn Green Energy Fund

Dubai will launch the US$27 billion Green Energy Fund to support local, national and international projects, according to the Third Dubai Declaration issued at the conclusion of the World Green Economy Summit (WGES) this year.

The third edition of the WGES, organised under the theme of "Driving Global Green Economy", gathered more than 80 prominent speakers from across the globe, in addition to dignitaries and representatives from government institutions, academics, experts, and more. It was held under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.

''The Dubai Declaration represents our commitment to create an even smarter, greener, happier Dubai, and make it the Global Green Capital of the World," said Saeed Mohammed Al Tayer, Vice Chairman of the Dubai Supreme Council of Energy in Dubai, Managing Director and CEO of Dubai Electricity and Water Authority (DEWA), and Chairman of WGES.

WGES 2016, hosted by the Dubai Electricity & Water Authority (DEWA) under the umbrella of the Dubai Supreme Council of Energy, in collaboration with World Climate Ltd, its international partners, was supported by the United Nations. The Summit ran in conjunction with 18th session of Water, Energy & Environment Exhibition (WETEX) and Dubai Solar Show 2016.

Al Tayer summarised the achievements of past years and commitments for the next year, emphasising the three areas of focus for this declaration – Dubai, a global green hub, global green partnerships, and green finance; achievements and future plans of DEWA; and Dubai, the Global Capital of the Green Economy.