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Dubai’s DEWA and JPMorgan team up on green financing
The discussion also covered JPMorgan's involvement in DEWA's clean energy and renewable energy initiatives.
Finance plays a key role in the transition to a low-carbon economy, and UAE has been working on new tools and frameworks to accelerate green and sustainable financing. The Dubai Electricity and Water Authority (DEWA) and the US bank JPMorgan Chase are now exploring ways to work together.
Saeed Mohammed Al Tayer, CEO of DEWA, and a high-level delegation from JPMorgan met in Dubai to discuss ways to cooperate in financing green and sustainable initiatives.
Al Tayer presented an overview of the key projects implemented by DEWA and its subsidiaries. He also discussed the company’s strong publicly reported financial and operating performance, sustainability-focused green growth prospects, key investment themes, and demand drivers.
The Dubai Clean Energy Strategy 2050 and the Dubai Net Zero Carbon Emissions Strategy 2050 aim to provide 100% of Dubai’s total power production capacity from clean energy sources by 2050. DEWA has some projects in the sustainability, renewable, and clean energy space that are in line with these strategies.
Mohammed bin Rashid Al Maktoum Solar Park is the largest single-site solar park in the world based on the independent power producer model to support Dubai’s goals for a transition to green energy.
The $13.6 billion solar power plant will have a 5,000-megawatt capacity after it is finished in 2030. The project’s initial phase, which is scheduled to be completed this year, is anticipated to satisfy the needs of 270,000 residences.
Meanwhile, by 2030, DEWA wants to generate 25% of its power from green and renewable sources.