Dubai - Mubasher: The UAE will contribute to the support of sustainable development projects for energy and electricity by launching the Dubai Green Fund worth $27 billion, according to a report by Ernst and Young.
UAE banks will support the green fund for electricity to supply 800 megawatt in the UAE, the report released Monday showed.
The banks are the Islamic Development Bank (IDB), Natixis, the National Bank of Abu Dhabi (NBAD), and First Gulf Bank (FGB), according to the report.
The UAE also witnessed new projects funded by investors in the fields of coal, nuclear power, and solar power for supporting renewable energy.
Through these investments, the UAE aims to help in the fight against climate change.
The report predicted that Saudi Arabia plans to cut electricity and water subsidies by $53 billion by 2020.
