Dubai will launch the $27bn (AED99.1bn) Green Energy Fund to assist local, national, and international sustainability projects.
The decision was announced at the World Green Economy Summit (WGES) hosted by Dubai Electricity and Water Authority (DEWA) in the emirate earlier this month.
The fund will be established under the Third Dubai Declaration, issued at the conclusion of WGES.
Saeed Mohammed Al Tayer, vice chairman of the Dubai Supreme Council of Energy, managing director and CEO of DEWA, and chairman of WGES, remarked on the fund's establishment.
"The Dubai Declaration represents our commitment to create a smarter, greener, happier Dubai, and make it the global green capital of the world."
DEWA's future plans include the development of the Dubai Green Free Zone, which will be "dedicated to attracting mature and emerging companies in clean energy", WAM reported.
"The Dubai Green Free Zone will become a global hub to attract research and development and innovative clean energy companies," the report added.
Al Tayer listed the Dubai Strategy for Clean Energy 2050 and the Demand Side Management Programme as the emirate's key achievements in the green development sector from last year.