Dubai Supreme Council of Energy at a key meeting reviewed the progress of its key initiatives that support the UAE Vision 2021 and the Dubai Plan 2021 and its objective to create a clean, healthy and sustainable environment, and help Dubai attain a green economy, said a report.

Sheikh Ahmed bin Saeed Al Maktoum, the chairman of the Dubai Supreme Council of Energy, who presided the meeting also reviewed the Dubai Green Fund’s road map, mechanism, organisational structure and relevant regulations, according to state news agency Wam.

The Dubai Green Fund was set up to encourage investment in green projects and foster Dubai’s position as a global hub for the green economy.

It will focus on projects related to the retrofitting of buildings, enhancing energy and water efficiency, and solar power projects, said a top official.

"The fund is the first of its kind in the region, and will accelerate the funding mechanism for Dubai’s current projects and programmes, to support Dubai’s ambition to create a green economy," stated Saeed Mohammed Al Tayer, the vice chairman of the Supreme Council.

The fund has allocated Dh100 billion ($27.2 billion) to ensure the necessary funding tools for short and long-term loans with reduced interest, to support the comprehensive economic development of Dubai, stated Al Tayer.

"The capital of the fund is being provided by founding investors from Dubai, with additional investment from the private sector, international banks and large investment companies," he added.