Abu Dhabi’s Department of Energy starts new initiative to boost green financing – The National

Abu Dhabi’s Department of Energy starts new initiative to boost green financing – The National

Abu Dhabi's Department of Energy starts new initiative to boost green financing. The department will work closely with ADGM and Abu Dhabi stock market on green bonds and sukuk. The Department of Energy in Abu Dhabi has begun a green bonds accelerator programme with a view to establishing the emirate as a regional hub for the issuance of green bonds and sukuk to finance sustainable projects across the Middle East and Africa.. "The issuer of a green bond will be established in Abu Dhabi, with the money from any green bond potentially supporting sustainable and efficiency projects both inside and outside the emirate," said Mr Al Falasi.. The overall global green bond market is currently worth over $200 billion (Dh734.50bn) with the Middle East and Africa market estimated to be worth over $1bn to $2bn, with significant growth expected in future.. In Abu Dhabi, about $870m was invested in the 1,177MW Noor Abu Dhabi solar PV plant in Sweihan, which began commercial operation last year.. "The new initiative will raise confidence among investors.. There is a big appetite for green financing," added Mr Al Falashi.. The Department of Energy on Wednesday also signed a Memorandum of Understanding with Japan's Marubeni