DFDF Dedicates $54.47 Million to Climate Tech
This allocation comes as part of DFDF’s goal to enhance Dubai’s venture capital landscape.
The Dubai Future District Fund (DFDF) has committed 20% of its Dh1 billion ($272.264 million) fund, totaling $54.47 million, to support climate technology and innovation projects.[1]
This allocation comes as part of DFDF’s goal to enhance Dubai’s venture capital landscape while promoting global sustainable finance and innovation.
DFDF plans to collaborate with various partners to invest in key climate tech initiatives, including venture capital and market development efforts.
The UAE's pledge to achieve a net-zero economy by 2050, followed by Saudi Arabia and Bahrain, has significantly boosted climate tech investments in the region. This transition in the MENA region will potentially mitigate over 17% of GDP losses and create more than 1 million jobs.
Despite progress, the International Renewable Energy Agency (IRENA) warns that the region's current electrification rate of 16% falls short of meeting renewable energy capacity targets for staying below the 1.5°C degree benchmark by 2030. Nonetheless, GCC countries have a considerable advantage in solar-based electricity and green hydrogen production due to their high solar voltaic output.