Joint initiative will work to identify, develop and fund long-term, high-impact bankable projects
The World Green Economy Organisation (WGEO) and Global Green Growth Institute (GGGI) have signed an agreement in Dubai for a new initiative, which enables smart green cities and sustainable infrastructure projects to gain access to grants and investments through the WGEO Trust Fund.
According to a statement, sixty bankable smart green city projects worth $1.1 billion will be delivered by GGGI to this initiative over the next three years. Each project is expected to benefit from the support of the host government, which is said to present a competitive advantage to interested investors.
“Smart green cities and sustainable infrastructure projects create unprecedented opportunities for long-term prosperity, leading to more vibrant and attractive markets, healthy economies, poverty reduction, and sustainable development. The World Green Economy Organization is uniquely placed to provide systematic and holistic catalytic support to the promotion of the green economy, meaning that it will handle all aspects of the promotion of green economy. Access to green finance through the WGEO Trust Fund is one among a number of practical value propositions offered by the organisation,” said Saeed Mohamed Al Tayer, chairman, World Green Economy Organisation.
The partnership between WGEO and GGGI also aims to contribute to securing a world that is equitable and inclusive. The statement noted that sustainable economic development means that the green economy must include the reduction of inequalities and bring multiple social, economic and environmental benefits to all citizens.
Dr. Frank Rijsberman, director-general of GGGI added, “I see a tremendous opportunity in our collaboration from jointly setting up the process to managing the Project Preparation phase and developing green city bankable projects. I’m confident that our projects will attract the GGGI Member countries as well as WGEO investors to want to invest.”