WGEO, GGGI launch joint initiative for the funding of smart green cities

WGEO, GGGI launch joint initiative for the funding of smart green cities

DUBAI, 8th October, 2018 (WAM) -- The World Green Economy Organization, WGEO, and the Global Green Growth Institute, GGGI, signed a partnership agreement today in Dubai to fast-track green investments into bankable smart city projects.

The joint initiative makes it possible for smart green cities and sustainable infrastructure projects to gain access to grants and investments through the WGEO Trust Fund. Sixty bankable smart green city projects worth a total of US$1.1 billion are being delivered by GGGI to this initiative over the next three years. Each project benefits from the explicit support of host government, and as such present a competitive advantage to interested investors.

Committed to supporting a transition to a green economy, the joint project between WGEO and GGGI will serve as a platform to identify, develop and fund long-term, high-impact bankable projects. Recognising that people are at the centre of sustainable development, the partnership between WGEO and GGGI aims to contribute to securing a world that is equitable and inclusive. 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.

"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," says Saeed Mohamed Al Tayer, Chairman, World Green Economy Organization.

"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 the green economy. Access to green finance through the WGEO Trust Fund is one among a number of practical value propositions offered by the organisation," he added.

Dr. Frank Rijsberman, Director-General of GGGI said, "I see a tremendous opportunity in our collaboration from jointly setting up the process of managing the Project Preparation phase and developing green city bankable projects. I am confident that our projects will attract the GGGI Member countries as well as WGEO investors to want to invest."

GGGI is championing green growth and climate resilience to achieve the Sustainable Development Goals and Paris Agreement commitments. It is a trusted advisor to governments in more than 30 countries transitioning to green economic growth. GGGI results support six outcomes critical to achieving SDGs and NDCs, greenhouse gas emission reduction; creation of green jobs; increased access to sustainable services; improved air quality; adequate access to ecosystem services, and enhanced climate adaptation.

WGEO emerged in response to the call by the international community, as reflected in the outcome document of the Rio+20 conference, entitled "The Future We Want", where governments, the private sector, and all other stakeholders are called to support countries interested in the transition to a green economy.

WGEO seeks to promote the mainstreaming of the green economy in the context of sustainable development and poverty eradication, by linking financing, technology, capacity building and all other elements of the enabling environment for the green economy.

WGEO facilitates the implementation of various green investment projects, including renewable energy, a specialised green industrial zone development, waste management, waste to energy, e-mobility, green transportation and smart water solutions.