The Dubai Electricity and Water Authority (DEWA) is inviting consultants to submit proposals to develop the AED100 billion ($27bn) Dubai Green Fund, the UAE state news agency WAM reported.

The work involves developing the strategy, structure, underlying regulations, contractual structure, execution plan and governance framework for the fund.

DEWA said proposals are expected until the end of February 2016, according to WAM.

The fund will provide financial tools for investors in clean energy, including easy loans with reduced interest rates offered to investors in the sector.

The fund supports the Dubai Clean Energy Strategy 2050, which sets a target to produce 75% of the emirate’s total power output from clean energy by 2050, said Saeed Mohammed Al Tayer, Vice Chairman of the Dubai Supreme Council of Energy, and Managing Director and CEO of DEWA.

“This is done by establishing a sustainable model for saving energy that supports economic development without affecting the environment or natural resources. Dubai aims to become the city with the smallest carbon footprint in the world by 2050,” he added.