BlackRock to Invest up to US$400 Million in Dubai Decarbonisation Firm Positive Zero

The largest asset manager in the world, BlackRock, plans to use a diversified infrastructure fund to invest up to US$400 million in Positive Zero, a decarbonisation company based in Dubai.

According to reports, the investment will help Positive Zero achieve its objective of increasing the use of sustainable energy throughout the GCC in accordance with initiatives to cut carbon emissions and slow global warming.

The company was founded by Creek Capital last year following the merger of HYPR Energy, SirajPower, and energy efficiency services business Taka Solutions.

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This investment is in line with Positive Zero's shared goal of fostering a new age in the energy economy, as well as the potential of the area and our creative business plan, the company's Co-Founder and Chairman Mohammed Hussain said.

“We are set on a journey to achieve the ambitious COP28 targets of tripling renewables and doubling efficiency by 2030," he added.

At the UN climate summit that ended last week, countries agreed to work together to triple the world’s current renewable energy generation capacity to at least 11,000 gigawatts by 2030, considering different starting points and national circumstances.

They will also aim to double the global average annual rate of energy efficiency improvements to 4%, from 2% currently, amid efforts to limit the global temperature rise to 1.5°C above pre-industrial levels, the key Paris Agreement goal.

BlackRock is among the institutional investors backing the UAE’s US$30 billion climate fund called Alterra, which aims to raise US$250 billion globally in the next six years.

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