DUBAI ELECTRICITY AND WATER AUTHOR
DEWA
Utilities
1
exclusion reason
1 theme
This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Dubai Electricity and Water Authority (DEWA) is the exclusive electricity and water utility for the Emirate of Dubai, operating a generation fleet that is heavily reliant on fossil fuels. While the company reports efficiency improvements and a 19% reduction in per capita carbon emissions between 2006 and 2023, its operational carbon intensity remains exceptionally high relative to global utility sector peers. Electricity production in the UAE has historically accounted for approximately 35% of the nation's total greenhouse gas emissions, with water and electricity supply being strongly interlinked and energy-intensive.
DEWA’s reported progress stems largely from improving the efficiency of its existing natural gas-fired plants. The company has received a Net Zero Emissions Compliance Report, but its pathway to decarbonization is challenged by its foundational dependence on fossil gas and the region's high desalination energy demands. Leadership treats emissions governance as a reported priority, yet the company’s absolute emissions footprint and carbon intensity are defining characteristics of its service, placing it far outside the performance parameters of utilities in regions with legislated or market-driven transitions to renewable generation.
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Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
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