Nation churns out ‘sustainable’ savings

Ritika Sharma / Emirates Business

UAE has been on the forefront in finding solutions to environmental issues. Experts say that apart from creating a sustainable environment, various projects of agencies like IRENA and Masdar can significantly contribute economic benefits as well. Energy-efficient initiatives are capable of saving millions of AED, they vouch.
Notably, UAE is right on the track of making intelligent investment choices that can bring huge savings through sustainable initiatives. Ivano Iannelli, CEO – Dubai Carbon Centre of Excellence, told Emirates Business, “On November 29, 2015, His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, launched the Dubai Integrated Energy Strategy 2050, which included a Dubai Green Fund of AED100 billion.”
“Dubai monitors and pilots economically viable best practices that are fit for the region and acts as a front-runner and trendsetter. At Dubai Carbon, we keep challenging best practices, and enable the GCC and the MENA region to replicate and scale success stories,” he added.
On the sidelines of recently-held International Design Exhibition (INDEX) in Dubai, experts announced that GCC countries can save upto $3.5 billion with energy efficient buildings and the UAE can play a phenomenal role while achieving this target. With energy and facilities management combining for 90 percent of a building’s costs, energy efficient buildings can drive $2 billion in the UAE, according to a recent report by the Middle East Facility Management Association (MEFMA).
“Middle East architects and building owners are increasingly demanding global best practices that ensure energy efficiency, in line with the national sustainability programmes in the UAE,” said Santhosh Vallil, Sales Manager, Hunter Douglas Middle East, the Dutch architecture consultancy with numerous Middle East projects.
The International Renewable Energy Agency (IRENA) says that scaling-up renewable energy to 36 percent of the world’s total final energy consumption by 2030 is possible and it will save upto $740 billion per year on costs associated with pollution emanating from fossil fuels and other non-renewable energy sources.
Adnan Z. Amin, Director-General of IRENA, said in an official statement, “The central policy question is this: What energy sources do we want to invest in? Our data shows that renewable energy can help avert catastrophic climate change and save the world money, if all costs are considered.”
“It shows the transition is affordable based on existing technologies, and that the benefits go well beyond the positive climate impact to the economic benefits. Countries today face a clear choice for a sustainable energy future,” he pointed out.