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Emirati developer Aldar Properties said on Monday it will invest 25 million dirhams ($6.8 million) in energy retrofit projects that will help reduce utility consumption for owners and tenants.
The projects, which will be implemented in 13 residential communities, are expected to offset 19,000 total carbon dioxide (tCO2) and reduce utility consumption by AED 12 million per year, the company said in a statement to the Abu Dhabi Stock Exchange. (ADX).
The investment is said to be the first of its kind for an Abu Dhabi developer, as part of the company’s efforts to improve the energy efficiency and environmental friendliness of the community. It aims to improve the efficiency of a range of Aldar hotel, school, commercial, leisure, retail and residential buildings, the statement said.
Greg Fewer, Chief Financial and Sustainability Officer at Aldar, said: “What makes this project special is its innovative structure that enables a substantial capital investment in community assets while reducing energy consumption, carbon footprint and community service charges.”
Aldar said the plan was developed in conjunction with the Community Home Owners Association, which is run by the company’s property management arm, Provis. Siemens will execute the retrofit project, while Grfn has been appointed as the energy project management company.
The developer announced its broader energy management plan in January. The plan aims to reduce consumption by 20% and supports the company’s efforts to align its sustainability practices with the UAE’s long-term carbon reduction goals.
“The retrofit project is a key milestone in the company-wide journey to net zero decarbonization – it will reduce carbon emissions by 80,000 tonnes, reduce electricity consumption by 110 GWh, reduce water consumption by 886,000 cubic meters and reduce chilled water consumption by 23,000 TRH volume and 726,000 cubic meters per year,” the statement said.
(Writing by Cleofe Maceda; Editing by Mily Chakrabarty)
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