EGBC
The investment cycle is relatively short and initial investments are paid back for within as little as 2 and maximum up to 5 years savings of 20 to 30% in the longer term. Then there are more capital intensive measures like retrofitting where savings of up to 50% are definitely achievable. We have taken a number of steps forward to change consumption patterns and minimize our carbon footprint by using cleaner fuels and implementing environmental conservation strategies. Approximately how many retrofitting projects have been planned in the UAE in the future? Etihad ESCO, a subsidiary of DEWA, has identified 120,000 buildings in Dubai and found 30,000 of those suitable for a retrofit. They want to see that by 2030, all of them have undergone retrofitting. With regard to the implementation of the Energy Efficiency Program, convincing existing building owners to make investments for retrofitting of their buildings has been difficult. How do you advices on overcoming their resistance? We saw that one of the barriers to retrofitting buildings was the initial financing. Fortunately energy efficiency projects are self-financing. The investment cycle is relatively short and initial investments are paid back for within as little as 2 and maximum up to 5 years. After
that the project begins to generate profit for itself. One of the popular approaches to financing such projects is Performance Contracting where the Energy Services Companies or ESCOs will finance the retrofit themselves and then take a share of the savings generated. In this way the owners don’t have to make the initial investment themselves and at the end of the day everybody profits from the project, including our environment. Are banks and financial institutions responding well to these kind of programs? Banks are clearly showing an interest in these programs. But this is still a new industry so their approach is a little cautious. However, the shorter payback periods and the reliable nature of investment in the industry, has made them sit up and take notice. So definitely they do see sustainability projects as a profitable and reliable market for future investments and they are steadily coming out with a number of innovative financing options. What has been the hotel industry’s response to the Green Key Program? How many hotels are operating in a sustainable manner today? Most hotels in the UAE today, look at sustainability as more than an image building exercise. This is because it does make a significant impact on their bottom lines in terms of operating costs. All of them are looking at savings in energy and water. There are currently 24 hotels certified
2015 May n FUTURECITIESME.COM
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