Aims to set up dedicated financing scheme and serve as facilitator

Emirates Green Building Council (EmiratesGBC) has proposed the creation of a financing scheme to promote the green retrofitting of existing buildings to make them more energy-efficient, and would serve as facilitator of the project, which aims to strengthen the uptake of financially viable energy-efficient projects in the country. Announcing this in a press release, the Council said that it would meet financing institutions, insurance agencies, suppliers and regulators to lend momentum to the project.

The Council pointed out that it had set up a dedicated taskforce to support the creation of a green financing scheme, and that the team worked with various stakeholders to address the challenge of funding green retrofit projects, and have been in discussions with banks and financial institutions to obtain their inputs.

Giving insight into the proposed plan, Adnan Sharafi, EmiratesGBC Chairman, said: “One of the key issues identified in our extensive studies to promote sustainable built environments is the lack of adequate financial support for retrofitting existing buildings to new green building standards…. Building owners also do not have any incentive to implement the energy savings because electricity bills are largely paid by the tenants. This encouraged us to focus on promoting the creation of a green financing scheme for existing buildings, as making them “greener” will be a strategic step to address the energy sector challenges we face today.”

Research conducted by the Intergovernmental Panel for Climate Change (IPCC) has highlighted that improving the efficiency of existing buildings has the highest potential for cost-effective reductions in carbon emissions, EmiratesGBC revealed.

In light of this, Sharafi added: “According to reports, the peak demand for electricity is expected to increase by 40% by 2020. Improving the energy efficiency of existing buildings provides a financially efficient strategy for the UAE to tackle energy sector and environmental degradation challenges…. The UAE has clearly defined its goal of promoting ‘a green economy for sustainable development’ in the strategic vision announced by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai. With a serious and firm commitment from different stakeholders, we can further accelerate this vision by offering tangible support for sustainable building projects.”