Aldar Properties, Abu Dhabi-based real estate developer, has signed a clean energy deal with Emirates Water and Power Company (EWEC), a leading company in the integrated coordination of planning, purchasing and supply of water and electricity across the UAE.
Through the agreement, 100 percent of Aldar’s owned and managed operating assets will be powered by EWEC’s clean energy sources for up to five years, promoting clean energy adoption and supporting the expansion of decarbonization in the real estate sector.
Scope 2 emissions, which are related to the purchase of electricity from the grid, are currently Aldar’s largest source of greenhouse gas emissions, and this agreement is expected to lower those emissions and help decarbonization across the company’s portfolio.
The clean energy, which will be supplied to Aldar’s assets from EWEC’s clean energy sources, will be validated by EWEC’s Clean Energy Certificates, a scheme established by the Abu Dhabi Department of Energy to allow Abu Dhabi companies to validate claims of producing and consuming renewable or clean electricity as part of their efforts to meet sustainability goals.
Greg Fewer Group Chief Financial & Sustainability Officer Aldar
“There has never been a time more critical for the corporate community to acknowledge the impact that real estate assets have on the environment. Buildings account for 37 percent of today’s global CO2 emissions when both operational emissions and embodied emissions of materials are taken into account. It is evident that sustainable buildings are one of the most effective means of tackling this global challenge and we are proud to make this milestone move with EWEC as our partner.”
EWEC is one of the key parties enabling the implementation of Abu Dhabi’s Clean Energy Certificate scheme, acting as a Single Registrant and auction operator to establish a primary market for this new instrument, conducting auctions every quarter that any organization can participate in.
Mr. Francois Brice, Commercial Executive Director at EWEC, said that “We are excited to see key Abu Dhabi companies such as Aldar taking the lead on reaching Zero Carbon by certifying the origin of the power consumed from the grid through the clean energy certificate scheme.”
Aldar was ranked third among all listed companies on ADX and increased its ESG ratings within two major global benchmarks, the Dow Jones Sustainability Index (DJSI) and Sustainalytics, driven by a focus on minimizing its environmental impact and the launch of various social impact initiatives as part of its broader ESG strategy.
