Abu Dhabi - Mubasher: Aldar Properties has signed a five-year agreement with Emirates Water and Electricity Company (EWEC) to power all of its owned and managed operating assets with clean energy.
This agreement, under which Aldar’s assets will be supplied from EWEC’s clean energy sources, aims to promote the adoption of clean energy and expand decarbonisation in the real estate sector, according to a press release on Monday.
This step will enable Aldar to cut scope 2 emissions, produced from the purchase of electricity from the grid, which account for the largest source of greenhouse gas emissions at the company's real estate assets.
The Chief Financial and Sustainability Officer, Greg Fewer, said: "Buildings account for 37% 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."
Meanwhile, the Commercial Executive Director at EWEC, Francois Brice, commented: "Aldar moved swiftly to participate in the scheme, becoming the first real estate development, management, and investment company and one of the larger market participants."
