Dubai Investments, a diversified company in which sovereign wealth fund Investment Corporation of Dubai holds a stake, is taking steps to harness renewable energy to power its operations as part of its ongoing sustainability practises.
The company will partner with TotalEnergies to install solar panels on its glass-manufacturing facilities Emirates Glass and Lumiglass Industries in the UAE, which is expected to reduce carbon emissions by approximately 1,200 tonnes annually or the equivalent of planting about 30,000 trees.
"The rooftop solar panel installation at both Emirates Glass and Lumiglass facilities is an extension of the sustainable initiatives and is aimed at reducing the reliance on grid-energy as well energy costs. These solar panels are expected to generate around 2,800 megawatt-hours (MWh) of green energy per year from these two locations”, said Rizwanulla Khan, executive president of Emirates Glass and Lumiglass Industries.
The UAE became the first country in the Middle East and North Africa region to adopt the pledge to offset all of its domestic carbon emissions by 2050, followed by Saudi Arabia and Bahrain. In line with its net-zero initiatives, the UAE plans to invest $160 billion over the next three decades to hasten renewable energy development.
Companies in the country are also pledging to reduce their environmental footprint by the middle of the century, as the pandemic underscored the importance of sustainable growth.
“TotalEnergies in the Middle East is actively contributing to the development of solar energy in the UAE, partially through creating long-term impactful partnerships like the one we have with Dubai Investments,” said Hamady Sy, managing director of TotalEnergies Renewables Distributed Generation in the Middle East and Africa.
Constructed with approximately 3,000 photovoltaic panels, the 1.20 megawatt-peak (MWp) solar rooftop system is expected to produce more than 1,900 MWh annually. The electricity generated by the solar rooftop will cover about 19 per cent of Emirates Glass facilities' energy needs.
Dubai Investments' third-quarter net profit attributable to the owners of the company for the three months to the end September fell 28 per cent to Dh153.5m from a year earlier, as revenue decreased and administrative expenses rose, it said last month in a statement to the Dubai Financial Market, where its shares are traded.
Set up in 1995, Dubai Investments owns businesses such as Dubai Investments Park, venture capital company Masharie, Al Mal Capital and district cooling company Emicool.