Abu Dhabi’s largest listed developer, Aldar Properties, has joined the Clean Energy Business Council, as the company ramps up efforts to cut emissions across its projects and support the UAE Net Zero 2050 initiative.
Aldar is the first real estate company to join the Abu Dhabi-based CEBC, a non-profit organisation that is working to accelerate the energy transition in the Middle East and North Africa region.
As part of the partnership, Aldar will collaborate with CEBC, in its "Energy Efficiency" working group, to achieve goals that will promote a sustainable future and support the UAE net zero initiative, Aldar said on Friday.
CEBC has a powerful list of partner members including Riyadh-based Acwa Power, Enoc as well as Standard Chartered, TotalEnergies and French utility company Engie.
“As the urgency of combatting climate change intensifies, we are enhancing our sustainability strategy to lower our carbon emissions and become fully aligned with the UAE’s net zero goal,” said Salwa Al Maflahi, director for sustainability and corporate social responsibility at Aldar.
In January, Aldar said it was aiming to reduce its energy consumption by about 20 per cent across 80 assets including hotels, schools, commercial, leisure, retail and residential buildings. Following that, Aldar invested a Dh25 million ($6.8m) in energy retrofit projects in 13 of its residential communities to reduce utility consumption for owners and tenants.
Also earlier this year, Aldar launched a $490m sustainable city project at Abu Dhabi's Yas Island .
“As a powerhouse in the region, Aldar joining CEBC will empower our energy efficiency working group and strengthen our voice,” CEBC chairman Nasser Saidi said.
Other UAE-based companies including Majid Al Futtaim Group, Strata, Standard Chartered Bank, HSBC, Masdar, Sharjah environmental management company Beeah and Emerson have also pledged to cut emissions.
This week, telecoms company e&, formerly known as Etisalat, declared its net zero targets by 2030.
Aldar, which has developed a number of projects in Abu Dhabi such as Ferrari World and Yas Mall, reported an 18 per cent increase in its third-quarter profit on the back of higher revenue and rental income.
The company launched new projects this year including Yas Park Gate and Grove District.
The UAE is spending $164bn on clean energy projects as it aims to become carbon neutral in the next three decades.