The Government of Dubai has officially accredited Honeywell (NYSE: HON) as a key energy service company (ESCO) with the necessary expertise and technology required to support the UAE’s ambitions of becoming a green economy world leader through advanced energy efficiency solutions.
As part of the UAE’s long-term ‘Green Economy for Sustainable Development’ initiative, which seeks to create a sustainable environment for economic growth, Dubai aims to reduce its demand for energy by 30 percent by 2030. As part of this, approximately 30,000 existing buildings will be retrofitted to become more energy efficient over the next 15 years. Honeywell, a global leader in energy-saving technology and services, is well placed to enable the emirate to achieve these goals. The company has completed more than 5,700 guaranteed efficiency projects across the world to date, work that is expected to deliver US$6 billion in energy and operating savings.
The accreditation by the Dubai Regulatory and Supervisory Bureau (RSB) for Electricity and Water sees Honeywell join an elite club of just nine UAE ESCOs permitted to provide energy optimization services to clients. This includes upgrading inefficient air conditioning systems, replacing inefficient lighting and improving building management systems.
“Receiving the ESCO accreditation from Dubai’s government is a significant milestone that reaffirms Honeywell’s commitment to sustainability and energy management in the region and around the world. Nearly 50 percent of all Honeywell products are linked to energy efficiency, and our research has found that if Honeywell’s existing technologies were widely adopted in the United States alone, energy demand in that country could be reduced by 20 percent to 25 percent,” said Norm Gilsdorf, president, Honeywell Middle East, Russia and Central Asia.
“Our technology, combined with our knowledge of the Middle East market and expertise in the design and operation of large district cooling infrastructure makes Honeywell a key partner for investors and local governments in the UAE and around the region,” he added.
As part of the ESCO service offering, payment terms for energy efficiency projects can be made based on actual energy and financial savings achieved after optimization work is complete. This is usually achieved through financial models such as Pay for Performance and Shared Savings, to name a few.
To support its energy efficiency approach in the Middle East, Honeywell has also introduced its Attune Advisory Services in the region. Attune combines cloud-based tools and analytics with a global network of energy and facility experts to provide enhancements that can reduce utility bills and operating expenses up to 20 percent.
Some of the key UAE projects where Honeywell has exhibited notable energy savings based on continuous monitoring and analysis include The Crowne Plaza at Yas Island and Mashreq Bank at Academic City in Dubai.