Sabban Property Investments (SPI), in association with The CarbonNeutral Company (TCNC), has announced that they are constructing the Middle East’s first-ever CarbonNeutral development. Sabban Towers, the QR 1 billion real estate project, upon completion in the first quarter of 2008, will become the first project in the region to achieve CarbonNeutral status. The announcement follows the completion of an assessment of the Sabban Towers by TCNC and will involve an investment of QR 3.5 million by SPI into various carbon-offset projects across the globe.
SPI commissioned TCNC to undertake a greenhouse gas emissions assessment of the Sabban Towers in early 2006, and the results showed that the construction of the shell of the 3 towers would result in the emissisions of approximately 75,900 tonnes of Carbon Dioxide (CO2). By becoming Carbon Neutral, SPI is aiming to mitigate the carbon dioxide emissions caused by its use of energy, shipment of its construction material and other related construction works. SPI’s Carbon Neutral commitment involves measuring its CO2 emissions, reducing them where possible and then offsetting the unavoidable emissions. The company is looking at investing in a variety of renewable energy, energy efficiency and sustainable forestry projects in New Zealand, Jamaica and Uganda respectively that will offset the CO2 emissions it creates whilst also contributing to the sustainability of local communities.
“Climate change has been recognised as one of the most important threats facing the world and the scientific consensus is that CO2 emissions from human activities are the main cause. SPI decided to tackle these emissions and to work with The CarbonNeutral Company to reduce and balance our CO2 emissions to net zero” said John Browne MBE, Managing Director, Sabban Property Investments.
“As a pioneer in environmentally friendly construction and as part of our commitment to reducing our impact on the environment, we are proud to announce that the Sabban Towers will be the first project in the region to achieve Carbon-Neutral status. We are happy to initiate the ‘green drive’ in the region and we hope to continue leading the way with environmentally friendly projects across the Middle East,” he added.
The IEA World Energy Outlook 2004 predicted that CO2 emissions are set to increase by 63% over 2002 levels by 2030. Further, other studies have also shown that CO2 emissions today are at their highest levels in recorded history, covering over 650,000 years, and are 40 percent higher than they were before the Industrial Revolution. The issue of climate change is a global challenge and natural disaster losses resulting from fluctuating weather patterns are expected to double approximately every 10 years and could reach about $150 billion in 10 years.
“The Middle East region is witnessing a phenomenal real estate boom and this rapid development has led to greater levels of greenhouse gas emissions. However, developers in the region have been relatively slow to recognize the importance of offsetting carbon emissions. To date, there has been very little ecological friendly engagement from companies in the region and we are therefore extremely excited to partner with an environmentally conscious developer such as Sabban Property Investments to initiate the region’s first Carbon Neutral development,” said Jonathan Shopley, CEO of The CarbonNeutral Company.
“SPI has selected a wide portfolio of offsetting initiatives, including a reforestation project in Uganda, which in addition to trapping dangerous gases will help protect water quality, restore wildlife habitats and enhance public recreation areas. We look forward to working closely with SPI and believe that more companies should follow their lead,” added Shopley.
TCNC, as the driving force behind the most widely established carbon management standard and protocol (The CarbonNeutral Protocol), has been at the forefront in providing climate change services for over 10 years. The company was the first to employ a rigorous third-party verification of its carbon management system to ensure that clients are assured of the carbon offsetting programs they pay for. With over 200 corporate clients worldwide and a host of offset projects across the globe, they were also the first company in the UK to offer retail ‘carbon credits’ to consumer and business customers.
“Although we are investing close to QR 3.5 million to achieve carbon-neutral status, we will ensure that this cost is not passed on to our customers. We take great pride in our environmental policy that extends throughout our operations and we are greatly delighted to have set the benchmark for Carbon Neutral in the region, which further assures and underscores our dedication towards setting innovative trends and standards,” concluded Browne.
