Home » Ajman Bank, Positive Zero Sign 10-Year Deal

Ajman Bank, Positive Zero Sign 10-Year Deal

by Madaline Dunn

UAE-based Islamic financial services institution Ajman Bank PJSC has signed a ten-year Shared Savings Energy Performance Contract (SSEPC) with Positive Zero.

The deal includes the implementation of eight energy efficiency measures (or EEMs) tailored to Ajman Bank’s facilities.

The project will be delivered by Positive Zero’s energy efficiency arm (Taka Solutions), with Positive Zero’s team providing financing, implementation, long-term operations, and proactive maintenance of the project’s implemented measures.

Commenting on the deal, Mustafa Al Khalfawi, CEO of Ajman Bank, said: “Leveraging on Taka Solutions’ expertise in energy management, we aim to significantly reduce our carbon footprint and operational costs, setting a new benchmark for sustainable practices in the banking industry.”

According to the bank, it expects to save 28 per cent on energy costs and reduce carbon dioxide emissions by 752 tons annually through the project.

David Auriau, Co-Founder and CEO of Positive Zero, said that energy efficiency is “imperative” for meeting the UAE’s ambitions to become over 40 per cent more efficient by 2050.

Indeed, more broadly, last year, at COP28, held in Dubai, UAE, countries pledged to double energy efficiency by 2030 and triple renewable energy capacity.

Speaking about the targets last month, IEA Executive Director Fatih Birol said that by delivering on the goals agreed at COP28 – including tripling renewables and doubling energy efficiency improvements by 2030 – countries worldwide have a “major opportunity” to accelerate progress towards a more “secure, affordable and sustainable energy system.”

At the same time, ambition and progress on the energy transition have been found to vary drastically across different geographies, and according to the Energy Institute, last year witnessed record global energy consumption and record high fossil fuel consumption and emissions.

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