FIVE has become the first and only hotels in the UAE to obtain the International Renewable Energy Certificates (I-REC) to achieve 100% renewable electricity for 2022.
These Certificates were received from the Mohammed bin Rashid Al Maktoum Solar Park, which Dubai Electricity and Water Authority (Dewa) is implementing. The solar park is the largest single-site solar park in the world, using the Independent Power Producer (IPP) model. It will have a production capacity of 5,000MW by 2030 with a total investment of AED 50 billion.
FIVE’s single delivery I-REC agreement was subsequently verified through the International Renewable Energy Certification Foundation (I-REC), the global leader in standardized renewable energy schemes and sustainability claims.
FIVE’s latest achievement of tapping into future-focused solutions for Sustainable Development distinguishes its unwavering commitment to Sustainable Hospitality.
Saeed Mohammed Al Tayer, MD & CEO of Dewa, said: "I congratulate FIVE on becoming the first and only hotel in the UAE to obtain the International Renewable Energy Certification Foundation (I-REC) to achieve 100% renewable electricity for 2022. FIVE's commitment to sustainability is a role model for other businesses in the UAE and around the world at all levels.”
Al Tayer added: "At Dewa, we promote sustainability and the shift towards a sustainable green economy by increasing the share of renewable and clean energy within Dubai’s energy mix. The current production capacity of the Mohammed bin Rashid Al Maktoum Solar Park, which Dewa is implementing, is 2,327MW using photovoltaic solar panels and Concentrated Solar Power (CSP) technologies. This is about 15.7% of the total production capacity of energy in Dubai. We continue our efforts to achieve the Dubai Clean Energy Strategy 2050 and the Dubai Net Zero Carbon Emissions Strategy 2050 to provide 100% of Dubai’s total power capacity from clean energy sources by 2050."
Continuing the cutting-edge of trailblazing luxury and entertainment in harmony with social and environmental responsibility, FIVE aims to inspire the world through its innovative platform dubbed, in classic FIVE Flair, ‘Sustainable Indulgence’.
As the only hotels in the UAE to purchase i-RECs from Dewa to achieve 100% solar powered electricity for its hotels, FIVE demonstrates the potential of working with stakeholders to spark innovation on the path towards decarbonization. This achievement propels FIVE’s Sustainability Objective of Vibrant Communities and Partnerships to ‘Innovate to address social and environmental challenges’.
FIVE’s Future-Focused Vision
In 2022, FIVE achieved colossal carbon use intensity reduction of 76.2% (MtCO2e/AED mn), electricity consumed per capita by 35.3% (kWh/cover) and water use intensity by 36.2% (litres/cover) compared to 2020 baseline. In relentless pursuit of continual improvement, FIVE will seek to increase its energy and environmental efficiencies while lowering its carbon footprint through ambitious action plans including a commitment to setting Science Based Targets (SBTi) in line with a 1.5°C scenario by 2025.
The company is a signatory to the UN Global Compact, a member of the Global Sustainable Tourism Council (GSTC) and continuing to expand its participation in key environmental and social alliances through a global community engagement.
Kabir Mulchandani, Chairman and Founder, FIVE, said: “Ahead of COP28, FIVE's electric milestone demonstrates the power of collaborative innovation when two future-focused changemakers (FIVE and Dewa) come together in pursuit of Sustainable Development. As the first hotel group in the UAE to receive 100% renewable electricity from Dewa, we share a great honour amidst this historic 'Year of Sustainability.'
“I hope that this achievement sets an example on how conviction in vision and commitment to action can create a reality where we continue to dream audaciously, build creatively, and pursue life vigorously within a world that moves closer to climate revitalization.” – TradeArabia News Service
FIVE hotels first in UAE to get renewable energy credits
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