April 19, 2024

Farnek obtains full ESCO accreditation from Dubai’s RSB ahead of COP28

Leading UAE-based smart and green facilities management company Farnek has been granted full accreditation as an Energy Services Company (ESCO) from Dubai’s Regulatory & Supervisory Bureau (RSB).  

The RSB was established in 2010 and works under the auspices of the Dubai Supreme Council of Energy, developing and administering frameworks to encourage greater energy efficiency in buildings. The ESCO accreditation scheme is designed to build trust and make the process smoother for accredited entities and their clients.

Previously an accredited energy auditor with RSB, Farnek was given full ESCO accreditation due to its proven track record of Energy Performance Contract (EPC) projects in the UAE.

“This is a very timely achievement, with COP28 almost upon us. Our accreditation is a result of the successful implementation of various ESCO projects, which have so far generated millions of kWh savings in electricity consumption.

“Obtaining full accreditation serves as a testament to our commitment to continuous improvement and alignment with evolving international standards and best practices and our ethical conduct, delivering high-quality energy efficiency solutions.” said Muna Al Nahdi, Head of Sustainability & Consultancy, Farnek.

ESCOs differ from other companies that offer energy-efficiency improvements in that they use a performance-based contracting methodology. When an ESCO is engaged for a project, financial compensation is directly linked to the actual energy and cost savings achieved.

ESCOs help building owners identify how they can improve energy use and deliver the savings identified. Energy efficiency can only be improved if there is information available on the performance of buildings and they are audited for ways to improve energy use.

The RSB has designed two standard contracts which cater for the two main approaches to energy performance contracting: Shared savings, where the ESCO provides the financing, and Guaranteed savings, where the client provides financing.

“We embrace the shared savings model and invest in projects to alleviate the financial burden for our clients.

“Energy is also the primary contributor to carbon emissions and reducing consumption is one of the most effective steps towards decarbonisation and ultimately a net-zero future, particularly for existing built environments.

“Our solutions are distinctive, characterised by a commitment to challenging norms, innovating, implementing best engineering practices, and integrating technology—all while prioritising value and our clients’ best interests. We anticipate that this accreditation will foster trust and positive relationships with our clients and the broader business community,” commented Al Nahdi

For more than two decades, Farnek has been at the forefront of providing energy management services, with a cost-efficient, integrated and data-driven approach. And in line with the UAE’s net-zero commitment, Farnek is also committed to promoting, investing and implementing sustainable solutions throughout its own operations.

Last Updated on 2 months by Middle East News 247

    Middle East News 247

    Middle East News 247

    Middle East News 247 delivers the latest business and lifestyle news and essential infotainment for, and from the Middle East region, with key focus on the GCC nations: United Arab Emirates (UAE), Saudi Arabia, Qatar, Bahrain, Kuwait, and Oman.
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