A recent report found that the Gulf’s energy will triple in the next fifteen years – far outstripping its supply – and that globally, US$48 trillion dollars is needed for new energy sources to close the gap.
Real estate is a key area for concern, with the Middle East having the highest consumption of electricity in the world, before Africa and Asia, with Europe the lowest. There is a need to return to basics, not to tents, but to a time when land was not stripped and flattened prior to building, and its natural assets were incorporated into the design.
Traditional architecture achieved sustainability with windows looking into central courtyards with natural air ventilating houses and thick mud keeping the house warm in winter and cool in summer. This is a great example of ‘passive solar energy’ design and saves 50% or more on energy bills.
National Bank of Abu Dhabi (NBAD)is proud to be at the forefront of this trend towards a greener future, by pledging to lend, invest and facilitate US$10 billion to financing sustainable business over the next10 years and by forming a Sustainable Business Team to evaluate and create new finance products that support renewable energy and sustainable business.
Alex Thursby, Group CEO of NBAD said: “As the leading bank in the Middle East, we want to make a real contribution to the region’s ability to rise to the energy challenge. We hope to accelerate the transition to a much needed new world of energy.”
Despite there being a huge need for education in the real estate sector, building green has already started with the world’s first carbon-neutral city: Masdar City, constructed just outside Abu Dhabi in 2008. Its terracotta streets remain up to 20 °C cooler than the surrounding desert, thanks to a 45-meter-high wind tower, modelled on a traditional Arab design, which sucks cool air from above and ventilates the streets. The city’s already a must-see for visiting heads of state.