Be seen as green

I consider myself a person who is concerned with the environment through a sense of moral responsibility. Although I am fond of some un-eco-friendly items like certain vehicles, I do try to make changes in other parts of my life to balance the equation.

The UAE is accepted as being one of the highest contributors to greenhouse gases per capita in the world; its residents enjoy big cars, live in climate-controlled homes with lush green gardens, and appreciate shopping in a mall partly covered by fresh indoor snow. These traits, when coupled with phenomenal growth in sectors such as construction and population, as well as road, freight and air transport, have led to an almost unparalleled demand for energy, and potential price sensitivity to its supply.

Imagine if the ‘green' taxes being discussed in some countries were thrown upon the global passenger airline industry; Dubai and many other tourism-based cities would suffer immeasurably.

The US earlier this month again rejected, rebuffed, and reneged on its responsibilities as the world's biggest and most influential economy, by not agreeing fully to terms laid down in the G8 environment summit in Potsdam, Germany. The G8, plus developing countries like China, India, Mexico, South Africa and Brazil, were present as some of the world's biggest manufacturing bases and emitters of greenhouse gases. The consensus was that climate change is a fact, but very little was actually agreed to combat this phenomenon. Altering manufacturing processes was one point of discussion, but we should also remember that conserving energy in homes and offices is just as important and very often a lot easier to do.

So who is performing in this arena? There are, at least, some initiatives and actions that are leading the world by example. This week's budget in the UK was very pro-active and incentivises ‘carbon-neutral' homes and businesses with tax breaks, and is trying hard to encourage solar energy usage. The Masdar initiative in Abu Dhabi is equally commendable, and will capture our abundant solar rays in a 500 Megawatt solar power plant.

The government of Abu Dhabi is also working with MIT to increase its knowledge base in new energies in order to future-proof energy-related jobs as well as the production of energy itself. A special mention should also go to the designers of the Bahrain World Trade Centre, that claim an impressive 35% of their buildings' energy needs will be met by giant wind turbines housed within the structure.

And so to Dubai, arguably the first city in the region to realise the need for diversification away from oil revenues. Shouldn't we be doing more, and leading the way forward to improve energy efficiency?

As a small part of one of the biggest sectors in the city, I can tell you that building ‘green' does not just imply the intelligent use of natural energy sources, thermal insulation, or double skinned façades to circulate cool air inside.

There are other ways, such as the use of onsite manufacturing to reduce energy spent in transportation, while intelligent design can save energy and money by reducing materials used and wasted. These kinds of processes can often save money in the short-term, and nearly always pay for themselves in the longer term. They also create a higher net future value of the asset; but it is the future itself that is in need of saving now.

Quality of life is the reason most people cite for moving to Dubai and the Gulf states. This region is growing at an amazing rate, as is the increasing disparity between rich and poor. It is our duty as citizens - and mine as a Muslim - to ensure that those who can afford to, give more than those who cannot. Nation-states would be well-advised to do the same. We should be ready to sacrifice certain elements in the luxury equation, or cough up the cash to make good the shortfall.

Perhaps that money could then be directed towards having projects like the Masdar initiative here in the UAE, and to create more recycling plants and awareness of what the man on the street can do to help.

Being a responsible adult means facing the consequences of the actions you take; if you wish to drive a fast car, then you should be equally prepared to pay more than a normal car driver for the privilege. Being a responsible business and country is no different; your policies are directly linked to the environment you are in, and in turn, should be made with consideration for the area around you, and the future you have an impact upon.

Rashid AW Galadari is the chairman of Galadari Investment Office (GIO).

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