Shopping malls have “great potential” in contributing to a cleaner and sustainable future, according to Khalifa bin Braik, the chief executive officer of asset management at Majid Al Futtaim (MAF).
According to MAF’s Braik, using sustainable materials for construction and design, then using energy and water conservation methods and investing in renewable energy are the initial steps to take towards a greener future.
However, Braik told Arabian Business in an exclusive interview, that this depends on “multiple factors” such as “including size of the property, location, infrastructure, availability of clean energy sources, energy demands, financial investments, government policies and regulations, technological maturity.”
Braik also added that governments play a key role in the sustainability equation for malls to completely electrified with clean energy.
“Governments play a crucial role in facilitating an enabling environment for the private sector through policies and mandates that would encourage investment in renewable energy. A symbiotic relationship between sectors is key – public-private partnerships will facilitate the energy transition and enable us to meet clean energy goals and needs,” he explained.
Sustainability in retail ‘makes good business sense’
Retailers have an opportunity to make a significant impact on sustainability, not just for the environment, but also for their business.
“Sustainability should be a crucial consideration for retailers not only because it is critical for our environmental and communities, but also because it makes good business sense,” MAF’s Braik said.
By incorporating sustainable practices, retailers can reduce their environmental footprint, operate in a socially responsible manner, and generate real cost savings while increasing efficiency and strengthening brand equity, he added.
“Businesses also have an opportunity to cater to the growing market segment of conscious consumers who are mindful of the impacts of their purchasing habits, while educating their wider customer base on sustainability consumption practices.”
In addition, Braik said that businesses can “future-proof themselves” from changing consumer preferences as well as regulatory requirements through sustainability.
Sustainability as UAE’s national priority
Sustainability has become a national priority in the UAE, with the government leading the way in clean energy and carbon mitigation technologies.
“As the host of COP28 later this year, the UAE continues to establish itself as a natural regional and international convener to lead the essential mission of mobilising global efforts to combat climate change, reduce carbon emissions, and keep the 1.5°Celsius goal alive,” he said.
Majid Al Futtaim, which is one of the first signatories to the World Green Building Council’s Net Zero Carbon Buildings Commitment, has firmed its commitment to the global agenda by joining the Business Ambition for 1.5°C Commitment and Race to Zero.
The company is currently adopting Green Building Principles, which is aimed at reducing carbon emissions, improve energy and water efficiency, reduce landfill waste, and prioritising safer, sustainable materials.
“We are also closely following the development of science-based targets for nature, given the significant role nature-based solutions play in providing cost-efficient solutions for the achievement of our targets and beyond. Such frameworks add credibility to our Net Positive pathways by ensuring we are aligned with the latest climate science whilst providing reassurance to our stakeholders,” Braik added.
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