A Comparative Analysis of Green Financing Strategies for achieving Net Zero Energy in UAE
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Date
2023-12
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The British University in Dubai (BUiD)
Abstract
Net zero energy buildings (NZEBs) are a concept that is gaining more and more attention as a feasible way to lower building energy usage. As a growing nation, the United Arab Emirates (UAE) has established many policies and guidelines to coordinate the transition to zero energy by 2050. However, various studies conducted worldwide have classified the obstacles that stand in the way of achieving NZEB. This paper's backdrop examines several financial innovations and approaches to overcoming NZEBs' obstacles. In order to assess the viability of implementing these innovative techniques in the UAE, this research has selected three strategies—the Energy Performance Certificate (EPC), Property Assessed Clean Energy (PACE), and Green Bonds—that are used worldwide. The study uses two methods to paint a realistic image of the application in the United Arab Emirates. The first method is a literature review to combine ideas from various conceptual frameworks for each of the three tactics. From the perspective of members of the public and commercial sectors in the UAE, the second way involves using interviews to validate the three strategies' practicability. The literature review indicates that while they were very successful in the US and EU union, they also had a significant disadvantage. Furthermore, the analysis of the interviews revealed that the respondents had a strong desire to see the mechanisms implemented in UAE because they thought they held great promise for advancing sustainability and energy efficiency in the built environment. But overcoming obstacles like awareness, standardization, and regulations is necessary for success.
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Keywords
net zero energy building, green bonds, property assessed clean energy program, energy performance certificate, English language, public school, Ministry of Education (MoE), American curriculum, United Arab Emirates (UAE)