Honeywell and RAKBANK announced a strategic guaranteed energy savings project to help improve energy efficiencies and carbon reduction goals, in support of Ras Al Khaimah’s Energy Efficiency and Renewable Energy (EE&R) Strategy 2040.
In the first energy project of this type for RAKBANK, Honeywell will optimize heating, ventilation and air conditioning (HVAC), building management system (BMS) and chillers within RAKBANK’s headquarters building, located in Ras Al Khaimah, spanning a total area of 19,900sqm. As a certified ESCO (Energy Services Company), Honeywell will implement energy efficient measures based on a Guaranteed Energy Savings approach over the five-year agreement. Honeywell will also regularly assess and optimize the energy saving performance of the building’s systems to identify opportunities for further energy savings.
“Honeywell is committed to furthering sustainability efforts in the region and supporting leading organizations in enabling their ESG goals, by identifying energy savings and reducing their carbon footprint,” said Umar Khan, general manager of sustainability, smart cities and energy, Honeywell Building Technologies, Middle East, Turkey and Africa. “We’re looking forward to supporting the sustainability targets of RAK Vision 2030 and showcasing our ready now approach to energy optimization and benefits of remote building monitoring.”
Honeywell is designed to deliver energy savings through a collaborative approach to sustainability, with the potential for further savings at RAKBANK’s Dubai office as the project develops. The anticipated energy savings are aligned with RAK Vision 2030, which aims to achieve a 10% electricity savings by 2030.
Deepak Majithia Group Chief Financial Officer, RAKBANK, commented: “We are proud to present this energy project in our home emirate of Ras Al Khaimah. We have achieved many milestones at the Bank and strengthened our business model while putting a greater focus on sustainability. Our strategic direction is aligned with the long-term economic interests of our stakeholders and the communities in which we operate. A key driver in achieving sustainability is energy efficiency, and that is the main element of this project.” added Majithia.
“We at RAKBANK are aware that sustainability is a journey that requires every individual to play an active role. We are committed to incorporating our ESG framework in all the business verticals of the Bank, especially its operations. Our partnership with Honeywell is a great step forward in this space, and it is a pleasure to be working with such like-minded partners.”
Honeywell and RAKBANK will collaborate to drive and report on the implementation of RAK’s EE&R Strategy 2040. Facilitated by REEM, the energy efficiency and renewables office of RAK Municipality, this energy optimization project aligns to the government’s strategic vision and supports RAKBANK’s ESG goals.
