Dubai Electricity and Water Authority (DEWA) has conducted a Social Return on Investment (SROI) analysis of the first phase of its project to retrofit a number of villas in the Mohammed Bin Rashid Housing Establishment community by replacing lighting bulbs with energy-saving LED lamps, as well as raising awareness about energy efficiency and reduce the demand for energy.
The study showed an SROI of AED 2.87 for every dirham DEWA invested in the project. The result was accredited by Social Value UK. DEWA is one of the first organisations in the region to use the SROI methodology and the first government organisation in the region to issue an accredited report to reflect the environmental and social value of investments, which is not reflected in traditional financial accounts.
“The SROI result proves that DEWA is on the right track to achieve the vision of our wise leadership, which is the basis for our ambitious initiatives, programmes, and projects. These consolidate sustainability with its economic, social, and environmental aspects within an organisational framework and integrated system to ensure sustainable results. This achieves the Dubai Clean Energy Strategy 2050 to make Dubai the city with the lowest carbon footprint in the world by 2050 and the Carbon Abatement Strategy to reduce carbon emissions by 16% by 2021, and the Demand Side Management Strategy to reduce energy and water use by 30% by 2030. This contributes to achieving DEWA’s vision to become a globally leading, sustainable, innovative corporation. We will use the SROI methodology to measure the social impact of DEWA’s major projects and initiatives,” said HE Saeed Mohammed Al Tayer, MD & CEO of DEWA.
Al Tayer noted that SROI measures and analyses the effectiveness of different projects by looking at the total social and environmental value created compared to the total investment. The SROI for this project was calculated based on the financial savings for home owners as a result of installing LED bulbs and the reduction in carbon emissions, among other factors.