The MEED Kuwait Energy & Water Efficiency Conference in Kuwait was told this afternoon that Kuwait needs to develop an energy services company market if it is to increase energy and water energy efficiency significantly.
“Once there is a policy to promote building energy efficiency plus distributed renewable energy, the market will develop,” Ministry of Electricity & Water advisor Mike Wood said. He said that only private companies will be capable of mastering the skills necessary to provide energy saving services on the scale required.
“There are big companies in Kuwait that are ready to go,” Wood said. “It’s a question of developing a financial model that makes sense.”
Dubai is leading the GCC in the development of a market for energy services companies. This involves inviting companies to bid for building retrofits that will involve payments based on energy-savings against a benchmark performance standard.
The Kuwait Energy & Water Efficiency Conference is being held in the Jumeirah Messilah Beach hotel in Kuwait City. The conference is supported by the Ministry of Electricity & Water and endorsed by the Kuwait Foundation for the Advancement of Science (KFAS).
Drake & Scull and Kimmco are conference sponsors. Commercial Bank of Kuwait (CBK) and Mushrif Trading & Contracting Company are networking sponsors.