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MONACO'S COMMITMENT
To The Paris Agreement And Net Zero 2050
Monaco is committed to reducing its greenhouse gas (GHG) emissions by 55% by 2030 compared to 1990 levels, with a long-term goal of achieving Net Zero emissions by 2050 in alignment with the Paris Agreement. A key component of Monaco’s climate strategy involves enhancing energy efficiency across its government and commercial buildings, which are significant contributors to the principality’s overall energy consumption and carbon emissions.
Despite its strong commitment, Monaco faces challenges such as limited space for renewable energy infrastructure and financial constraints that limit the adoption of energy-efficient technologies. ESCO Financial helps Monaco overcome these challenges through its Energy Efficiency-as-a-Service (EEaaS) model, which provides the capital necessary to upgrade critical energy systems. This includes modernizing HVAC units, boilers, chillers, smart controls, motors, compressors, air handling units, and lighting systems, leading to substantial reductions in energy consumption and GHG emissions.
The International Performance Measurement and Verification Protocol (IPMVP) is crucial in ensuring that Monaco’s energy efficiency measures deliver measurable carbon reductions. By applying IPMVP, Monaco can demonstrate the effectiveness of its initiatives, supporting its Paris Agreement commitments and attracting further international investment.
Monaco also faces challenges in managing waste, particularly in reducing methane emissions from landfills. ESCO Financial’s Waste-to-Energy-as-a-Service (WtEaaS) model offers a sustainable solution by converting waste into energy, reducing landfill use, and aligning with Monaco’s Paris Agreement goals. This approach accelerates Monaco’s progress toward achieving Net Zero by 2050, contributing to both environmental sustainability and renewable energy generation.
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