Context

To limit global warming is to hold the global temperature to below 1.5 degrees Celsius, in compliance with the Paris Accord in 2015. Accordingly, CO2 emissions ought to be reduced substantially by converting the current fossil-fuel dependent energy system to renewable energy. In 2020, over 260GW of renewable energy capacity was added globally, surpassing the previous record by almost 50%. Furthermore, the total installed capacity of solar PV reached 710 GW globally by the end of 2020, with around 125 GW of new solar PV capacity added. However, global fossil CO2 emissions increased by 5.3% in 2021 as compared to 2020, almost reaching prepandemic 2019 levels.

Management Approach

One of INDEVCO’s predominant yet strategic initiatives is powering operations with renewable energy. Majority of our operations are located in regions with heavy exposure to the sun for about 300 to 345 days a year. This was a driving force behind installing PV power plants across INDEVCO’s member companies in Lebanon.
INDEVCO’s commitment to reduce energy consumption expanded beyond our operations and plants, by collaborating with ministries and municipalities, healthcare institutions and other organizations to introduce solar projects in Egypt and Lebanon. In 2021, our solar energy investments extended to Cyprus and further plans are underway to expand to other countries.

Sustainable
Development Goals