Misr Italia signs sustainability agreements, MoU at COP27

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Misr Italia Properties (MIP) inked a group of agreements and a memorandum of understanding (MoU) at the United Nations Climate Change Conference (COP27) with the aim to put its sustainability measures into action and achieve its green goals, according to an email statement on November 27th.

MIP signed the UN Global Compact Network Egypt's (UNGCNE) Sustainable Communities initiative declaration to improve the lives of millions.

The company also supported the Climate Ambition Accelerator which allows for cooperation and exchange of expertise in the construction and real estate sectors.

Moreover, the developer inked an MoU with Schneider Electric to use its EcoStruxure systems which allows for the comprehensive management of all project’s infrastructures, including, security, command and control centers, energy, heating, air conditioning, and water.

An agreement was also penned with Future Clean Energy to install solar panels on the roofs of three commercial malls with a capacity of 400 kilowatts from solar power plants to produce renewable energy and reduce user expenses by up to 20%.

“COP27 in Sharm El Sheikh focused on constructive implementation and this has been the guiding principle of our strategy; the real estate industry as estimated by the World GBC is responsible for about 40% of global carbon emissions; as an industry, real estate development needs to take proactive steps to reduce its impact on the planet and its resources,” CEO and Managing Director of MIP Mohamed Hany El Assal commented.