Abu Dhabi commits US$15 billion to alternative energy, clean technology
In an address before delegates of the World Future Energy Summit today, General Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the U.A.E. Armed Forces, announced the most ambitious sustainability program ever launched by a government – an initial investment of US$15 billion in projects targeting solar, wind and hydrogen power; carbon reduction and management; sustainable development; education; manufacturing; and research and development.
The investment will be channelled through the Masdar Initiative, a company that aims to explore, develop and commercialize future energy sources. Masdar will leverage the Abu Dhabi government’s initial US$15 billion investment with joint ventures and other investment partners for a grand portfolio many times larger, comprised of projects in Abu Dhabi, the MENA region and globally.
The emirate of Abu Dhabi, the capital of the United Arab Emirates, has been a leader in the field of hydrocarbons for nearly half a century. One of Masdar’s primary objectives is to build upon Abu Dhabi’s energy leadership and develop an entirely new domestic economic sector built on energy innovation and intellectual property, thereby establishing the emirate as the regional and global center of future energy solutions.
“For nearly half a century, the emirate of Abu Dhabi has used its natural resources to contribute to growth, development and security – our own as well as that of other countries,” said Masdar CEO Dr. Sultan Al Jaber.
“Today, as global demand for energy continues to expand and as climate change becomes a real and growing concern, the time has come to look to the future,” he continued. “Our ability to adapt and respond to these realities will ensure that Abu Dhabi’s global energy leadership as well as our own growth and development continues.”
The $15 billion Masdar commitment announced today will be directed to the following areas:
• Manufacturing Future Energy Solutions
• Education and R&D
• Carbon Management
• Sustainable Development & Planning
• Renewable Energy Infrastructure Projects
Noting that Masdar means “the source” in Arabic, Al Jaber said, “Under the vision of His Highness, Sheikh Khalifa bin Zayed Al Nahyan, President of the U.A.E. and Ruler of Abu Dhabi and the leadership and direction of His Highness, General Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the U.A.E. Armed Forces, Masdar signals Abu Dhabi’s intention to build upon its energy expertise and become the leading source of the world’s future energy solutions. It is also an important example of Abu Dhabi’s long-term strategy to secure its future by investing resources domestically. As we do this, we honor the vision of His Highness the late Sheikh Zayed bin Sultan al Nahyan, our country’s founder, who articulated for Abu Dhabi a vision of unity, stewardship and leadership.”