Masdar, a wholly-owned subsidiary of the Mubadala Development Company focused on renewable energy and sustainability, and 1Malaysia Development Berhad (“1MDB”) have signed a cooperation agreement to explore clean technology projects and investments, including the possibility of building Malaysia’s first carbon-neutral city.
Masdar and 1MDB also intend to cooperate and invest in carbon reduction projects, under the Kyoto Protocol’s Clean Development Mechanism (“CDM”) and clean technology venture capital. If fully implemented the cooperation agreement would lead to the development of new catalytic projects, with an estimated value of USD100 million.
The agreement with Masdar, which was signed during Malaysian Prime Minister, YAB Dato’ Sri Mohd Najib Tun Haji Abdul Razak’s visit to Abu Dhabi, will further boost Malaysia’s ongoing efforts to embrace world-class sustainable practices and clean technology; it was among several strategic joint agreements signed between Malaysia and the UAE - Dato’ Sri Mohd Najib and H.H. General Sheikh Mohammad Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, witnessed the signing.
Talking on the importance of the agreement, Masdar Chief Executive Officer, Dr. Sultan Ahmed Al Jaber, said: “Masdar is committed to building strategic partnerships and creating worldwide networks in the push for new low carbon energy technologies and clean, sustainable ways of living. We value this partnership with Malaysia and applaud their move to actively pursue and invest in new green technologies.”
1MDB Chief Executive Officer Shahrol Halmi said: “Clean technology is an increasingly important sector for the future economic development of Malaysia. The partnership with Masdar will help expose Malaysia and 1MDB to world-class capabilities in sustainable development.”
Shahrol did not rule out the possibility of 1MDB building Malaysia’s first carbon-neutral city, “It is our intent to explore and evaluate business opportunities relating to the development of an environmentally friendly carbon-neutral city in Malaysia,” he concluded.
Established by the Government of Abu Dhabi, the capital of the UAE, in 2006, Masdar is a wide ranging, multifaceted renewable energy initiative that integrates the full renewable and clean technology life-cycle – from research to commercial deployment – with the aim of creating commercially scalable renewable and clean energy solutions.
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