Abu Dhabi commits to alternative energy, clean technology
Abu Dhabi has announced an 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 commercialise future energy sources.
The company 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.
One of the company'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 centre 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. 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 will be directed to the following areas:
- Manufacturing future energy solutions;
- Education and R&D;
- Carbon management;
- Sustainable development and planning;
- Renewable energy infrastructure projects.
For more information about the initiative, please visit www.masdaruae.com.
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