Abu Dhabi to Invest in Renewable Energy Development
Posted on: Tuesday, 22 January 2008, 12:00 CST
The emirate of Abu Dhabi has announced a $15 billion initial investment towards sustainable renewable energy projects. The investment will reportedly be channeled through the Masdar Initiative, a company that aims to explore, develop and commercialize future energy sources.
The investment is reportedly one of the most ambitious sustainability program ever launched by a government. It will finance projects targeting solar, wind and hydrogen power, carbon reduction and management, sustainable development, education, manufacturing, and research and development.
Masdar will leverage the Abu Dhabi government's initial investment with joint ventures and other investment partners for a grand portfolio many times larger, comprised of chiefly projects in Abu Dhabi, the Middle East and Africa.
Dr Sultan Al Jaber, CEO of Masdar, said: "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. 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."
Source: Datamonitor
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