Future Energy Summit: Abu Dhabi Pledges $15 Billion for Renewables
ABU DHABI, United Arab Emirates, January 22, 2008 (ENS) - At the opening ceremony of the World Future Energy Summit here Monday, the crown prince of Abu Dhabi announced 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.Crown Prince General Sheikh Mohammed bin Zayed Al Nahyan told more than 4,000 participants at the summit that the investment will be channelled through the Masdar Initiative, a company that aims to explore, develop and commercialize future energy sources.
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Crown Prince General Sheikh Mohammed bin Zayed Al Nahyan announces US$15 billion investment in clean energy. (Photo courtesy UAE Interact) |
"We hope that our Masdar projects will inspire others to seek alternative sources of energy," said Sheikh Mohammed.
Masdar will leverage the Abu Dhabi government's initial US$15 billion investment with joint ventures and other investment partners to create a portfolio many times larger, comprised of projects in Abu Dhabi, the MENA region and globally.
The crown prince also announced today the establishment of the Zayed Future Energy Prize, awarding $US2.2 million annually to honour individuals and organizations for their excellence in the innovation, development and implementation of sustainable energy solutions.
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