BP seeks active involvement in Abu Dhabi’s renewable initiative
Posted: 24 April 2006
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The Al Masdar Renewable Energy Initiative was officially launched in Abu Dhabi, United Arab Emirates yesterday.
The initiative will focus on the development and commerci alization of advanced and innovative technologies in renewable energy, energy efficiency, carbon management and monetization, water usage and des alination.
BP chief Lord Browne attended the launch together with representatives from GE, Shell, Total, Mitsui, Mitsubishi, JODCO, Imperial College and Aachen University.
Browne further expressed interest in the project, specifically in Abu Dhabi’s hydrogen power project similar to the ones BP have announced in Scotland and C alifornia.
Browne said: “BP is delighted to be part of this initiative and I hope that we can build on all the existing activity which we have here in Abu Dhabi through active participation in the development of the work of Al Masdar.
“Within ten years 70 % of world oil consumption will be traded and three areas will account for the overwhelming bulk of that trade – West Africa, Russia and the Middle East.
“If all those supplying nations were as secure as the UAE there would be no problem. But they are not and the growing dependence on supplies from countries such as Iraq and Iran and Nigeria does make consumers nervous.”
He said people are also nervous and uncertain about the environment, and in particular about the implications of the growing emissions of carbon dioxide. Emissions are growing at between 1.5 and 2 % a year, with the result that the concentration of carbon in the earth’s atmosphere is rising towards the level at which many scientists believe the world’s climate could be seriously affected.
“The science is incomplete, of course but the evidence is mounting and the case for precautionary action to limit emissions is overwhelming. All those factors are creating a sense of insecurity. The evidence is that consumers want energy supplies which are safe and secure,” he said.
Browne added: “We are delighted to be part of this initiative and we look forward to sharing information and ideas and to working together, particularly in the area of hydrogen power.
“The projects developed under this initiative and through our alternative energy business are for the long term. The process of research, development which is starting to gather momentum represents an investment in the future and I believe it is that investment more than anything else which will restore confidence and stability to the energy market.”
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