Oil cash for green energy
Abu Dhabi spends $15 billion to push sustainable energy plan
Posted: 28 January 2008
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Oil-rich emirate Abu Dhabi has invested $15 billion to boost financial support to its ambitious sustainability programme – Masdar Initiative, tapping an array of alternative energy and clean technologies.
 Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE Armed Forces, His Highness, General Sheikh Mohammed bin Zayed Al Nahyan Picture, unveiled the grant during his speech at the World Future Energy Summit in the UAE-capital on last week.
State-owned Masdar said it will leverage the Abu Dhabi government’s initial $15 billion investment with joint ventures and other investment partners for a grand portfolio many times larger, comprised of projects in Abu Dhabi, the region and globally.
It will be used to develop its solar, wind and hydrogen power, carbon reduction and management, sustainable development, manufacturing, education, research and development, and building renewable energy infrastructure projects.
The announcement of the support fund also proceeded to the unveiling of the emirate’s plan to build its first hydrogen plant, to be constructed in Abu Dhabi, with the help of BP Alternative Energy and Rio Tinto.
 Featuring a natural gas reformer and carbon capture facility, the $45-million front-end engineering and design would be used to convert 100 million cubic feet of natural gas per day into hydrogen and process CO2 gases to generate clean power.
This comes a week after UAE and Qatar made an agreement with France, in which French companies will assist GCC states for developing its peaceful nuclear ambitions – a sensitive issue which drew criticisms during the 3-day alternative energy summit.
The UAE, which controls the world’s fifth largest oil and gas wealth, pumped 2.6 million barrels per day of crude in 2006 while its LNG exports maintained a record level of more than 8 million tonnes, most of which comes from Abu Dhabi.
Abu Dhabi , the capital of the United Arab Emirates, has been a leader in the field of hydrocarbons for nearly half a century. The following initiatives are seen as a move to diversify its energy resources while achieving sustainability aims.
“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 during the summit.
“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,” he added. “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.”
One of Masdar’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. |
