US$15 billion alternative energy investment for Masdar Initiative
By Emily Clark
February 4, 2008
February 5, 2008 Following on from last year's announcement of plans to create the world’s first world’s first zero carbon, zero waste city as part of the Masdar Initiative, the Abu Dhabi government has committed a US$15 billion to help explore, develop and commercialize clean energy sources.
The multi billion dollar investment by the Abu Dhabi government makes it the most ambitious sustainability program ever launched by any government. The initial $15 billion will fund projects targeting solar, wind and hydrogen power; carbon reduction and management; sustainable development; education; manufacturing; and research and development.
The investment will be channeled through the Masdar Initiative or Abu Dhabi Future Energy Corporation, a global cooperative platform that seeks to find solutions to energy security, climate change and sustainable human development. The organization will leverage the funds 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.
The group has already made significant steps forward in making Abu Dhabi the global center for future energy since its inception in 2006. Several key projects have been initiated including the Masdar Clean Technology Fund dedicated to advancing renewable energy and sustainable technologies. This month the group is scheduled to break ground on the world’s first zero -carbon, zero-waste, car-free city. The city, which will grow to 1,500 businesses and 50,000 residents when completed in 2016, will be home to international business and top minds in the field of sustainable and alternative energy.