Abu Dhabi makes new investment in clean energy
Wednesday, March 5, 2008
The Emirate of Abu Dhabi has announced a bold new project, called the Masdar Initiative, to encourage investment in and production of clean, renewable energy in that country and others in the Middle East. The goal of this initiative is to leverage the area's substantial knowledge and resources in the field of energy into a long-term pattern of success in the field of clean energy, making it more capable of handling pressing issues surrounding the need for better fuel.
Masdar is being developed and managed by the Abu Dhabi Future Energy Company (ADFEC). Current research tracks include photovoltaic, water management, solar thermal and carbon management. Managing partner companies are chosen by the host institution and work together to bring research to reality. On the investment side of the coin, Masdar includes the Masdar Clean Tech Fund (composed of over $250 million), which acquires stakes in upcoming cleantech firms, the Sustainable Technologies and Advanced Research (STAR) program, which invests in companies that are nearing commercialization, and Masdar Business Incubator which nurtures very young companies and entrepreneurs to encourage them to succeed in the market.
They are also taking on a special project within the UAE, a "Special Free Zone" which will operate entirely on clean-burning technologies and the use of sustainable practices and biodiversity. This comes in addition to the tremendous effort the initiative will make towards carbon management in the Middle East, including the very promising "capture and storage" method which is used in oil production.
Overal, Abu Dhabi commits $15 billion to alternative energy. This commitment targets solar, wind and hydrogen power; carbon reduction and management; sustainable development; education; manufacturing; and research and development.
