Date: January 22, 2008
Source: News Room
The Crown Prince of Abu Dhabi, capital of the United Arab Emirates, pledged to invest US$15 billion in renewable energy and other sustainability projects. The investment will be channeled through the Masdar Initiative, a company that aims to explore, develop and commercialize future energy sources, especially those that involve solar, wind and hydrogen power; carbon reduction and management; sustainable development; education; manufacturing; and research and development. Masdar will leverage the government's initial investment with joint ventures and other investment partners to create a portfolio many times larger. Crown Prince General Sheikh Mohammed made the announcement at the World Future Energy Summit, saying "We hope that our Masdar projects will inspire others to seek alternative sources of energy," said Sheikh Mohammed. He also announced the establishment of the Zayed Future Energy Prize, awarding $US2.2 million annually to honor individuals and organizations for excellence in the innovation, development and implementation of sustainable energy solutions.
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