Abu Dhabi announces US$15 billion investments in alternative energy projects

Addressing the inaugural session of the World Future Energy Summit which opened in Abu Dhabi on Monday, the Crown Prince of Abu Dhabi , General Sheikh Mohammed bin Zayed Al Nahyan, said the Emirate was strongly committed to striking a balance between meeting the world's energy demand while at the same time preserving the environment for future generations.

"Through our Masdar Initiative, Abu Dhabi will continue to play its part. To underscore our commitment to this mission, I'm pleased to announce that Abu Dhabi will invest a total of US$15 billion in alterative energy projects. This will be part of phase one," said Sheikh Mohammed.

He added: "We hope that our Masdar projects will inspire others to seek alternative sources of energy." Addressing leaders of the world energy community, Sheikh Mohammed said the world's largest government ambitious initiative on sustainable development will cover wide-ranging energy programmes on sustainable development and management of solar, hydrogen and wind powers, carbon emission reduction, education, industry and research and development.

Sheikh Mohammed also announced the launch of the Zayed Prize for Future Energy.

"The US$2.2 million Zayed Prize is designed to celebrate achievements in the area of future energy," said Shekh Mohammed.The Award for Future Energy will recognise individuals and companies for developing creative future, sustainable energy solutions.

Sheikh Mohammed told an audience of more than 300 delegates that Abu Dhabi would set up a Masdar City, which will be the first carbon-free city in the world.

The World Future Energy Summit (WFES) is the world's largest and the first of its kind conference and exhibition to address the importance of global energy conservation and environment.

The Summit is highlighting the need for developing alternatives for cleaner and safer sources of energy, renewable and future energy solutions, innovations, policy and vision.

Sheikh Mohammed said the Abu Dhabi Future Energy Company (Masdar),the multi-faceted, multi-billion dollar initiative to develop and commercialise renewable and alternative energy, and clean technology, will oversea these investments through partnerships and joint ventures in Abu Dhabi, and Middle East and North Africa.