Abu Dhabi to invest $15 billion in green energy
Smart leaders get it done before
the oil runs out.
Gulf Arab oil exporter Abu Dhabi plans to spend $15 billion in the first phase of an initiative to develop green energy and build the world’s largest hydrogen power plant.
The investment would be part of the Masdar initiative, set up to develop sustainable and clean energy, Abu Dhabi’s Crown Prince Sheikh Mohammed bin Zayed al-Nahayan told the World Future Energy Summit…
The money will go into infrastructure, renewable energy projects such as solar power, and manufacturing, to position Abu Dhabi as a leader in the global clean energy market, said Sultan Al Jaber, CEO of Masdar…
Abu Dhabi, capital of the seven-member United Arab Emirates federation, would also build the world’s largest hydrogen power plant with 500 megawatts of capacity, said Jaber.
Masdar will hold a 60 percent stake in the “multi-billion-dollar joint venture,” a Masdar official said, adding that the rest would be equally held by British Petroleum and Rio Tinto.
I am pleased to see they’re spending our money more wisely than we did.
Posted: Tue - January 22, 2008 at 06:42 AM