Masdar sees opportunities to advance renewable energy solutions in global markets
Masdar chief executive Dr. Sultan Al Jaber announced today that Masdar, a multi-faceted future energy initiative wholly owned by the Mubadala Development Company, is well-positioned to capitalize on the â€œundeniable momentum and long term viabilityâ€ of renewable energy technology in his keynote speech at the World Future Energy Summit in Abu Dhabi.
Dr. Al Jaber acknowledged the recent global economic downturn in his opening ceremony address, but said that the renewable energy sector continues to grow and pointed to recent global commitments that call for increasing investment and deployment of renewable energy technologies.
The Government of Abu Dhabi has indicated its own commitment to the adoption of renewable energy, and will soon publish a comprehensive energy policy that includes a pledge that by 2020, renewable energy sources will account for at least 7 percent of the Emirateâ€™s total power generation capacity. Masdar estimates this commitment will create a renewable energy market valued at US$6-8 billion in the Emirate, creating business opportunities for local and international companies.
â€œMasdar will be at the forefront of the research, development and deployment of solutions that will enable governments around the world, including our own, to meet the targets they are setting for the adoption of renewable energy,â€ said Dr. Al Jaber, speaking at the summit.
In the past 12 months, Masdar has made significant advancements across the full spectrum of renewable energy solutions to help build a renewable energy sector in Abu Dhabi and to accelerate the deployment of clean technologies globally.
Breaking ground on the development of Masdar City â€“ the worldâ€™s first carbon-neutral city
Building a solar manufacturing plant in Germany, creating green-jobs and technical know-how to transfer to Abu Dhabi
Enrolling a pre-class of students at the Masdar Institute â€“ the worldâ€™s first graduate institution dedicated toÂ future energy solutions
Investing in leading renewable technologies, forming joint ventures, and R&D partnerships to apply scale and capital to accelerate technology deployment and commercialization
In addition, international evidence of the widespread adoption of renewable energy includes recent commitments by the Governments of Australia and the United States to make significant investments in renewable energy technologies, a commitment by the European Parliament to reduce carbon emissions by 20 percent by 2020, and international efforts led by the Governments of Germany, Denmark and Spain to establish an International Renewable Energy Agency, dedicated to the widespread adoption of renewable energy on a global scale.
â€œLooking at recent local and international commitments, it is our view that the world has reached a tipping point in the acceptance of renewable energy,â€ he said. â€œWe have a long, challenging journey ahead of us, but we are heading in the right direction and the progress we are making is irreversible.â€
â€œIt is a testament to the will of our leadership, HH Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE and Ruler of Abu Dhabi, and HH Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, under their guidance Masdar will provide a comprehensive solution to the worldâ€™s energy challenges and maintain Abu Dhabiâ€™s position as a leading supplier of energy to the world,â€ he added.
Masdar is host of the World Future Energy Summit, which commenced today and attracted more than 15,000 delegates, 300 exhibitors and 20 government delegations to discuss the global response to future energy challenges.
The Masdar Initiative is Abu Dhabiâ€™s multi-faceted future energy initiative advancing the development, commercialization and deployment of renewable and alternative energy technologies and solutions. Masdar is driven by the Abu Dhabi Future Energy Company (ADFEC), and is wholly owned by Mubadala Development Company. For more information about the Masdar Initiative, please visit www.masdaruae.com.
Corporate Communications Manager