The Abu Dhabi government announced an investment of $15 Billion in non-renewable energy industry to cut emissions, increase oil output, and emerge as a future leader in the energy sector.
The government of Abu Dhabi announced on January 21, 2008 its most ambitious sustainable program with an investment of $15 Billion in various renewable energy projects, like use of solar energy, curtailment of carbon emission and management, use of wind and hydrogen power, sustainable development and R&D, as reported by Business-standard.
Sultan Al Jaber, CEO of Masdar, or Abu Dhabi Future Energy Company, said that the investment is an integral part of Masdar initiative, designed for sustainable use of clean energy. The program will start next month in Masdar city to make it a carbon neutral city. The money will be expeded on development of infrastructure of renewable energy projects like solar power and wind energy. This initiative will make Abu Dhabi leader in the global energy market, as reported by Reuters.
The money will go for building the world’s largest hydrogen power plant with a capacity of 500 Megawatts in Masdar. It will also build a country-wide network of carbon capture and storage projects (CCS) to drive greenhouse gases into oilfields, cutting emission and amplifying oil production.
The investment in renewable energy industry in Abu Dhabi is becoming essential because to generate electricity, gas is required. Moreover, the demand for energy is rising in the country and the prices of crude oil are inflating. Other objective for investment in renewable energy sector is to make Abu Dhabi leader in the future energy industry.
According to industry experts, governments around the world are trying to maximize the usage of renewable resources so that the menace of global warming can be tackled. Besides, the stocks of non-renewable sources are depleting and about to finish. Therefore, increasing production of non-renewable energy will help in meeting the future energy demand of Abu Dhabi.
According to a research analyst at RNCOS, “The energy industry of the UAE depends on the development of energy sector in Abu Dhabi. There are plenty of energy resources in the city. The project of making Abu Dhabi a zero carbon city will support the energy production of the UAE as a whole. The government’s decision of investing in non-renewable energy sector will improve the energy production in the country.”
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