By IANS
Abu Dhabi : Abu Dhabi has announced 0it will invest $15 billion in alternative energy projects under Masdar initiative, the emirate’s multi-faceted investment programme to develop innovative technologies for renewable, alternative and sustainable energy.
Addressing the inaugural session of the World Future Energy Summit (WFES), which opened here Monday, Crown Prince of Abu Dhabi Sheikh Mohammed bin Zayed Al Nahyan said the emirate was strongly committed to striking a balance between meeting the world’s energy demand as well as persevering the environment for future generations, WAM news agency reported.
“We hope that our Masdar projects will inspire others to seek alternative sources of energy,” he added.
Sheikh Mohammed said the initiative will cover wide-range 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 $2.2 million Zayed Prize is designed to celebrate achievements in the area of future energy,” said the crown prince, and added that the award will “recognise individuals and companies for developing creative future, sustainable energy solutions.”
Addressing an audience of more than 300 delegates, he said that Abu Dhabi would set up a Masdar City to be the “first carbon-free city” in the world.
The three-day World Future Energy Summit (WFES) is the world’s largest and first conference and exhibition of its kind to address the issue of global energy conservation and environment.
The summit would highlight the need for developing alternatives for cleaner and safer sources of energy, renewable and future energy solutions, innovations, policy and vision.