Abu Dhabi Proceeds With Masdar Energy City Plan, Jaber Tells Emirates News
Abu Dhabi is proceeding with plans to develop a clean energy city designed to host homes and businesses without producing carbon emissions as the emirate reviews the project, Emirates News Agency reported.
Sultan al-Jaber, chief executive officer of Abu Dhabi Future Energy Co., said the development is not being scaled back, according to the state-run news service. The news agency didn’t provide details on the review or say whether a final decision on the project’s scope had been taken.
Masdar, as the Abu Dhabi government-backed renewable-energy plan is known, began a strategic review after the global financial crisis cut funding for many real-estate developments and parts of the city were delayed.
Founded in 2006, the $22 billion venture undertook to develop a city run on renewable energy sources like solar power to avoid producing the carbon emissions that cause global warming. Masdar set up a research institute and experiments with technologies like concentrated solar power that uses mirrors to focus the sun’s heat onto cells to convert it to electricity.
Masdar planned to announce a revised master plan “imminently,” Richard Reynolds, the head of supply-chain management at the zero-carbon Masdar City project said at a conference in Dubai June 22. The strategy envisioned for Masdar was “very ambitious,” al-Jaber said earlier this month.
Masdar has also formed ventures to invest in credits for emissions-reduction projects with partners like E.ON AG. Abu Dhabi, the largest sheikhdom in the United Arab Emirates, also hosts the International Renewable Energy Agency, established to promote clean energy technologies globally.
To contact the reporter on this story: Anthony DiPaola in Dubai at adipaola@bloomberg.net.
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