The Masdar Initiative which is creating a $15 billion greener city in the UAE, has announced that it will guarantee prices for low carbon energy to ensure that its announced projects in hydrogen and solar power will succeed.
The UAE has committed to incresing its reliance on renewable energy and investment in renewable technology as a response to the anticipated fall in its oil reserves. The Masdar Initiative is one of several initiatives by the Government which includes a strategy through its sovereign funds to invest in renewable energy technology.
The UAE has committed to incresing its reliance on renewable energy and investment in renewable technology as a response to the anticipated fall in its oil reserves.
The Masdar Initiative is focused around the creation of a new city that will be "zero carbon" and which is intended to be a hub for new clean technology businesses.
Two projects have been announced, one of the world's largest solar power plants and a hydrogen plant. The hydrogen plant will split natural gas into hydrogen and CO2. The CO2 will be trapped and injected into oil fields to extract more oil while the clean energy hydrogen will be used for power and produce electricity. The partners in the project are BP and Rio Tinto.
