Gulf Arab oil exporter Abu Dhabi plans to spend $15bn in the first phase of an initiative to develop green energy and build the world’s largest hydrogen power plant, it has been revealed as the region looks to develop a sustainable energy future.
The investment would form part of the Masdar initiative, set up to develop sustainable and clean energy, Abu Dhabi’s Crown Prince Sheikh Mohammed bin Zayed Al Nahyan told the World Future Energy Summit in the emirate.
While no time frame has been declared, the money will be ploughed into infrastructure, renewable energy projects such as solar power, and manufacturing, to position Abu Dhabi as a leader in the global clean energy market, according to Sultan Al Jaber, CEO of Abu Dhabi Future Energy Company, or Masdar.
“Achieving a zero carbon city is do-able,” Jaber said.
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