NETANYA, Israel — The government of the gulf emirate Abu Dhabi has pledged a $15 billion of investment in sustainable energy and clean technology development, as part of its aspiration to become a world leader in the field.
Abu Dhabi's program is set to target solar, wind and hydrogen power; alongside carbon-footprint management and reduction. Education, R&D and manufacturing will all be targeted in an emphasis on sustainable development for the country.
So-called 'cleantech' has become the latest hot investment sector and buzzword du jour for an investment community that is becoming tired of underperforming semiconductor and information technology sectors. According to a survey from the National Venture Capital Association (NVCA), venture capital dollars for clean technology are projected to grow in 2008, but semiconductor funding will decline.
On Monday (Feb. 18), a coalition of more than forty U.S. and European institutional investors announced a commitment to invest $10 billion in clean technology over the next two years.
Clean technology is also becoming more important for players in the semiconductor capital equipment arena. In September 2006, Applied Materials Inc. (Santa Clara, Calif.) announced that it intended to provide manufacturing tools, technology and process innovations borrowed from the flat-panel and semiconductor industries that would enable customers to increase colar cell conversion efficiency and yields.
In what is claimed to be the world's largest single government commitment to development of sustainable energy technology, the $15 billion will be channeled into a range of investments, projects and education initiatives through the government's Masdar Initiative, a company established to explore, develop and commercialize future energy sources.
Masdar — which in Arabic means "the source" — intends to leverage the Abu Dhabi government's initial $15 billion investment with joint ventures and other investment partners to create a portfolio many times larger. It will comprise projects in Abu Dhabi, the Middle East and North Africa region, and beyond.
The announcement of Abu Dhabi's plan came from General Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and deputy supreme commander of the United Arab Emirates armed forces. He spoke at the World Future Energy Summit which took place in Abu Dhabi late January. The summit attracted 3,000 delegates and more than 200 companies took space at the related exhibition. The organizers are planning a follow-up event to take place on Jan. 19 to 21, 2009.
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