UAE’s Masdar Initiative wins green prize

February 28th, 2008 - 11:34 pm ICT by admin  

Abu Dhabi, Feb 28 (IANS) United Arab Emirates (UAE) based Masdar Initiative, dedicated to developing future energy solutions, has been named the “Cleantech Leader of the Year” by the Cleantech Forum. The prestigious recognition was given to Masdar Wednesday during a ceremony in San Francisco for its contribution to the development of clean technology, WAM news agency reported Thursday.

The Cleantech Group, a network of investors and companies, is dedicated to developing green technologies and helping in their commercialisation globally.

“Masdar is developing and investing in innovative solutions for the world’s increasing demand for future energy,” Sultan Ahmed Al Jaber, CEO of Masdar said while receiving the award.

“We are honoured by this gesture of trust and confidence, as success in the development of technologies in renewable and sustainable energies - a mission of the Masdar Initiative - will only come from true cooperation and collaboration with our peers in the industry.”

Abu Dhabi launched the Masdar Initiative in September 2006. It has created a $250 million Masdar Clean Tech Fund (CTF) in partnership with Credit Suisse, Siemens and Consensus Business Group of Britain. The fund is a diversified venture capital investment vehicle that will build a portfolio of clean technology companies.

Earlier this month, the construction work has begun for a Masdar City - a zero-carbon, zero-waste, green city.

The city plans to utilise sustainable technologies such as photovoltaic cells and concentrated solar power through an integrated planning and design approach and save more than $2 billion in oil over the next 25 years and create more than 70,000 jobs.

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