Desert Oasis: Oil Sheiks Plan ‘Green’ City, Look to Alternative
The United Arab Emirates won’t run out of oil for about a century, but it’s already committing billions to help wean the world off the very product that made it rich. The UAE, which pumps millions of barrels of oil every day, wants to become an alternative energy hub. It has made an initial investment of $15 billion for its Masdar Initiative, which it hopes will establish it as a leader in the field of green energy.
“We have a long history of being suppliers of sources of energy,” said Masdar CEO Dr. Sultan Al Jaber. “We want to maintain that and always be enablers and a catalyst for providing the world with clean solutions of power.”
With those billions at hand, the Masdar Initiative has the resources to pour into ambitious projects. The biggest: Masdar City, an eco-oasis in the desert that will be entirely carbon neutral, creating no emissions and no waste.