Green technology driver for growth

The ongoing challenges in the world economy shall not be an excuse for scaling down investments in green technology, said Dr. Sultan Jaber on Wednesday, the Chief Executive Officer of Abu Dhabi's zero-carbon city Masdar, at the ongoing World Energy Forum 2012 in Dubai. Masdar (Arabic for source) is a 6.4 km-city-project near the United Arab Emirates' capital Abu Dhabi, which is allegedly constructed without producing any disposable waste or carbon emission. "We heard in recent years that the implementation of a green economy is wrongly timed. Investing in energy efficiency and environmental protection creates jobs and increases know-how as well as stimulates innovation," said Dr. Jaber. On Wednesday, Masdar announced it will develop a 15 Megawatt solar plant in Mauritania. Masdar, financed by Abu Dhabi sovereign wealth fund Mubadala, hosts the International Renewable Energy Agency (IRENA), along with hundreds of branches of global energy firms and green- and clean-tech firms. Nevertheless, Masar had to downsize its original planned size of 50,000 residents to 40,000 due to the financial crisis. The project will completed in year 2016 instead of 2020 as scheduled.