Opinion | Columnists
Green is the new black
Renewable energy is not just hype; it is an imperative that also has the potential to make companies lots of money
- By Stuart Reigeluth, Special to Gulf News
- Published: 00:00 January 26, 2010
The UAE is leading the world in renewable energy efforts, but it's hard not to wonder whether it is just more hype or really due to concern about climbing world temperatures. But at the end of the day maybe it does not matter because no other country around the world is promoting such positive ideas, productive initiatives and "green" deals as came out of the Abu Dhabi National Exhibitions Centre last week.
Indeed, the fact that the third World Future Energy Summit (WFES) took place at all is in itself a success particularly after the disappointing and anti-climactic outcome of the UN climate change conference in Copenhagen, Denmark, last month. WFES confirms that there are individuals and companies investing in positive change.
All the official data about the number of participants, exhibitors, professionals, CEOs and diplomats reinforces that no other country is spending as quickly and inviting so many specialists and companies to present new ideas to find new sources of energy.
Those attending the awards ceremony of the Zayed Future Energy Prize were dazzled by the grandeur and the resounding support for future energy.
And this is where the Abu Dhabi Future Energy Company (Masdar) is most original. Driven by its CEO, Dr Sultan Ahmad Al Jaber, Masdar comprises a tight consortium of inter-related entities. Beautifully and appropriately designed, Masdar's logo is a blue, curved, eight-pointed star or flower that seems to be moving like a wheel propelled by wind or water.
With the motto "future energy", Masdar has helped initiate the Young Future Energy Leaders to promote new ideas from upcoming professionals; the Zayed Future Energy Prize (ZFEP) geared towards innovative results in the field of renewable energy; and the Masdar Institute of Science and Technology (MI), which began graduate-level classes last semester and will be housed in Masdar City next autumn. According to Dr Marwan Kharisheh, Dean of MI, Masdar City will be a "living lab" for the students.
Shining light
Masdar City could be considered the experimental nerve-centre of future energy. As the first zero-waste, zero-carbon city in the world, it will be powered entirely by renewable energy. Masdar City will also host the headquarters of the International Renewable Energy Agency (Irena), which gained more members just before the World Future Energy Summit. Irena's members now total 142 countries, and there have also been strong motions of support from Saudi Arabia, China, Brazil and Mexico.
At a time when world leaders and the UN bureaucratic machine were incapable of reaching an agreement to limit carbon emissions and to slow climate change, this consortium is a call for international companies to act as was displayed on the screen at the end of the ZFEP. Somewhat surprisingly, the international jury chaired by Nobel laureate Dr Rajendra K. Pachauri gave Toyota first prize this year. Toyota is also said to be a potential provider of electric police cars for Abu Dhabi. This was a gesture to help spur multinationals to compete in becoming cleaner and greener.
Future energy means money. Nothing else will make multinationals move more quickly than economic incentives. WFES was about "turning energy challenges into business opportunities" and brought together companies from Asia, Africa, America, Europe and Arabia to try to make their pitch along with support from international diplomats. This confluence of global leaders and international businesses has the ability to make very big changes, larger than some smaller nations are capable of carrying out.
It's business. Torresol Energy, for example, is a new joint venture between Masdar and Spain's Grupo Sener to explore opportunities in Spain. Masdar also became a share-holder of Enviromena to expand projects around the Mediterranean and Masdar Institute is now involved in the Sustainable Bioenergy Research Project with Boeing, Etihad Airways and Honeywell UOP to find more environmentally friendly biofuels for airplanes.
They are not the only ones: Qatar Airways and Airbus, along with the Qatar Science and Technology Park and Petroleum Company have embarked on the Qatar Airways Biofuel Project, which has the same aim. ExxonMobil and Synthetic Genomics are also in the race. This is also arguably the first time ever that good intentions to help reduce carbon emissions have converged with very profitable big business. This is business and can be very profitable. But it can also help reduce carbon emissions.
The "future energy" push is not just about hype. This is about finding ways to survive. No one should be more aware of that necessity than those sitting on vast amounts of natural resources, because no matter how lucrative they may be now, these resources are irrevocably finite.
Stuart Reigeluth is a Middle East specialist and editor of the online magazine Revolve.
More from Columnists
More from Opinions
Opinion Editor's choice
-
Racism shapes Israel's view of Iran
By Adel Safty, Special to Gulf News
If Tehran develops the bomb, it would deter Tel Aviv from attacking it, thus changing balance of power in the region
-
Egypt's revolution will succeed
By Mohamed ElBaradei
I hope to help groom the youth that triggered the uprising so they can take over the leadership of the country in the next election
-
It's time for Al Assad to step aside
By William Hague, Britain's Foreign Secretary
Those ordering the siege of Homs, shelling of Idlib and the torture of Syrian children need to be put on notice that they will be held to account
Your turn
