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International outlook
While development of the city continues just outside the UAE capital, the Masdar organization has also been keen to add investment to overseas companies to assist with the development of sustainable technologies. Such investment not only means that the entity can take a lead in the roll-out of new products, but it also means that the rest of the world can benefit as well.
The major investment vehicle in terms of renewable energy has been the Masdar Clean Tech Fund, a US $250 million venture capital fund that was launched in association with Credit Suisse, Consensus Business Group and Siemens in November 2006. Around US $190 million has already been spent in direct investments in clean tech companies, with the remainder earmarked for leading funds that focus on cutting-edge clean technology.
Experimentalism
From the planning stage, Masdar City offered an opportunity unlike any other. Starting a city from scratch is bold enough, without attaching a host of tough targets, based on emerging technology.
In Abu Dhabi there was the opportunity, which managed to combine with the rare ingredients of political will and funding. But will ‘test-tube city’ as it is often called, really be able to achieve a zero-carbon zero-waste status? And how far will it go to becoming a model for future sustainable developments?
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“Does the world need Masdar City?” Awad asks. “If not, then we may not be aware of what is happening around us; of how cities over the last 50 years have been abusing technology. If we can succeed in achieving our vision, then any city in the world, when it comes to future development, should be asking itself, ‘why do we not build a Masdar City?’”
Whether the final, complete city is carbon-neutral or just more environmentally friendly, it’s a step in the right direction – a step that the UAE has been the first to take and in so doing has attracted the attention of the rest of the world.
The analyst view
Roberta Gamble, director, Energy & Power Systems, Frost & Sullivan, discusses the view of Masdar from abroad.
As someone based in the US, what’s the overseas perspective of Masdar?
Even though we’ve been researching a lot of solar and wind projects globally, from the US, we don’t hear about Masdar as much as I think we should. Masdar is gaining international recognition, but it’s an amazing project that needs to be advertised further.
It has implications for more than just the Middle East. It’s also applicable to Asia, India and the rest of Africa.
What is so different about the Masdar concept?
The great thing about Masdar City is that it’s the full solution – it’s totally sustainable – which is way ahead of other projects in, say, the US or Europe. Those regions have been looking at pieces of the puzzle - whether it’s lowering the carbon footprint, being sustainable, reducing waste, or reducing dependency on fossil fuels – but I don’t think we’re really seeing it all come together in one solution sanctioned by the government. I really do think it’s the future.
How do you think the concept of renewable energy will play out in the Gulf?
What I have heard from the gas, oil and renewable energy industries is that they need all the BTUs and all the megawatts they can get. When a country or company wants to become more green, usually the first step is energy efficiency. Waste is expensive. But right now, less than 1% of the installed capacity of electricity in the MENA region is from renewables.
Even if you have a target of 2% by 2015, that’s still a massive amount of extra capacity you’re going to have to install. So it will happen, but it will also take time.
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Lots of additional information about Personal Rapid Transit and Masdar is available at http://faculty.washington.edu/jbs