Masdar convenes European Future Energy Forum as platform for global collaboration

Masdar's CEO Dr. Sultan Ahmed Al Jaber delivered the keynote speech in which he underlined Abu Dhabi and Masdar's commitment to open, global cooperation in the field of renewable energy.

"In the last two years, the World Future Energy Summit has driven collaboration and dialogue around renewable energy policy, investment and innovation,"

said Dr. Al Jaber, CEO of Masdar.

"Based on our experience and success, we have brought this platform to Bilbao, where the renewable energy industry has experienced tremendous growth in recent years, as the first of many opportunities to share knowledge, advance solutions and explore partnerships."

The forum, which was founded by Masdar, a wholly owned subsidiary of the Mubadala Development Company (Mubadala), has brought together 5,000 European policymakers, technology providers, and investors in the renewable energy and sustainable technology sectors to address such issues as: energy policy, investment and funding, green buildings, clean transport, solar, wind, biofuels, and Europe's 20-20-20 energy targets.

"The United Arab Emirates and Abu Dhabi in particular, through the Masdar initiative, is taking an active role in the development of the renewable energy sector. The leadership of the Emirate of Abu Dhabi recognises that our success depends upon collaboration between both developed and developing nations and the public and private sector," said Al Jaber.

"We believe that governments must establish policies and regulatory frameworks, and the private sector must execute and implement."

Further, both Spain and the UAE along with 83 other countries are founding members of the International Renewable Energy Agency (IRENA). Together, the signatory nations will actively promote the widespread adoption of renewable energy technologies around the world. As part of its efforts to achieve IRENA's mandate, the UAE has bid to host the headquarters of the International Renewable Energy Agency in Masdar City, the world's first carbon-neutral city currently under construction in Abu Dhabi.

"We must drive solutions to solve the world's energy and climate issues," said Al Jaber. "These solutions will be cutting edge as well as accessible, low-tech, low-cost and low-maintenance, so that everyone may benefit from them."

Abu Dhabi is transforming from a country that imports knowledge to one that exports it, and from a hydrocarbon producer to fully capitalizing on its energy expertise and proactively contributing to the global renewable energy agenda.

This paradigm shift has already been demonstrated by Abu Dhabi's commitment that by 2020, renewable energy sources will account for at least 7% of its total power generation capacity.

This is the level of commitment being championed by Abu Dhabi's wise and forward thinking leadership and is exemplified by several investments Masdar has made in Europe over the past year:
- Masdar established a joint venture in Spain, Torresol Energy, to build three solar power plants with a combined value of Eur800m.
- Masdar has made strategic investments in the London Array project, the world's largest off shore wind farm and in WinWinD, a leading Finnish wind turbine manufacturer
- Masdar has also developed a thin-film photovoltaic manufacturing facility in Erfurt, Germany, through its wholly owned subsidiary, Masdar PV.

Masdar will host the third annual World Future Energy Summit from 18-21 January 2010 in Abu Dhabi. WFES is the parent-event of the European Future Energy Forum and will attract more than 15,000 delegates from around the world to address the world's most pressing global energy challenges.