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ABU DHABI (Reuters) - Gulf Arab oil exporter Abu Dhabi plans to spend $15 billion in the first phase of an initiative to develop green energy and build the world¡¯s largest hydrogen power plant, it said on Monday.
The investment would be part of the Masdar initiative, set up to develop sustainable and clean energy, Abu Dhabi¡¯s Crown Prince Sheikh Mohammed bin Zayed al-Nahayan told the World Future Energy Summit in the emirate. He gave no time frame.
Abu Dhabi, capital of the seven-member United Arab Emirates federation, will build the world¡¯s largest hydrogen power plant with 500 megawatts of capacity, said Sultan al-Jaber, chief executive of Masdar, the Abu Dhabi Future Energy Company.
A Masdar official said British Petroleum and Rio Tinto would have a role in the power plant, but did not give details of their involvement.
Masdar has said it plans to develop a nationwide network of carbon capture and storage projects (CCS) to pump greenhouse gases into oilfields, reducing emissions while boosting oil output.
CCS, an as yet commercially unproven technology, should free up natural gas that is now reinjected to push oil out of oilfields. The UAE needs the gas for power generation to meet rising demand as petrodollars fuel an economic boom.
The alternative energy projects also aim to place the UAE at the forefront of the future energy industry after oil.
According to a U.N. Development Programme report issued last year, UAE greenhouse gas emissions were 34.1 metric tons per head in 2004, the third highest in the world after Qatar and Kuwait and well above U.S. per capita emissions of 20.6 metric tons.
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