Looking diversify into a new economic sector, oil exporter Abu Dhabi announced on Monday it will invest $15 billion in alternative energy and clean technology projects.
The government of Abu Dhabi will channel the investment through the Masdar Initiative, a company that will explore develop and commercialize energy sources for the future.
Today, as global demand for energy continues to expand and as climate change becomes a real and growing concern, the time has come to look to the future, said Masdar CEO Dr. Sultan Al Jaber in a statement.
Our ability to adapt and respond to these realities will ensure that Abu Dhabi's global energy leadership as well as our own growth and development continues.
Abu Dhabi said it aims to carry out the projects with additional investors and joint ventures in Abu Dhabi, the Middle East and North Africa and around the world.
The projects will be directed toward investments, manufacturing, education and research and development, carbon management, sustainable development and planning, and renewable infrastructure projects.
A timeline for the investments was not stated.