Word: dhabi
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Dates: during 2000-2009
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Sami Khoreibi can't stop smiling. The baby-faced CEO of Enviromena Power Systems, Khoreibi launched his business a little over a year ago. Now he is looking over a 10-MW solar farm in the desert outside the city of Abu Dhabi, with row after row of solar panels angled to the Middle Eastern sun like bathers lying poolside. The solar farm is the earliest tangible part of Abu Dhabi's Masdar City, a $22 billion project designed to be the world's first zero-carbon-footprint, zero-waste settlement--the embodiment of this oil-rich Arab city...
...stifling global negotiations on climate change, the world has barely 10 months, in the midst of the worst financial crisis since the Great Depression, to prepare for Copenhagen. "There are a lot of challenges now," says Hedegaard, speaking to TIME recently at the World Future Energy Summit in Abu Dhabi. "This is a special challenge, but also a special opportunity." (Listen to Hedegaard talk about the run-up to Copenhagen on this week's Greencast...
Over 16,000 visitors came to the summit, nearly 50% more than the previous year. And at the center of it is Abu Dhabi's own Masdar Initiative - named after the city of Masdar, a newly built green metropolis designed to be a center for clean technology. Even though the petroleum-rich emirate is suffering through plummeting oil prices - now a little over $40 a barrel, down a hundred dollars from a half a year ago - its leaders say they remain committed to expanding Masdar. "The current financial crisis has absolutely no impact on our planned projects," says Sultan Ahmed...
...will low-carbon enterprises be abandoned as capital floods to safer, established industries and the heat goes off global warming, or is it, as Brenninkmeijer still insists, "the business of the century"? The signs from Abu Dhabi say we could see both. For all the excitement generated here by President Barack Obama, who pledged in his inaugural speech to "harness the sun and the winds and the soil," the short-term outlook for renewables is as grim as it is for other capital-intensive industries, if not more so. (See the 50 best inventions...
...despite short-term forecasts that could leave their balance sheets a sea of red, the general mood in Abu Dhabi was as sunny as the weather. That's because in the long term, developers of renewables know they'll win. Climate change aside, the simple fact that energy demand will continue growing rapidly once the downturn has ended means that new supplies will be needed. And no one - including oil giants of the Middle East - believe that fossil fuels alone will meet that gap. "This is absolutely going to scale big," says Frank Mastiaux, the CEO of the E.ON...