Thursday, February 14, 2008

Masdar City - the 'no-carbon' urban district

Masdar, the State-controlled Abu Dhabi Future Energy, has announced it would cost $22billion to develop a "no-carbon" urban district, which it plans in the UAE.

Masdar City
The Masdar City, located on the edge of Abu Dhabi, will house 50,000 people and 1500 businesses on completion, although no cars will be allowed.

The Masdar CEO, Sultan Al-Jaber, when speaking on the occasion of ground-breaking ceremony, told to the press, that Abu Dhabi, being the world's fifth largest oil exporter, will invest $4billion of equity in the project, and borrow some of the rest.

He added, that the company plans to monetize all carbon emission reductions, and such an innovative financing has never been applied on the scale of entire city. The license to emit the carbon, which Masdar City will not produce, will be sold, and the money will be utilized to fund the development.

Masdar City will be built in seven phases, including educational and research institutes, laboratories and production facilities for new advanced energy products. Masdar City will require a quarter of the typical power-generating capacity, needed for a small-size community. The water needs of the city will be 60% lesser, said the company.

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