Future Proofing Abu Dhabi's Economy: The Masdar Project
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Case Code: CSRS001 Case Length: 22 Pages Period: 2002 - 2013 Pub Date: 2014 Teaching Note: Available |
Price: Rs.500 Organization: Abu Dhabi Future Energy Company (Masdar) Industry: Oil and Energy Countries: Abu Dhabi Themes: Economic Diversification, Knowledge-based Economy, Clean Energy, Carbon Neutrality, Green Cities |
Abstract Case Intro 1 Case Intro 2 Excerpts
Introduction
The population growth in the United Arab Emirates (UAE) between 1975 and 2005, unprecedented economic growth, and low energy costs led to a huge increase in local energy consumption compared to other countries in the world, according to a 2012 report by open access journal, International Proceedings of Chemical, Biological and Environmental Engineering (IPCBEE).
This threatened the UAE's economy that relied hugely on oil exports, even as the debate raged on the limited capacity of natural reservoirs. In addition, the UAE had the largest carbon footprint in the world due to the burning of fossil fuels. The UAE found that sustainability was the solution to these problems - minimizing consumption of fossil fuels, relying on renewable sources of energy, and evolving as a knowledge economy thereby diversifying the local economies.
In addition to economic diversification, the UAE believed that sustainability could also help the country in reducing pollution and environmental risk, and in providing a better quality of environment to its residents. Abu Dhabi, the largest of the seven emirates of the UAE as of mid-2013, controlled 90 percent of the oil and natural gas reserves in the country. Despite being endowed with rich resources, Abu Dhabi was set to diversify its economy in a bid to reduce its dependence on hydrocarbons and emerge as a green and clean economy focusing on renewable energy. Thus, it decided to set up a commercially driven enterprise that aimed to focus on developing renewable energy and sustainable technologies in the industry. This led to the formation of the Masdar (meaning 'source' in Arabic) initiative in 2006...
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