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Tuesday January 19, 2010

Masdar, 1MDB to explore clean tech projects

KUALA LUMPUR: Abu Dhabi’s Mubadala Development Co unit, Masdar, and 1Malaysia Development Bhd (1MDB) have signed an agreement to explore clean technology projects and investments worth up to US$100mil.

These would include the possibility of building Malaysia’s first carbon-neutral city.

Masdar and 1MDB also intend to cooperate and invest in carbon reduction projects under the Kyoto Protocol’s clean development mechanism and clean technology venture capital.

If fully implemented, the agreement would lead to the development of new catalytic projects, with an estimated value of US$100mil, the companies said in a joint statement yesterday.

The agreement with Masdar was signed during Prime Minister Datuk Seri Najib Razak’s visit to Abu Dhabi.

The agreement will enhance Malaysia’s efforts to embrace world-class sustainable practices and clean technology.

It was among several strategic joint agreements signed between Malaysia and the United Arab Emirates.

Masdar chief executive officer Dr Sultan Ahmed Al Jaber said Masdar was committed to building strategic partnerships and creating worldwide networks in the push for new low carbon energy technologies and clean, sustainable ways of living.

“We value this partnership with Malaysia and applaud their move to actively pursue and invest in new green technologies,” he said.

1MDB chief executive officer Shahrol Halmi said clean technology was an increasingly important sector for the future economic development of Malaysia.

He said the partnership with Masdar would help expose Malaysia and 1MDB to world-class capabilities in sustainable development.

Shahrol did not rule out the possibility of 1MDB building Malaysia’s first carbon-neutral city.

“It is our intent to explore and evaluate business opportunities relating to the development of an environmentally friendly carbonneutral city in Malaysia,” he added.

Masdar, set up by the Abu Dhabi government in 2006, is a renewable energy initiative that integrates the full renewable and clean technology life-cycle – from research to commercial deployment – to create commercially scalable, renewable and clean energy solutions.

1MDB is mandated to drive strategic initiatives for long-term sustainable economic development and promote inflow of foreign direct investment into Malaysia.