Abu Dhabi commits $15 billion to renewable energy, cleantech

The government of the gulf emirate Abu Dhabi has pledged a $15 billion of investment in sustainable energy and clean technology development, as part of its aspiration to become a world leader in the field.

Abu Dhabi's program is set to target solar, wind and hydrogen power; alongside carbon-footprint management and reduction. Education, R&D and manufacturing will all be targeted in an emphasis on sustainable development for the country.

So-called 'cleantech' has become the latest hot investment sector and buzzword du jour for an investment community that is becoming tired of underperforming semiconductor and information technology sectors. According to a survey from the National Venture Capital Association (NVCA), venture capital dollars for clean technology are projected to grow in 2008, but semiconductor funding will decline.

On Monday (Feb. 18), a coalition of more than forty U.S. and European institutional investors announced a commitment to invest $10 billion in clean technology over the next two years.

For more information please visit: www.eetimes.com/news/semi/showArticle.jhtml

By: www.eetimes.com

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