Masdar CEO Admits An End To Oil

mena-magazine-masdarMasdar’s CEO acknowledges oil and gas are finite, yet the energy provider continues to exploit UAE’s natural resources to fund renewable projects with the same quest for fame and fortune that kept us glued to oil [image via GDS Digital]

Given its celebrity status and our skepticism of its real sustainibility, we at Green Prophet endeavor to keep abreast of Masdar City’s progress. We questioned the Masdar carbon credit scheme as another attempt to justify the world’s interminable pursuit of black gold, but recently it seems that oil-fed businessmen such as Masdar’s CEO are beginning to catch up and acknowledge that yes, oil is a finite resource.

So when an energy company propelled by one of the oiliest economies on the planet says that oil will not always be around, what alternative does he offer?

According to the Institute for the Analysis of Global Security, the Middle East holds 66% of the world’s remaining oil, while the United Arab Emirates has the 3rd largest oil reserve.

“But that does not mean oil and gas will be there forever,” Dr. Sultan Al Jaber, Masdar’s CEO told media in Toledo following a recent speech to an American university in Ohio. In response to this revelation, the UAE is developing one of the grandest, most ambitious renewable projects in the world.

“We will make it [alternative energy] commercially viable and offer it to the world,” said Al Jaber.

He also assured his audience that the $22 billion carbon neutral Masdar City project – designed to be the first of its kind – is on task to provide 7% of the United Arab Emirates’ power with renewable energy sources by 2020.

However, Al Jaber admits that they are slightly behind schedule, albeit within its planned budget, because “All the experts, the architects and contractors, none of them knew how to make [Masdar City]. It’s never been done in the history of the world.”

Though Masdar recognizes the impermanence of oil resources, we can’t help but notice the irony that those same resources are financing a $22 billion “sustainability” project that will only benefit 45,000 people.

:: Arabian Business

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5 thoughts on “Masdar CEO Admits An End To Oil”

  1. Simon Laumet says:

    “we can’t help but notice the irony that those same resources are financing a $22 billion “sustainability” project that will only benefit 45,000 people” I have a problem with this & the above replies. For a “green” website it is extremely closed minded of you to put it that way. You must understand that Masdar City is not a solution to the problem, but a technological test bed in which and from which larger scale solutions will emerge. Building the city is a proof of concept, which if works will empower other governments to do the same. The U.A.E is in the unique position of being able to do this kind of large scale R&D because of its oil, non oil based economies do very little towards the advancement of greed R&D because their future economical survival does not depend on it.

    You cannot expect the UAE to solve the worlds 2 greatest problems with 1 project, solutions take time to be perfected and evolve. If anything you should be ranting about why the UAE is the only country to have made this kind of commitment; if governments truly cared about sustainability they would all be building their own versions of Masdar so that we may learn from each other.

  2. Don says:

    Greentech writes a good obituary of this boneheaded project here:

    We always knew it was nonsense.

    1. Thanks for the link, Don, to an excellent write-up. It will be interesting to see how far Masdar will push before completely giving up.

  3. Yeah I’ve read that senior execs are leaving and that joint US degree programs are bailing for lack of interest. I think that Arab oil countries can produce bonifide green initiatives, but Masdar as far as I see it is just a rich showcase to impress people, not to provide solutions that work for real communities.

  4. Sustainability for Grown Ups says:

    Just a “little bit behind schedule”? In the words of Toledo, that’s just hogwash. Masdar was a hoax from the beginning, an elegant piece of greenwash from an Arab oil country.

    So many in the green community fell for it. Pathetic. And they’re passing out honorary degrees for this? Puuhleeez. Says what a UT degree is worth.

    Masdar is so yesterday, get with the program. All the senior execs have left, except for this local guy. Why someone with a hook from behind the curtain doesn’t reel him in, I don’t know.

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