Abu Dhabi to invest $15 billion in renewables

That's just for starters. The Masdar World Future Energy Summit in Abu Dhabi attracted 11,500 people from 230 companies last week. Bidding to become the "world leader in renewables," the Crown Prince of Abu Dhabi pledged $15 billion to the Masdar Initiative, whose goal is to develop alternative energies with lower environmental impacts. This same week, ironically, President Bush abetted the Prince's effort as he imperiled the future of the US renewables industry with a threatened veto of federal subsidies for the fledgling renewables industry--if Democrats financed renewables by rescinding $17.6 billion in oil companies tax breaks.

Back at Masdar, Prince Charles appeared in a hologram. US Energy Secretary Bodman showed up in person to plead for more OPEC oil production. The consensus reportedly was an acknowledgement of a massive restructuring of the fossil fuel industry and economy, supplemented by a diverse portfolio of alternative energies . Drivers included climate change, rapidly rising demand, and peak oil.

Source: www.worldbusiness.org