1

Printed on 100 % recycled paper made with post consumer fibre.

2015 – Issue 03

Insi

de t

his

issu

e: Renewable Energy Innovation and Growthin Masdar City 5Reaching Out to Global Audience 6COP21 Asks for Pledges Not Promises 7Natural Legacy 9Green Financing 10Did You Know? 11

UAE,France and Peru co-host talks at UN on translating COP21 climate agreement into clean energy investment

The United Nations Framework Convention on Climate Change (COP21) is expected to result in a binding new global climate agreement. In preparation for this critical event, the UAE co- hosted a ministerial-level discussion on the side-lines of the UN General Assembly on how to best translate the climate agreement into real clean energy investment.

The New York-meeting, attended by government and business leaders, was co-hosted by H.E. Laurent Fabius, France’s Minister of Foreign Affairs and incoming President of COP21; H.E. Manuel Pulgar Vidal, Peru’s Minister of Environment and outgoing President of COP 20 and H.E. Dr Sultan Ahmed Al Jaber, United Arab

Emirates Minister of State and Special Envoy for Energy and Climate Change and Chairman of Masdar.

Among those attending the event, titled ‘UAE- France-Peru High Level Roundtable: Lima to Paris Action Agenda, Clean Energy Investment and COP21’, were government ministers from the United States, India, the United Kingdom, China, France, Norway, Peru and Switzerland. Senior representatives from government and non-government organisations also attended including from the United Nations, the Organisation for Economic Co-operation and Development (OECD), the World Bank, IRENA, Sustainable Energy for All, United Nations

Framework Convention on Climate Change (UNFCC), World Resources Institute, Goldman Sachs, Schneider Electric, Électricité de France (EDF), McKinsey & Co. and Masdar.

The meeting, the first of three, aimed to bring together leading political and business figures to ensure that the key stakeholders of COP21 have a strong understanding of the framework needed to drive investment towards climate change mitigation. The other meetings will take place in Paris at the COP21 conference, and in Abu Dhabi at the January 2016 Abu Dhabi Sustainability Week (ADSW). ADSW represents a gathering of the world’s top private sector investors, researchers, policymakers and civil society, which helps generate the concrete projects and technologies that put the global fight against climate change into effect.

Dr Al Jaber said: “The UAE reiterates its firm support for an ambitious agreement in Paris, and our belief that success will need to involve a combination of global partnership and domestic policy.

“This is where the UAE excels. Our country has a successful track record in partnering with governments and the private sector to focus efforts on limiting emissions, while driving sustainable economic growth. The UAE is a firm believer that rising to the climate challenge represents a major growth opportunity, leading to more jobs, more innovation, and more prosperity.”

The leaders’ breakfast came in the wake of the adoption by the United Nations of a vision for global sustainable development after 2015, dubbed the 2030 Agenda for Sustainable Development. This included the setting of 17 Global Goals or Sustainable Development Goals, which replace the Millennium Development Goals that shaped development strategies from 2000-2015. Addressing climate change is a critical part of meeting many of these goals, and is an overarching global priority.

The leaders’ breakfast represented a moment for policymakers and business leaders to jointly reflect on how to advance the new goal of “ensuring access to affordable, reliable, sustainable and modern energy for all” by 2030. The breakfast sparked an engaging discussion on some of the most pressing outstanding questions related to climate change, including “How can countries best deploy development aid in the clean energy space?” and “What would a successful global climate agreement look like for clean energy investors?”

With development and climate inextricably linked, driving cleaner investment is poised to be the central focus of policymakers and business leaders. By bringing together key government and private sector leaders in New York, Paris and Abu Dhabi, the leaders’ breakfast helped shape the partnerships and drive the investments required to achieve the next decade and a half of development as defined by the newly adopted ambitions, yet practical, climate agreement.

A team from the Masdar Institute has developed a unique water- saving device for mosques that will reduce consumption during the pre-prayer ablution ritual, known as ‘wudu’, by up to 95 percent.Dr Ahmed Al Jaberi, Assistant Professor of Mechanical and Materials Engineering, and PhD student Mohamed Al Musharrekh piloted the device at several local mosques during the holy month of Ramadan.

“Following the initial testing phase, the device will be installed in Masdar City prayer areas this autumn, which is an ideal time to test it as all the students will be back and it will get maximum use,” says Dr Al Jaberi.

“We are certain that the device will result in tremendous water savings and we hope that it will encourage users to adopt a more environmentally conscientious mindset about water wastage in general,” he adds.

The sustainable device can help reduce waterwastage by informing users of how much they have consumed while performing their ablutions. The device has an easy-to-read display that shows water usage and can be conveniently attached to existing water taps.

Once the 1.2-litre device is filled with water, the user tips it down to begin washing. Once the total amount is used, the device automatically returns to the upright position, thereby limiting usage.

The device also has a handy guideline marker at 600 millilitres, which was the amount used by the Prophet Muhammad.

UAE officials have initiated a number of projects in recent years designed to address water consumption in mosques. In 2012, a team of Abu Dhabi-based university students won a US$5,000 award to implement their ‘green wudu’ idea, which collects used ablution water for re-use as landscape irrigation.

In 2014, the Dubai Electricity and Water Authority (DEWA) retrofitted several mosques in Dubai with high-tech water reduction equipment, and the emirate is also home to the world’s first ‘green mosque’, the Khalifa Al Tajer Mosque.

MASDAR INSTITUTE DEBUTS INNOVATIVE WATER-SAVING DEVICE

Group Photo: H.E. Laurent Fabius, Foreign Minister of France; H.E. Dr. Sultan Al Jaber, UAE Minister of State and Special Envoy for Energy and Climate Change; and H.E. Todd Stern, United States Special Envoy for Climate Change; H.E. Xie Zhenhua, Vice Chairman of the National Development and Reform Commission of China; H.E. Amber Rudd, United Kingdom Secretary of State for Energy and Climate Change; Prakash Javadekar, Environment Minister of India; along with high-level representatives from the public and private sector.

BRAZIL AND US UNITE OVER RENEWABLES

INTERNATIONAL CLEANTECH NEWS MASDAR NEWS

2 3

A tidal lagoon project to be built in Wales has

been given the green light by the UK government

following months of environmental debate. The

lead developer, Tidal Lagoon Power (TLP), is now

preparing to negotiate the amount of subsidies

to be paid for this initial project, with plans for

a further five lagoons contingent on a price

guarantee.

The project, which has received backing from the

Department of Energy & Climate Change (DECC),

will be located on the eastern side of Swansea Bay.

Commenting on the decision, Lord Bourne, UK

Energy Minister and Wales Office Minister, said:

“We need more clean and home-grown sources of

energy, which will help to reduce our reliance on

foreign fossil fuels. Low carbon energy projects

like this could bring investment, support local

jobs and help contribute to the Welsh economy.”

The tidal lagoon, which could be operational by

late 2018, would use the flow and ebb of the tide to

generate energy, which would then be converted

into electricity but faces a number of challenges

in being realised including a doubling of estimated

costs to £1 billion and ongoing environmental

concerns.

India’s government is looking to foreign investors

to help the country achieve its ambitious goal

of installing 100 gigawatts of solar power by

2022. The government is aiming to generate 40

gigawatts through rooftop solar initiatives, an

area that has “strong fundamentals” according to

Jasmeet Khurana, Head of Market Intelligence,

Bridge to India, who spoke at a recent webinar

organised in the lead-up to this year’s Solarplaza

Solar Project Development & Finance Tour.

Projects of 10+ megawatts are also being actively

promoted through varying measures such as

plans to amend India’s electricity act to include

an increased renewable purchase obligation of

10.5%, along with the introduction of a renewable

generation obligation and penalties for non-

compliance.

The development of plug ‘n play solar parks is

another state-level initiative. Khurana said that

commercial consumers in almost half the states

in India are at socket parity already, which means

rooftop solar makes sense without subsidies.

India’s current solar pipeline is already 10,000

megawatts, with experts predicting that this will

rise to 15 gigawatts by the end of 2015.

A new climate partnership between the US and

Brazil will hopefully see the restoration of 12

million hectares of deforested land and increased

renewable energy use by 2030. Barack Obama

and Brazilian President, Dilma Rousseff, have

agreed to obtain up to 20% of their respective

electricity from renewable power by that date with

the new climate partnership loosely modelled on

the historic US-China agreement reached during

Obama’s visit to Beijing in November 2014.

“As countries that are as vast as continents,

we have this very important greenhouse gas

emissions target. We also wish to turn the page

and engage in a clear-cut reforestation-oriented

policy,” said President Rousseff.

The pledge will require the US to triple its

production of wind and solar power and other

renewable energies with Brazil doubling its

production of clean energy.

Brazil also plans to expand renewable energy

sources other than hydropower to between 28%

and 33% of its total energy mix by 2030 with

both nations jointly announcing their intentions

to increase their share of renewable, non-

hydropower sources to 20%.

Small-scale hydropower projects will help

Nepal to get its infrastructure needs back on

track following the April 2015 earthquake that

devastated large parts of the country. According

to local sources, Power Purchase Agreements

(PPAs), totalling the equivalent of as much as

2,000-megawatts of additional power, have been

signed to date.

These agreements are important because Nepal’s

power infrastructure has historically been subject

to significant load shedding. Extended blackouts

are also part of daily life, and this has been further

affected with existing hydropower facilities

damaged or destroyed.

The Nepal Electricity Authority (NEA) says that the

country currently has peak power demand against

a generating capacity of just 791 megawatts.

Planned projects included the US$84.6 million

Kabeli-A Hydroelectric Project financed by the

World Bank Group, alongside a number of micro

projects with the Alternative Energy Promotion

Centre (AEPC) facilitating the construction of

more than 1,000 plants in 52 districts under the

National Rural and Renewable Energy Programme

(NRREP). This is funded by a consortium to the

tune of US$184 million over five years, and will

deliver almost 7,000 kilowatts of capacity.

The US Trade and Development Agency (USTDA)

has announced a new partnership with Nigeria’s

Quaint Global Energy Solutions with a grant for

a solar power project in the north of the country.

According to an official USTDA statement, the

project is a “great example” of how the US

and Nigeria are working together to increase

electricity access under President Obama’s

Power Africa initiative.

A Nigerian company specifically created to

develop renewable energy projects, Quaint Global

Energy Solutions will work with US energy project

developer, Tetra Tech ES Inc. on a feasibility study

to determine the best technical configurations for

the project.

The study will include the development of initial

costing for the project’s engineering, procurement

and construction. Once realised, it will deliver

50 megawatts of clean affordable energy to

residents of Kaduna State. Tetra Tech will also

provide training for the Quaint team to support

the company’s capacity to develop and operate

the project.

The UK government has unveiled plans to cut

subsidies for solar power projects in an attempt

to drive down annual household electricity bills.

Renewables experts have warned that the move

could mean a giant step backwards for the UK,

affecting jobs and also negating the credibility of

the Prime Minister, David Cameron, in addressing

climate change.

Government ministers have targeted five-

megawatt or smaller solar installations – enough

to power 2,500 homes each – ahead of the early

closure of the renewable obligation (RO) subsidy

in April 2016. The government has also announced

the review of the feed-in tariff subsidy and the

removal of the guaranteed level of subsidy for

coal or other fossil fuel power plants that switch

to greener fuels, such as biomass.

Commenting on the announcement, Amber

Rudd, UK Energy and Climate Change Secretary,

said: “Our support has driven down the cost

of renewable energy significantly. As costs

continue to fall it becomes easier for parts of the

renewables industry to survive without subsidies.

We’re taking action to protect consumers, whilst

protecting existing investment.”

A technical fault has temporarily grounded the

Solar Impulse 2 aircraft in Hawaii, with the one-of-

a-kind plane now scheduled to resume its record-

breaking circumnavigation of the globe in April

2016. Overheated storage batteries have been

named as the cause with the damage occurring

during its latest leg, a five-day, five-night journey

from Nagoya, Japan, to Hawaii, during which the

batteries sustained irreversible damage.

The aircraft is currently awaiting repair at a

University of Hawaii hangar at Oahu’s Kalaeloa

Airport while the engineering team researches

options for improved cooling and heating. “The

damage to the batteries is not a technical failure

or a weakness in the technology. Setbacks are

part of the challenges of a project which is

pushing technological boundaries to the limits,”

said a team statement. The plane has already

completed almost half of its planned journey,

covering eight of the 13 legs that started in Abu

Dhabi in March 2015.

The US solar community had a sneak peek at

Masdar’s new Solar Hub recently with the Abu

Dhabi headquartered company choosing to unveil

its latest initiative at the high-profile Intersolar

North America Conference in California.

Created by Masdar and the Masdar Institute of

Science and Technology (MIST), the new facility

supports the UAE’s goal of becoming one of the

most innovative nations in the globe within seven

years. The first independent high-quality solar

testing and R&D facility in the region, it will act as

a platform for research, new product development

and collaboration with local and international

companies.

Commenting on the launch, Dr Ahmad Belhoul,

CEO, Masdar, said:

“Renewables comprise one of the UAE’s key

national innovation strategy sectors, and it is

our mandate to support Abu Dhabi’s growth as

a global innovation focal point. This initiative will

prove invaluable to the solar industry’s entire

value chain while enhancing Masdar City’s

reputation as a leading clean technology cluster

and innovation ecosystem.”

Masdar showcased the Solar Hub’s offerings at

the three-day conference, and shared details of

how it will help industry researchers to enhance

their testing in order to create the most efficient

solar technologies so that they can operate

at maximum capacity under extraordinary

environmental conditions.

Speaking at the event, Dr Alexander Ritschel,

Senior Manager, also talked about other

complementary Masdar programmes that have

elevated the company’s reputation as a renewable

energy innovation leader. Outlining the close

links between energy and water, Dr Ritschel also

brought attention to additional Masdar initiatives,

including the renewable energy-powered

seawater desalination technology demonstration

projects in Ghantoot, located in the northern part

of the Emirate of Abu Dhabi.

Masdar’s largest overseas investment, the London

Array, has reached a new milestone, celebrating

two years of operational success. Since its launch,

the 630-megawatt project has produced more

than five-terawatt hours of affordable renewable

electricity, while mitigating more than two million

tonnes of CO2 emissions. Currently the world’s

largest offshore wind farm, it continues to deliver

clean and reliable energy to more than 500,000

throughout the UK.

“As the largest operating offshore wind farm, the

London Array has helped lead the way for the

global renewable energy sector,” said Dr Ahmad

Belhoul, CEO, Masdar.

The vast project, which covers an expanse of

100-square kilometres, is equal in size to 10,000

football pitches. The project was a mammoth

undertaking in the construction phase, requiring

the logistical support of 60 sea vessels and 1,000

people to build the 175 wind turbines that, today,

power nearly one in 50 British homes. Each wind

turbine has a circumference that is equivalent to

1.5 times the size of London’s Wembley Stadium

football pitch and is designed to run on a 24/7

basis for more than 20 years.

“The London Array’s performance over the past

two years is a powerful example of renewable

energy’s emergence as a cost-effective means

to deliver clean power to millions of citizens – no

longer are renewables an expensive alternative

power for the few,” noted Dr Belhoul.

A joint venture between E.ON (30%), DONG

Energy (25%), La Caisse de dépôt et placement

du Québec (25%) and Masdar (20%), the London

Array is located in the outer Thames Estuary, just

20 kilometres off the southeast coast of Kent.

UK TIDAL LAGOON GETS GO-AHEAD

NIGERIA TO GET MORE SOLAR POWER

INDIA TARGETS FOREIGN INVESTORS FOR SOLAR HYDROPOWER

HELPING NEPAL RECOVERY

UK SLASHES SOLAR SUBSIDIES

MASDAR SOLAR HUB LAUNCHED

LONDON ARRAY MARKS TWO-YEAR ANNIVERSARY

NEW MI FACILITY BOOSTS R&D CAPABILITIES

Masdar Institute of Science and Technology (MI) has unveiled a new Analytical Chemistry and Biochemistry (ACBC) Laboratory as part of its continuing contribution to the UAE’s locally initiated research infrastructure and capacity. Commenting on the new facility, Mike Tiner, Director of Labs at Masdar Institute, said, “The new ACBC Laboratory and all of the core labs at Masdar Institute are advanced research and training facilities. Our main focus is to increase advanced research and increase the number of researchers in the UAE with the skills to operate and understand the results provided by the equipment.”

The newly launched facility allows Masdar Institute’s researchers to conduct rapid process modification and development, thereby enhancing and accelerating important water, environment, food, energy, and industry-focused research. The lab also provides training on its instruments for faculty, researchers and students, with around 50 people already trained.

“The biochemistry section of the lab will be used for the in-house characterisation of the biodiversity under study at Masdar Institute,” explained Dr Hector Hernandez, Assistant Professor of Chemical and Environmental Engineering. Additional advanced lab facilities are scheduled to come online at Masdar Institute in the coming months, as Tiner explained: “We will also be investing significantly in a water- technology lab and an electrochemistry lab with capabilities to advance research in energy storage and water, two areas of importance to Abu Dhabi and the UAE.”

Dr Ahmad Abdullah Belhoul, Chief Executive Officer, Masdar

CEO’s MessageThis autumn will see Masdar continuing an around-the-world journey at the centre of a global dialogue on the future of sustainability and renewable energy.

Our journey began in July in Paris, where Dr Sultan Ahmed Al Jaber, Masdar’s Chairman and the United Arab Emirates’ Minister of State and Special Envoy for Energy and Climate Change, represented the UAE at a ministerial meeting on climate change.

In September, Dr Sultan travelled to New York for the United Nations General Assembly. The UAE delegation joined member states in discussing the much- anticipated Sustainable Development Goals (SDGs), including the critical target of “ensuring access to affordable, reliable, sustainable, and modern energy for all” by 2030. Masdar will serve as a key proof point for how public-private partnerships can advance these ambitious goals.

While in New York, Dr Sultan also officially launched the UAE-established Women in Sustainability, Environment and Renewable Energy (WiSER), which aims to empower women as drivers of the innovation that can help mitigate climate change. WiSER hosted a series of panel and keynote discussions with the overall theme of “Women Innovating for a Sustainable Tomorrow,” and also announced the high-level Advisory Council to guide its activities.

Just weeks after the SDG targets were debated, Abu Dhabi hosted 2,000 delegates at the EcoCity World Summit (ECWS) from October 11-13. This year’s summit – the first to be held in the Middle East - focused on new solutions to improve the design of cities under the banner theme “Taking the Vision Forward”. Masdar City, as the embodiment of sustainable design principles and a partner of the event, hosted the event’s welcome reception.

The year will culminate in one of the most important events with which Masdar has ever been associated. The Conference of the Parties to the United Nations Framework Convention on Climate Change, or COP21, will be held in Paris from 30 November to 11 December.

The stakes are high, with COP21 aiming to reach an unprecedented legally binding agreement, which will transition the world towards a more resilient, low-carbon and sustainable economy and society.

In Paris, the world will witness the UAE’s proactive leadership in sustainable development, clean technology and renewable energy.

Masdar comes to the table with a unique perspective as an integrator of business, academia and diplomacy in sustainability. From Masdar City’s emergence as a clean technology research and development cluster, to our most recently launched renewable energy projects, our company has become a locus of innovative market- driven sustainable solutions. Paris offers us the opportunity to share with the world ideas on how the global economy can continue to grow while managing the world’s finite resources.

In January 2016, Abu Dhabi Sustainability Week, hosted by Masdar will once again welcome over 30,000 delegates. This year’s conferences will be critical in providing the policy and business community an opportunity to digest the outcomes of COP21, and what it means for the future of our industry.

Much hard work lies ahead. As we continue our global journey and inch closer to our 10 year anniversary, we must reflect that our involvement in these key global dialogues is a testament to Masdar’s accomplishments, our company’s reputation, and what we can achieve in the years ahead.

SOLAR IMPULSE 2 GROUNDED

HH Sheikh Abdullah bin Zayed Al Nahyan,

UAE Minister of Foreign Affairs, inaugurated the

International Renewable Energy Agency (IRENA)

headquarters in Abu Dhabi’s Masdar City earlier this

summer, reinforcing the UAE’s status as a global

energy leader. Home to the first intergovernmental

agency in the Middle East, the headquarters is

the UAE’s most sustainable office building and a

physical embodiment of the organisation’s mission

to advance renewable energy.

Speaking at the inauguration, His Highness said:

“The inauguration of the IRENA headquarters

in Masdar City marks an important milestone

on the UAE’s successful journey to host this

important intergovernmental organisation,

which began with our bid submission seven years

ago. Hosting IRENA in Abu Dhabi is a reflection

of the UAE’s commitment to expanding access to

sustainable, clean energy both domestically and

internationally. We look forward to partnering

closely with IRENA and countries around the

world to support the further development of

renewable energy and clean technologies.”

The IRENA headquarters building is also the

first commercial building in the UAE to receive

a four-pearl Estidama rating for design and

construction from the Urban Planning Council.

HE Dr Sultan Al Jaber, UAE Minister of State,

Special Envoy for Energy and Climate Change,

and Chairman of Masdar, remarked: “The UAE

has firmly established itself as a committed global

leader in the deployment of innovative renewable

energy solutions worldwide. This commitment is

reflected in Masdar City, Abu Dhabi’s sustainable

ecosystem, which is the ideal location for IRENA

to carry out their mission to accelerate the

adoption of renewable energy globally. It is only

fitting that this important intergovernmental

organisation’s work is conducted from the most

sustainable office building in the UAE.”

Emirates Green Building Council (EGBC) has

named the recently completed International

Renewable Energy Agency (IRENA) headquarters

Green Commercial Building of the Year at its

annual MENA region awards dinner. EGBC

recognised IRENA building architect and lead

consultant Woods Bagot, along with design and

build contractor Brookfield Multiplex for their

work in delivering a project meeting the highest

sustainability standards for construction and

completion, in addition to outstanding innovation

in its design and processes.

Owned and developed by Masdar, and located at

the heart of Masdar City, the IRENA building is

the first in the UAE to receive the four-pearl rating

for design and construction from Estidama, the

Abu Dhabi-certification system that measures

and evaluates the energy, water and carbon

efficiency of buildings.

Anthony Mallows, Director, Masdar City, said:

“Achieving a four-pearl Estidama rating for the

IRENA building, within a competitive, market-

driven budget, demonstrates that innovative

design and construction, combined with a

thorough understanding of sustainable building

requirements, can produce outstanding results.”

Accepting the award on behalf of Woods Bagot,

Richard Fenne, Project Director, said: “This

award recognises how a truly integrated design

process – with all of the project stakeholders

engaged – has yielded an exemplary building, and

one which sets a new standard for commercial

Grade A office space in the UAE and across the

wider region.”

Marcus Truscott, Managing Director for

Brookfield Multiplex, added: “To be awarded the

highest Estidama construction rating to date

and to be one of the UAE’s most sustainable

and energy-efficient buildings is a reflection of

the commitment of all project stakeholders.”

The new IRENA building has a total floor area of

32,000 square metres with 1,000 square metres

of rooftop solar PV panels supplying electricity.

Thanks to its passive design and smart energy

management systems, the building uses up

to 40 per cent less energy than global energy-

efficiency standards, and 50 per cent less water

than other local commercial buildings.

FIRST ACCOLADEFOR IRENA HQ

IRENA HQ INAUGURATED

IN FOCUS VIEWPOINT

4 5

CITY RISINGThe Neighbourhood 1 project will add 500 new sustainable homes to Abu Dhabi’s real estate sector. Anthony Mallows, Director, Masdar City, tells us moreMasdar City’s aim of creating a leading hub for innovation, where people live, work and play, entered a new phase earlier this year with the April 2015 announcement of a new one and two- bedroom residential complex.

According to Anthony Mallows, Director, Masdar City, the mixed-use project, to be called Neighbourhood 1, will be ready for residents in the first quarter of 2018.

“The complex is an important step forward toward completing the first integrated neighbourhood and the vision of Masdar City as a complete ecosystem focused on sustainability and innovation,” he says.

Its future residents will include Masdar Institute students, and Mallows also anticipated significant demand from corporate partners, as he explains: “The serviced apartments will appeal to those who wish to be part of Masdar City’s growing sustainable community; and, concurrently, ‘open market’ residential is also being developed by third-party investors.”

These include the Chic Residences, which are due to be handed over in December 2017, and which, says Mallows, will be targeted at Masdar and its associated business communities, as well as individuals looking for an integrated lifestyle experience.

“The Masdar City vision is attracting a host of new businesses and residents and the Chic Residences will expand the number of ways people can directly experience the Masdar City lifestyle,” he remarks.

As well as being built to LEED Gold and 3 Pearl Estidama sustainability criteria standards, the project will add a further layer of innovation through Masdar’s own online supply chain database, Future Build, to source materials and reduce the carbon emissions associated with construction.

Siemens will also provide home automation and monitoring technology that will adhere to

Masdar-specific performance indicators in terms of energy and water efficiency.

Says Mallow: “We continue to evolve these indicators, from project to project, balancing costs and benefits. And when the project is complete we check that it performs as it is supposed to.

“A positive side-effect of designing for water and energy efficiency is that the apartments make great use of space and can be delivered at a lower cost than competitors.”

According to Mallows, Masdar City’s priority in terms of residential developments is to deliver modern apartments designed for a young population that values the urban experience and proximity to amenities. “The serviced apartments will help meet Abu Dhabi’s rising need for new residences targeted at a range of socio-economic levels,” he says.

“We are the first integrated neighbourhood in the emirate, where the mantra ‘live-work-play-learn’ is possible. And we are sustainable in a no-nonsense way. Masdar City has demonstrated that to achieve world-class demonstrable sustainability there is no need for expensive gimmicks or a compromise in quality of life.”

This first intergovernmental organisation

headquartered in the Middle East reached a new

milestone this June. After nearly five years in Abu

Dhabi, the International Renewable Energy Agency

(IRENA) moved to its permanent headquarters

in Masdar City. The new IRENA headquarters

contributes to Masdar City’s growing ecosystem,

which focuses on sustainability and integrates

research, business and education.

As with the other buildings in Masdar City, the

IRENA headquarters pushes the boundaries

of sustainable design and green building

technologies. It is appropriate that the agency

mandated with the global adoption and

deployment of renewable energy, be housed in

one of the most sustainable buildings in the UAE

and one of the most sustainable buildings of any

international organisation worldwide.

The coming home of IRENA to its new headquarters

is just the latest milestone of the clean energy

movement. In the last decade we have seen a

dramatic shift in the global energy system. More

than 160 countries now have defined renewable

energy targets, up from just 15 countries in 2005.

The world is now adding more renewable power

capacity every year than coal, natural gas and oil

combined, and investment in the sector is on the

rise as technology costs reach record lows.

In a report we released this May, we pointed out

that more than 7.7 million people are employed by

the renewable energy sector worldwide, up 18 per

cent in just the last year and up 32 per cent over

the last two years. On average, renewable energy

technologies now create more jobs than fossil

fuel technologies. For instance, solar PV creates

more than twice the number of jobs per unit of

electricity generated than coal or natural gas.

Some have questioned IRENA’s location in the

heart of the richest oil-producing region in

the world. But what is more and more evident

is that decades of experience in the energy

industry coupled with massive investments in the

renewable energy sector make Abu Dhabi – and

Masdar City – the ideal location for IRENA. The

UAE’s renewable power-generation capacity is

the highest among the GCC countries, its solar

potential is second only to Saudi Arabia, and solar

and wind may now be the cheapest sources of new

power in the country. In a country with this much

resource potential and such a strong willingness

to invest, the future is bright for renewable energy.

We have now reached a new age of maturity

for renewable energy – where technology

costs plummet, investment and deployment

climb, employment grows and world leaders

recognise the necessity of replacing fossil fuels

with renewables. IRENA now has 143 Member

countries, with 30 more in accession, which stands

as a testament to the commitment of countries

around the world to advance the development of

clean, safe and affordable renewable energy.

We are delighted to call Masdar City home. Its

advantageous location positions the headquarters

as a nerve centre for renewable energy action and

knowledge for the future, which will be necessary

for the continued maturation of renewable energy.

RENEWABLE ENERGY INNOVATION AND GROWTH IN MASDAR CITYBy Adnan Z. Amin, IRENA Director-General

COMMUNITYINSIDE MASDAR

6 7

Thousands of visitors step behind the scenes at Masdar every year for a look at the future of sustainabilityCustomer groups of all shapes and sizes, from

business leaders and tourist groups, to academics

and the local community, are welcomed to Masdar

City on a regular basis as part of its long-running

Outreach Programme.

Since it first claimed international headlines as a

visionary initiative to its current status as a global

hub for renewables innovation, Masdar City has

evolved into a visitor attraction in its own right,

attracting ever-increasing numbers of qualified

and curious guests.

Its Outreach Programme is managed by the

Corporate Relations team with a busy schedule

of personalised tour experiences that saw a total

of 440 delegations and daily visitors hosted in the

first six months of 2015.

This encompassed business interest groups

touring the corporate facilities or Masdar

Institute; government, embassies and diplomatic

delegations; academic institutes conducting

research or as an educational experience; members

of the local community; tourism partners bringing

organised groups; day-trippers from neighbouring

emirates; and international visitors.

In response to growing demand, a delegation

registration system was developed in 2014, which

enables all visitors to connect with Masdar,

Masdar City and the Masdar institute of Science

and Technology.

While drop-in visitors are welcome to explore the

public areas of Masdar City, pre-arranged tours

for groups, offer a more insightful experience.

Options include the chance to ride the driverless

Personal Rapid Transit (PRT) vehicle system

and tour the Masdar City and Masdar Institute

neighbourhood.

Tour add-ons can include a Masdar Corporate

overview presentation, tour of the Masdar Institute

Labs with a faculty or student professional, visit

to the Ecomagination Centre or Lockheed Martin

Innovation Centre, tour of the 10MW Solar Farm

or Beam Down facility, personal meetings with

faculty or Masdar officials or a face-to-face with

a Masdar Free Zone tenant are also extremely

popular options for visitors.

Tours last between 45 minutes and two hours and

visitors can also get a taster of the experience by

visiting the Plan Your Visit pages on the website -

http://masdar.ae/en/masdar-city/plan-your-visit

- which includes detailed information on what to

see and do, area maps, a food and beverage outlet

listing and details on how to book.

A major milestone in efforts to combat climate change is fast approaching, but are national governments truly ready to act? The outcome of the upcoming 21st Conference of

the Parties (COP21), which will take place in Paris

in December 2015, will be a litmus test for the

efficacy of this meeting of global leaders in taking

pledges to the next level.

A recent World Energy Outlook Special Report

on Energy and Climate Change, published by

the International Energy Agency (IEA), points

to encouraging signs with a historic joint

announcement by the US and China on climate

change, and various pledges for COP21 being

submitted by a number of countries and in

development in many others.

With the overall goal of keeping the rise in global

average temperatures below 2°C, energy will be

the main thrust for discussion with its production

and usage accounting for two-thirds of the world’s

greenhouse gas emissions.

The IEA report notes signs that growth in the

global economy and energy-related emissions

may be starting to decouple, with 2014 the

first year in four decades that CO2 emissions

stayed flat.

Renewables accounted for almost 50 per cent of

all new power generation capacity in 2014, led

by growth in China, the United States, Japan and

Germany, with healthy ongoing investment valued

at US$270 billion and continuing declining costs.

Nationally determined pledges are the foundation

of COP21. The US has pledged to cut net

greenhouse-gas emissions to 28 per cent by

2025, which would deliver a major reduction in

emissions despite economic growth, while the

EU’s pledge to cut GHG emissions by at least

40 per cent by 2030, would see energy-related

CO2 emissions decline at nearly twice the rate

achieved since 2000, making it one of the world’s

least carbon-intensive energy economies.

The report also flagged Russia’s energy-related

emissions, which are forecast to decline slightly

from 2013 to 2030, enabling it to comfortably

meet its 2030 target, while China has stated an

intention to achieve a peak in its CO2 emissions

around 2030, if not before.

LEADING AND LEARNING

REACHING OUT TO A GLOBAL AUDIENCE

FLOATING FOOD FARMS OF THE FUTURE

Daily opportunities to support the advancement of

science, sustainability and her fellow Emiratis are

what fuels Masdar Institute Interim Provost Dr

Behjat Al Yousuf’s passion for the industry.

A UAE national with a doctorate in software

engineering from Reading University in the UK,

Dr Behjat Al Yousuf has watched Masdar Institute

grow since its inception with great interest and

pride and the decision to pursue a career here

was born of a desire to be part of this “bold

undertaking.”

In her previous role as Dean of Students, she

helped create and implement the Office of Student

Affairs, and has also held senior executive posts

at Zayed University and Higher Colleges of

Technology, Dubai Women’s College.

The institute’s long list of achievements is a

source of pride and delight, as she explains: “I am

continuously amazed and impressed with what

has been achieved at Masdar Institute. After just

six years of academic operations, it was ranked

number one in the research citation impact

category for the Arab university 2015 US News

and World Report rankings.

“The research of our faculty, post-docs and

students have resulted in six US patents, 54 US

patent applications, and 96 invention disclosures.”

She goes on to talk about successful research

collaboration with local and international

companies such as Siemens, Mitsubishi, Total,

Boeing, Honeywell UOP, Toyota, Lockheed Martin,

BP, and Global Foundries.

“In fact, collaborations like these have helped

Masdar Institute reach over US$40 million in

industry and government-sponsored research

contracts with more than 40 organisations,

with an additional US$19 million of sponsored

research in the pipeline,” she notes.

In her role, it is the people interaction that she

enjoys most, as well as learning new things on

a daily basis. “Working at such a world-class

university, I particularly love the daily opportunity

to see excitement on the faces of our students

who are passionate about what they are doing and

are working to change our word to the better,”

she says.

“Many of our students have brought pride not

only to Masdar Institute, but to the entire UAE.

For example, PhD student Ahmed Al Harethi

recently became the first UAE national to invent

a mechanism for the generation of biofuels,

pharmaceuticals and fodder using genetic

modification of algae that grows in the Abu Dhabi

desert, for which he was honoured by the UAE

government with a Medal for Top Emiratis,” she adds.

“Becoming the Interim Provost gives me a great

opportunity to give back to my country and to the

world. As the position of provost serves to provide

strategic leadership of Masdar Institute to help

it achieve its mission and strategic goals, my

job gives me daily opportunities to support the

advancement of science, sustainability, and my

country’s people,” she says.

Part CEO, part intellectual leader of the faculty,

educational leader, occasional parent to the

students, champion for Masdar Institute, media

spokesperson, fundraiser, and liaison to the

governing board, Dr Behjat says that the role is

“dynamic, enriching and engaging.”

With a busy academic year ahead, she also has

an active calendar to manage, as she explains:

“In particular, we are enhancing our ongoing

foundational contribution to the UAE’s innovation

ecosystem, which was recently given priority

by the UAE leadership through the National

Innovation Strategy. We also have announced a

new Master’s concentration in advanced space

systems and technology, which will be active this

fall, to support the UAE’s space ambitions.

“These initiatives and others are all geared

towards developing the UAE’s human and

intellectual capital, to aid and advance its

knowledge-economy transformation by providing

the experts and intellectual property that are

critical for prosperous and competitive advanced

economies.”

COP21 ASKS FOR PLEDGES NOT PROMISES

What does the energy sector need from COP21?National pledges submitted for COP21 need to form the basis for a ‘virtuous circle’ of rising ambition, which can be supported by four pillars:

• Peak in emissions: Set the conditions that will achieve an early peak in global energy-related emissions

• Five-year revision: Regularly review contributions to test the scope to lift the level of ambition

• Lock in the vision: Translate the established climate goal into a collective long-term emissions goal, with shorter-term commitments

• Track the transition: Establish an effective process for tracking achievements in the energy sector

The IEA has proposed a bridging strategy that could deliver a peak in global energy-related emissions by 2020. In its report it says that the peak can be achieved relying solely on proven technologies and policies, without changing the economic and development prospects of any region.

This strategy is dependent upon five measures:

• Increasing energy efficiency in the industry, buildings and transport sectors

• Progressively reducing the use of the least-efficient coal-fired power plants and banning their construction

• Increasing investment in renewable energy technologies in the power sector from US$270 billion in 2014 to US$400 billion in 2030

• Gradual phasing out of fossil-fuel subsidies to end-users by 2030

• Reducing methane emissions in oil and gas production

AWQAF International Imams

H.E Edgars Rinkevics, Minister of Foreign Affairs of Latvia Jose Eduardo dos Santos President of Angola

International Community School - 24.6.2015

Rashid bin Saeed Al Maktoum Maritime College - 18.08.2015

A growing global population and increasing demand for food staples are forcing governments to look to new ways to feed their peopleThe UN estimates that by 2050, the global population will hit 9.1 billion, which in turn will drive increased demand for basic foodstuffs up to 70 per cent.

Food scarcity has been on the agenda for several years; this issue has not only affected emerging nations or those affected by adverse climate conditions, but also first world countries, as a solution is sought to this pressing economic challenge.

From vertical farms in city heartlands to genetically modified crops and other ideas, governments and futurists are giving the issue serious thought.

Barcelona-based architect Javier Ponce, CEO and Founder of Forward Thinking Architecture, believes he may have a sustainable answer in the form of Smart Floating Farms (SFFs).

“I’ve been always aware that I wanted to use my architectural and design skills not only to create great architectural spaces, but to really

improve human life. I became interested in exploring how to use design as a tool to bring food production closer to high density areas with growing populations, massive imports or scarce resources,” he explains.

His idea for the use of buoyant offshore platforms as an agricultural farming alternative has the advantage of zero land usage and the dual ability to farm fish as well as traditional crops.

Says Ponce: “After doing our research, we started putting together a replicable modular design inspired by the traditional grid-like Asian fish farm configuration, where a series of corridors allow people to circulate freely across the fish farming areas.”

Traditional floating garden farms in places like Myanmar also provided inspiration, as Ponce explains: “We took some of the existing concepts and re-interpreted and combined them with other production systems in order to create a compact and concentrated multi-layer farming module.

“It wasn’t just about making something bigger and introducing smart technology, it was about integrating different systems with the help of technology in a symbiotic manner, instead of having separated mono-products. The SFF

project will concentrate a higher output of different products – fish, vegetables and energy - consuming less space, avoiding the need for real estate and resulting in less environmental impact.”

The three-storey farms comprise of a top level containing the solar panels to power the platform, middle tier for crop growth and lower level for storage and fish farming. Ponce’s concept is also designed to be mobile and could be relocated to areas of need as and when required.

With dual food and energy production capabilities the project relies on an integrated multi-layer production system, that all work together in an efficient and self-sufficient manner with sub-products from one system or process used to feed another process. According to Ponce, the SFF model has the potential to reduce waste and water usage by up to 90 per cent.

“The renewable energy will provide the electricity to run all the premises and desalination machinery. The fish located at water level and the crops produced on the first level will have an integrated aquaponics system with the fish providing the water with nutrients, which is then circulated through the planting trays,” he says.

Depending on the size of each individual farm, the predicted output, based on a 50x100-metre module, could be as much as 2.4 million kilogrammes of vegetables and 129,285 kilogrammes of fish, effectively feeding thousands of people and reducing the need for costly imports.

The driver behind the project, according to Ponce, is to launch an initiative that can be both complementary and compatible with other existing food production methods in order to help reduce food risk-associated problems in different geographical locations.

“We are keen to start with a few prototypes located in regions/countries where the conditions are extreme, such as the Gulf or Singapore, for example,” he says.

“Sustainable production, arable land and water supply are key factors to consider in the Middle East and we believe that the project would be the perfect match for the region, especially considering that the most densely populated areas have water access and the entire region has plenty of sunlight, which can be used to produce electricity based on clean energy,” he explains.

The next step for Ponce and the team is to further develop the current feasibility study; and he confirms that there have been expressions of interest from various parts of the world in taking the project to the next level.

“We want to set investment targets and enter into the project prototyping phase in order to implement some smaller scale modules to get the initial positive results. This project could be a game changer, we just need the right support to make it a reality.”

8

INSIGHT FEATURES

9

Spreading the word to young people about the importance of renewable energy while having fun along the way is the iSolarWorkx raison d’être

The designer and manufacturer of educational

renewable energy do-it-yourself (DIY) kits for

schools and universities, UAE-based iSolarWorkx,

is innovating the edutainment industry.

Ali Abdel-Hafiz, the company’s CEO and Founder,

has a Masters in Bioinformatics from Imperial

College, London, but it was his long-held desire

to help younger generations combine science

education with renewable energy and engender

creativity and innovation. This drive led him to

launch the company in mid-2014.

iSolarWorkx’s first product is a solar car kit

(available with English and Arabic instructions),

with a renewable energy-powered smart car

and smart house the next two DIY kits under

development.

iSolarWorkx also has a dedicated learning portal

through which individuals and institutions that

have bought a kit can have access to a wealth of

renewable energy-related information. As Abdel-

Hafiz explains: “This includes our blog, open

forum and regularly updated news section. With

the portal we are hoping to build a community

of renewable energy enthusiasts who will share

their ideas.”

The company also provides a set of science

experiments, drawn from the British, American and

International Baccalaureate curricula that explain

various scientific and physics examples such as

the relationship between distance, time and speed

or how the car can be used to understand the

relationship between watts, volts and amps.

Its newly launched blog is open to informed

comment from anyone interested in the industry.

“The blog, as well as our social media content,

will be a channel for customers to express their

views, ask questions and discuss future projects

or ideas,” he says.

“The intention is to ensure the young generations

in the region have an opportunity to think and

learn about the potential and benefits of renewable

energy,” he adds.

A number of UAE schools including Repton in

Dubai, as well as the Abu Dhabi Technology

Development Committee and Sharjah-based

Bee’ah, have all ordered solar car kits, with Abdel-

Hafiz confirming interest from other educational

centres and museums in various emirates.

As well as offering a fun and instructional way for

kids to get on board with renewable energy aims,

iSolarWorkx aims to engage parents and teachers

with its pipeline of hands-on educational products.

Says Abdel-Hafiz: “We hope that we can encourage

the younger generation to enrol in science-related

topics in higher education, especially renewable

energy-focused subjects. The kits are also a

great way to give kids an opportunity to express

themselves, ask questions and find a reliable

resource through which to learn about renewable

energy and its benefits.

“They could also be the catalyst for kids to come

up with their own products and initiatives and

solve issues in their own communities.”

NATURAL LEGACYA former private nature reserve established by Sheikh Zayed, Sir Bani Yas Island is a conservation showcase that delivers an educational experience for all the family

Home to the endangered Arabian Oryx and a host

of other animals, flora and fauna, Sir Bani Yas

Island, in the Western Region of the emirate, is

a top tourist attraction with a remarkable history.

The 4,100-hectare conservation centre and wildlife

park was established by the late UAE President,

HH Sheikh Zayed bin Sultan Al Nahyan, in 1971.

His Highness recognised the need to preserve

regional species at risk from extinction, and over

40 years later the island boasts a remarkable

breeding and conservation programme.

Now part of Abu Dhabi’s Desert Islands tourism

portfolio, its 13,000 local residents include the

Arabian rock hyrax, houbara bustards, ostriches,

Beisa oryx, giraffes, striped hyena, northern

cheetah, golden jackal, caracal, antelope, deer,

lesser jerboa, Cheesman’s gerbil, mountain

sheep, snakes, geckos, skink, bats, migratory

birds, heron, sandpiper, curlew, dolphins, dugong,

sharks, Hawksbill turtle, and over 100 anthropod

and insect species.

The island is also known for its flora and fauna

habitat development programmes, which offer

a working ecosystem for the animals and birds.

There is also an eight-kilometre no fishing zone

around the island and boat access is carefully

monitored to conserve sensitive marine habitats.

The breeding programmes that were originally

put in place have successfully increased the

populations of many of the endangered animals

first brought to the island, with some, including

the Arabian Oryx, being nurtured back from the

verge of extinction. Today, there are over 400 freely

roaming the island, with a release programme

also reintroducing them to the mainland.

Cheetahs and striped hyenas have also been

successfully ‘re-wilded’, where they learn how to

hunt for themselves, and have had cubs of their

own. In addition, several non-indigenous animals

were relocated including blackbucks, emus,

gemsboks and elands.

The mangrove forests around Sir Bani Yas are

an important element of ongoing conservation

efforts, as one mangrove is planted for each

visitor to the island. This was introduced to help

maintain the ecology on the island; mangroves

are very important to the ecosystem because they

help counteract pollution by absorbing harmful

carbon dioxide, as well as providing fish breeding

grounds while naturally preventing erosion.

As part of your island experience; we plant a

mangrove for each visitor to our beautiful island,

and if you join us on our culture and history tour

you may be able to plant your own giving you

the opportunity to take part in our conservation

efforts; helping provide shelter and food for fish

and other sea creatures!

DIY HANDS-ON LEARNING

A fun activity for all the family, the Green

Footprint programme includes a guided

tour of the island’s flora and a visit to the

mangrove nursery where you can learn all

about their amazing trees and plant your

own sapling. This is followed by a picnic

lunch and tour of the Nocturnal House to

view species including the Arabian hare and

striped hyena.

Visitors are welcome to explore the park

with the resident conservation experts,

and Sir Bani Yas offers a number of guided

adventures including nature and wildlife

drives and walks as well as scuba diving,

horse riding and mountain biking. For more

information, go to www.sirbaniyasisland.com.

GREENFOOTPRINTINITIATIVE

/MasdarFreeZone/Masdar-Free-Zone@MasdarFreeZone

FEATURES

DID YOU KNOW?

11

SNAPSHOT

10

ECOCITY WORLD SUMMIT

EVENTS

This is a database of products and services with reduced environmental impact. It is used as a tool for agencies to purchase products and services that follow environmental standards and guidelines, and/or are supplied by vendors and service providers that follow policies and environmental programmes.

ENVIRONMENTALLY PREFERABLE PURCHASING (EPP)

To learn more about the guidelines and products and services which consider environmental practices, visit the United States Environmental Protection Agency’s website www.epa.gov/opptintr/epp/.

To learn more about the NEST project and concentrated solar power, visit www.masdar.ae.

A 20,000 square-metre bioenergy pilot facility is being built in Masdar City, Abu Dhabi by the Masdar Institute of Science and Technology’s Sustainable Bioenergy Research Consortium. The project will use desert land irrigated by seawater to produce biofuel and bio-chemicals. Saltwater aquaculture ponds will grow fish and shrimp, where the nutrient-rich waste will eventually be processed into aviation biofuel and other products.

JARGON BUSTER

11-13 OCTOBER, 2015 – ABU DHABI, UAE

BIOENERGY

NEW ENERGY STORAGE TECHNOLOGY (NEST)

Renewable energy derived from biological materials. It is the broader term for biomass, the biological material used as a biofuel made from organic matter such as aquatic plants, agricultural crops and animal waste.

The New Energy Storage Technology (NEST) initiative is an energy storage project developed by a Norwegian company and located at Masdar City in Abu Dhabi. The pilot project aims to drive down costs for the solar power industry by 70 per cent. NEST will test concentrated solar power systems using a concrete mixture to store energy as an alternative to expensive methods that require a constant source of electricity.

For over 35 years The Big 5 has been home to the largest gathering of construction professionals in the Middle East. Highlights include exhibitors showcasing more than 35,000 certified and innovative products from across the globe, over 45 free CPD-certified workshops, the all-new Big 5 Focus platform for innovation, inaugural Design Summit, and exciting live product demonstrations. This year’s event will welcome more than 2,800 international exhibitors from over 60 countries.

THE BIG 523-26 NOVEMBER 2015 - DUBAI, UAE

www.thebig5.ae

www.gitex.com

One of the most influential tech events on the planet and now in its 35th year, the anniversary edition will focus on the rapidly evolving Internet of Everything and Smart Technology markets and the ripple effect they are having across key industry verticals. Network with technology giants, assess exclusive product launches and get a snapshot into the future of technology with a host of onsite features including the Student Lab, Smart Sessions, UAV, Robotics and Hot Stuff showcase.

THE FUTURE OF GREEN FINANCINGWith talk of a green sukuk, the launch of the first Euro-zone Climate Change Fund and ANZ’s green property and renewables bond, investors are greening their portfoliosThe first green bond was issued in 2007 but it

wasn’t until 2013 that the global investment

community began to sit up and take note.

“That was when the IFC issued the first one billion

green bond, which sold out in an hour. Today, the

corporate desire to ‘do well while doing good’

is becoming increasingly pervasive,” says Sean

Kidney, CEO and co-founder of the Climate Bonds

Initiative, an international, investor-focused not-

for-profit launched in 2009.

Other milestones include the issuance of the

first corporate green bond in November 2013,

and in 2014 there was an explosion in issuance

totalling US$36 billion – more than triple the

2013 figure, with at least US$50 billion of green

bonds forecast this year.

“A green infrastructure investment boom that

helps avert climate change catastrophe is the

narrative we need to re-start our economies,”

says Kidney.

He is confident that the challenges to realising

the funding needs required to achieve a green

economy can be met through risk bridging and

government-driven green infrastructure deals

that suit the investment preferences of investors

and that are easy to find.

Market education is equally critical for market

development, as Kidney explains: “What we

tell investors, and what has been fundamental

to the success of green bonds, is that they are

competitive on financial returns.

“In other words, investors do not have to choose

between financial returns and climate change

impacts, thanks to full backing of the bonds from

corporate and development treasuries.”

Equally important to the role of the Climate

Bonds Initiative is advocacy around standards

and ensuring that monies raised really do

benefit green projects. Four bonds have already

been certified under the Standard with several

certifications in the pipeline.

“Our Climate Bonds Standard and Certification

Scheme, developed by international expert

committees, and launched in 2011, essentially

says which assets can and can’t be included in a

green bond. The Standard is a screening tool for

investors, allowing them to easily prioritise climate

and green bonds with confidence that the funds are

being used to deliver real solutions,” he says.

The standards are also helping to reinforce the

credibility of low carbon project investment.

Says Kidney: “The evaluation of environmental

claims of labelled green bonds was a key issue of

debate in 2014 and in the first half of 2015. In the

absence of clear and widely accepted guidelines

around what is green, many investors have raised

concerns about a risk of ‘greenwashing’, where

bond proceeds are allocated to assets that have

little or doubtful environmental value.

“Our Climate Bonds Standard scheme makes

it easier for investors to compare apples with

apples. Investors’ ability to link the money to

the underlying asset is key to maintaining their

confidence in the market. Without it, it could

deflate like a bad soufflé.”

Kidney was recently appointed as a green

bonds consultant to the Executive Office of the

UN Secretary General and, in December 2014,

an investor statement, brought together by the

Climate Bonds Initiative and supporting the

green bond market, was signed by asset owners

and fund managers with a combined $US2.62

trillion assets under management.

“We are also setting up Green Bonds

Development Committees around the world.

We work with China’s central bank on growing

a green bond market in China. Recently, we

submitted proposals the European Commission

on Europe’s role in mobilising private sector

capital for climate solutions,” he notes.

The next objective for Kidney and his team is

to work out a roadmap to UN Climate Change

Conference in Paris later this year. Another

challenge is raising the credibility of climate

change bonds as a safe investment.

Emerging markets are where Kidney sees the

biggest potential for further market growth.

“China Central Bank’s recent policy documents

include specific proposals for green bonds.

The Minister of Finance in India has expressed

support for growing a green bond market as part

of the country’s reforms of its corporate bond

market. They are on the agenda in Brazil, the

UAE and South Africa too,” he remarks.

China is the market that he believes has the

potential to capture the largest share of the

green bonds space in the next few years. “Its

first labelled green bond was issued recently,

and was five times oversubscribed. We expect

to see several more Chinese green bonds in the

next few months.”

A green energy sukuk for the Middle East has also

been mulled. Says Kidney: “There has been lots

of talk of investor interest in green sukuk but we

haven’t see the issuance as yet. However, there

have been some enormous announcements

from Saudi Arabia, Qatar, Jordan and the UAE

about renewable energy generation, and all of

these projects are eligible for green sukuk.

“This discussion started in Malaysia and the

issuance is only a matter of time. There is a bit of

competition between Kuala Lumpur and Dubai

to get out a green sukuk, but it looks like Dubai

might pip Malaysia to the post. We also have

interest in Indonesia – the Minister of Finance

has a project looking at Islamic finance across

the board and they are very interested in the

green sukuk theme.”

Kidney is optimistic for the future. “I think there

is a very good chance we could see a green

sukuk market of between US$10-20 billion by

2018, which would be almost 10 per cent of the

total expected US$300 billion green issuance.”

18-22 OCTOBER 2015 - DUBAI, UAEGITEX TECHNOLOGY WEEK

The Environment Agency-Abu Dhabi (EAD), in conjunction with Abu Dhabi Tourism & Culture Authority (TCA Abu Dhabi), will host the 2015 Ecocity World Summit (ECWS). The longest-running international conference series on sustainable cities, ECWS 2015 will be the first edition to take place in the Middle East. Held under the banner theme of Ecocities in Challenging Environments, the event aims to facilitate exchanges among local, regional and governmental decision-makers, researchers and civil society. The goals for this event are to develop action strategies relevant to the host region and global community, and to empower citizens to play an active role in shaping urban developments. Masdar will host the Ecocity Welcome Reception, which is open to all invited delegates.

FEATURES

12

BOOK REVIEW

If you’re interested in a career in the

environmental, sustainability or renewables

field, but not sure where to start or on

which sector to focus, this book is a

great introduction to a world of green

opportunities. Winner of a 2010 Green

Book Festival award, the book presents

a thorough overview of the global green

economy and looks at career opportunities

in environmental science, renewable energy,

smart grid, green building, transportation,

manufacturing, sustainability, and policy. It

also contains a useful section on job search

2.0 techniques covering new media, online,

networking, and electronic communications,

and examines the emerging green job market

and opportunities coming up in the next five

years and beyond.

GREEN CAREERS FOR DUMMIESBy Carol L McClelland

US$11.99 plus postage and packing Kindle version also available

Amazon.com

ENVIRONMENTAL TIPS FOR KIDS

COLOUR IT!

Answer is B – 17 trees

QUICK QUIZ

If you have comments or suggestions, we would like to hear from you.Email us at: themasdartimes@masdar.ae

Science doesn’t have to be boring with this DIY solar car kit, designed to educate and amuse kids and adults alike.

Instead of reading about Newton’s first Law, how about making your own DIY solar car to learn about the relationship between distance, time and speed? A hands-on kit that teaches kids dexterity as well as providing practical insight into solar energy, electricity, mechanical motion, as well as various aspects of physics and mathematics, it’s a one-of-a-kind teaching tool. The pack contains a solar panel that can tilt in various directions to teach pupils about sun direction, solar rays and absorbed solar energy and the effect they have on the speed of the car; a specially designed solar case capable of hosting various solar panels, one at a time, with different power (1W, 1.5W and 2W) to demonstrate the relationship between energy, power and speed; and a multi-gear function to teach pupils about solar power, DC motors and mechanical motion.

www.isolarworkx.com

BUILD AND LEARN

US$99

GREEN GIFTS

Remember that reuse is the best form of recycling! If you have new clothes coming your way, donate your old clothing to your favourite charities instead of throwing them away or cut them up to use as cleaning cloths!

youtube.com/masdarvideostwitter.com/masdarfacebook.com/masdar.ae instagram.com/masdarofficial

The Masdar Times is a quarterly publication produced by Masdar’s Marketing and Corporate Communications Unit.

Stay connected

How many trees are saved by recycling one tonne of paper?

A. 10 B. 17 C. 3D. 13