The 'Masdar' initiative was launched by the Executive Affairs Authority (EAA) of the Emirate of Abu Dhabi at a presentation to General Shaikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE. Others who attended the presentation included Shaikhs, ministers and CEO's of BP, Shell, GE, OXY, Total, Rolls Royce Plc, Mitsubishi, Jodco, Mitsui, Fiat and Rwth Aachen and Imperil College London, who are partners in the programme.

General Shaikh Mohammed said since Abu Dhabi is global leader in the production of hydrocarbons, Masdar initiative is a natural product of that position, hoping it will transform the emirate to an exporter of technology from a consumer.

Later, at a Press briefing, Khaldoon Khalifa Al Mubarak Chairman of EAA and Sultan Al Jaber Managing Director of Abu Dhabi Future Energy Company (ADFEC) said that the initiative will create a new structure for the development and promotion of industries on global scale using renewable energy and resources in the emirate. "It will focus on the development and commercialisation of advanced and innovative technologies in renewable energy, energy efficiency, carbon management and monetisation, water usage and desalination", said Khaldoon Khalifa Al Mubarak.

Outlining the concept, Mubarak said that it will be based on the four elements: A research and development (R&D) center to support the demonstration, commercialisation and adoption of sustainable energy technologies; A world-class University to prepare 350 graduates specialising in renewable energy in partnership with top universities and research institutes; a company focused on the commercialisation of emissions reduction, and Clean Development Mechanism solutions as provided by the Kyoto Protocol on climate change.

Mubarak said a Special Economic Zone tailored to hosting institutions which will invest in development and production of renewable energy technologies and products is also planned in the ICAD. He said that international energy giants like Total, GE, Shell, BP, Mitsubishi, Mitsui, Jodco, Rolls Royce,  Rwth Aachen and Imperial College London have already joined the programme while many more would join later.

He said during the presentation General Shaikh Mohammed granted $100 million seed money to the creation of a Clean Technology Fund to co-invest with private sector in domestic and foreign companies focused on emerging technologies.

Khaldoon Mubarak said: "We recognise that the future of sustainability and renewable energy lies in both increased scale and commercialisation. Our approach is therefore about creating a significant initiative; one borne out of partnership with commercial entities that already do, or will, lead the sector."

Sultan Al Jaber Managing Director of Abu Dhabi Future Energy Company said that his recently founded company will oversee the commercial implementation and development of all four aspects of the initiative, and work in close coordination with Adnoc, Adwea, the Abu Dhabi Environmental Agency, and the Abu Dhabi Education Council, as well as other government departments.