Oil states budget $160 billion for alternative energy: 'In victory plan for defeat'
ABU DHABI — The Gulf states are spending huge on
alternative energy resources.
Industry sources said the six Gulf Cooperation Council member countries, almost all of them
major crude oil or natural gas producers, were studying alternative and
renewable energy resources, including coal, hydrogen, nuclear, solar and
wind. They said the United Arab Emirates has been leading the effort, Middle East Newsline reported.
"It may seem surprising that, with all the available hydrocarbon
reserves, alternatives are figuring increasingly in regional power
planning," David Weaver, chief executive officer of ESR Technology, said.
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"However, this is displaying classic wisdom: 'In victory plan for defeat.'
In
other words, when times are good, build resources against future
uncertainty."
He said GCC states were administering 114
energy projects worth $160 billion.
Weaver chaired the Power and Finance Week conference, which ended on
Thursday in Manama, Bahrain.
The UAE has been conducting an independent nuclear research program with
a reported budget of $4 billion. The study was sponsored by the state-owned
Mubadala Development Co. and was unrelated to the GCC nuclear energy
program.
