Abu Dhabi is planning to construct the world's largest carbon capture and storage project, as part of the oil-rich emirate's $15-billion (U.S.) bid to become a leader in clean technology and renewable energy.
While countries around the world are wrestling with the daunting economics of carbon sequestration, Abu Dhabi is planning to invest up to $4-billion to capture as much as 15 million tonnes of CO{-2} annually from eight industrial plants, and then inject the gas underground to enhance oil recovery.
I have never heard of this technology before, so I reserve my opinion. On the surface it sounds plausible, but the question that came to mind for me was; Is this akin to dumping PBC's or nuclear waste in the bottom of the ocean? We will have to wait and see.
In the mean time, Abu Dhabi has planned a city of six square kilometres that will capture CO2 emmissions and pump them underground. My understanding is that the emmissions will be then used in the oil refining process, and thereby reducing the use of natural gas, which is currently being used . The city uses light rail for transportation and will recycle everything. The plan is for a zero YES, I said ZERO waste city.
Check out their video here and check out the site for the planned city: The Masdar Initiative
My stock tip of the day for you buy the stock and in ten years retire. I bet George Bush owns some. I predict this will be a huge story and in the months and years to come we will hear more about it and everyone will have heard of a place called Masdar.
Mubadala Development Company is a wholly owned investment vehicle of theGovernment of the Emirate of Abu Dhabi, in the United Arab Emirates.
Mubadala was established in October 2002 as a Public Joint Stock Company through Emiri Decree Number 12 of 2002, issued by His Highness the Crown Prince of Abu Dhabi.
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