1MDB EYES DEVELOPMENT POTENTIAL OF CARBON-NEUTRAL CITY WITH MASDAR

By Muin Abdul Majid

ABU DHABI, Jan 18 (Bernama) -- 1Malaysia Development Berhad (1MDB) and
Masdar have inked a cooperation agreement to explore clean technology projects
and investments, including the possibility of building Malaysia's first
carbon-neutral city.

Masdar, is a wholly-owned subsidiary of Abu Dhabi-based Mubadala Development
Company, focused on renewable energy and sustainability.

The signing at the Emirates Palace hotel on Sunday night was witnessed by
Malaysian Prime Minister Najib Tun Razak and Crown Prince of Abu
Dhabi, General Sheikh Mohammed bin Zayed Al Nahyan.

Masdar and 1MDB also intend to cooperate and invest in carbon reduction
projects under the Kyoto Protocol's Clean Development Mechanism and clean
technology venture capital.

If fully implemented, the cooperation agreement will lead to the
development of new catalytic projects with an estimated value of US$100
million, the companies said in a joint statement.

The agreement with Masdar will further boost Malaysia's ongoing efforts to
embrace world-class sustainable practices and clean technology.

1MDB chief executive Shahrol Halmi said the partnership with Masdar will
help expose Malaysia and the company to world-class capabilities in sustainable
development.

He described clean technoloy as an increasingly important sector for the
future economic development of Malaysia.

Shahrol did not rule out the possibility of 1MDB building Malaysia's first
carbon-neutral city.

"It's our intent to explore and evaluate business opportunities relating
to the development of an environmentally friendly carbon-neutral city in
Malaysia," he said.


Masdar chief executive Dr Sultan Ahmed Al Jaber said his organisation was
committed to building strategic partnerships and creating worldwide networks in
the push for new,low carbon energy technologies as well as a clean, sustainable
lifestyle.

"We value this partnership with Malaysia and applaud its move to actively
pursue and invest in new green technologies," he added.

Established by the government of Abu Dhabi in 2006, Masdar is a
wide-ranging, multifaceted renewable energy initiative.

It integrates the full renewable and clean technology lifecycle -- from
research to commercial deployment -- with the aim of creating commercially
scalable renewable and clean energy solutions.

Abu Dhabi has won a hard-fought bid to host the headquarters of the
International Renewable Energy Agency (Irena).

To be housed in Masdar City on the outskirts of Abu Dhabi,it will make
Irena, the first international organisation to be based in a developing country.

In 2008, Masdar broke ground for Masdar City, the world's first
zero-carbon, zero-waste, car-free city.

The city, to eventually grow to 1,500 businesses and 50,000 residents, will
be home to international business and top minds in the field of sustainable and
alternative energy.

It will be built over six square kilometres.

1MDB is mandated to drive strategic initiatives for long-term sustainable
economic development and promote inflows of foreign direct investments (FDIs)
into Malaysia.

-- BERNAMA



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