UAE Joins The International Renewable Energy Agency

(Abu Dhabi, UAE) - With world leaders meeting in Davos this week and the harsh reality that trillions of dollars of what was assumed to be wealth has been wiped out in a period of two months, there is a clear perception that the word 'economic growth' needs a new definition. Objective accounting of both wealth and growth projections has now become the norm, and one of the countries joining a new initiative towards real sustainable growth in both economics and Earth restoration is the United Arab Emirates (UAE), who have agreed along with Germany, Spain and Denmark to create the agency, IRENA, the International Renewable Energy Agency. The UAE has also put itself forward to act as the administrative headquarters for IRENA.

IRENA will create world cooperation and partnerships in renewable energy and help promote the new technology to drive real economic growth. In Davos, leaders will need to use economic expectations theory for growth, which clearly points to the new environmental technology and Earth conservation infrastructures, as being the true drivers for sustained functioning of global economies. Prime examples of this are investments in the rapidly expanding solar and wind energy developments, whose future cash flows are now considered to be much more predictable than other now defunct investment vehicles.

The leader of the UAE, H.H. Sheikh Abdullah Bin Zayed Al Nahyan, says, "We believe renewable energy is crucial to the world's future prosperity. The UAE in pursuing the Masdar initiative, believes it can contribute significantly in providing comprehensive solutions in what should be a collective global endeavour. It is important that the world community works together to develop a consistent set of policies and frameworks that will encourage growth and rapid deployment on a large scale."