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 would lead to the development of new catalytic projects, with an estimated value of $100m.
The agreement with Masdar is expected to further boost Malaysia’s ongoing efforts to embrace sustainable practices and clean technology.
Sultan Ahmed Al Jaber, CEO of Masdar, said: ”Masdar is committed to building strategic partnerships and creating worldwide networks in the push for new low carbon energy technologies and clean, sustainable ways of living. We value this partnership with Malaysia and applaud their move to actively pursue and invest in new green technologies.”
Shahrol Halmi, CEO of 1MDB, said: ”Clean technology is an increasingly important sector for the future economic development of Malaysia. The partnership with Masdar will help expose Malaysia and 1MDB to world-class capabilities in sustainable development. It is our intent to explore and evaluate business opportunities relating to the development of an environmentally friendly carbon-neutral city in Malaysia.”
