Abu Dhabi has announced the establishment of Zayed Future Energy Prize, awarding $2.2 million annually to honour individuals and organisations for their excellence in the innovation, development and implementation of sustainable energy solutions.

The Zayed Future Energy Prize will be awarded to three individuals or organisations that have made significant contributions in the global response to the future of energy.

The inaugural prize will be awarded in 2009 under the aegis of Masdar, Abu Dhabi’s multi-faceted, multi-billion dollar investment in renewable and alternative energy. 

The award has been named after UAE's founding father Sheikh Zayed Bin Sultan Al Nahyan who fostered the country’s commitment to sustainability and environmental responsibility.

The winner of the prize will receive $1.5 million; two additional finalists will be awarded $350,000 to take their ideas and ambitions forward.

Finalists and winners will be chosen by a jury comprising the world’s leading experts in future energy and the mitigation of climate change.  The jury will be chaired by Dr RK Pachauri, chairman of the Intergovernmental Panel on Climate Change, which won the 2007 Nobel Peace Prize for their efforts to raise public awareness about climate change while establishing measures to counter that change.

The criteria for the prize and the process for nominations will be set by the jury. More details on the nomination process and jury composition will be given in April when the jury will call for nominations, said a government official.

Projects and innovations in one or more of the following fields are eligible for nomination: renewable and sustainable energy; efficient use of traditional sources of energy; conservation; sustainable energy policy and communication and public awareness.

Dr. Sultan Al Jaber, CEO of the Masdar Initiative said, “Today, climate change is one of the biggest issues we face and new solutions are needed to meet the ever increasing demand for energy. Late Sheikh Zayed’s environmental leadership and Abu Dhabi’s role as a leading energy producer creates a natural foundation for this prize.'

'Masdar is designed to be an incubator of innovation and the Zayed Future Energy Prize will recognise – and in many ways nurture – these ideas to protect our planet and provide for the future,” he noted.-TradeArabia News Service