Impact of $200/Barrel!
We need to focus on the transition to sustainable development, but through economic hard times.
In the past few months I had been visiting the Gulf area rather regularly, mainly to teach classes as you can determine from the training schedule. I was in Dubai, Sharjah (United Arab Emirates) and also Qatar—all major beneficiaries of the big boom due to high oil prices. Interestingly enough, Dubai does not produce oil or gas, but is booming because of the remarkable policies of its government. These policies have taken advantage of its location, the vast wealth around it, and in advancing a liberal social agenda. Dubai’s neighbors are quickly copying her model and are advancing fast as well. Last year alone, Gulf area oil and gas exports amounted to almost half a trillion dollars. The dilemma, as well expressed in a recent issue by The Economist, is how to spend these monies effectively and creatively!
One significant investment is going to be the project for Masdar City which is "a global cooperative platform for open engagement in the search for solutions to some of mankind's most pressing issues: energy security, climate change and truly sustainable human development." With a budget of $22 Billion, this city will be a fully sustainable environment. But what is more, it is planned to be a true hub for R&D, investment projects, and actual manufacturing of promising sustainability systems and technologies.
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