Abu Dhabi’s clean energy company Masdar has the 'right capital and fuel' to accelerate the development of renewable projects, according to its chief executive.
"We are sponsored by three very important [and] strong shareholders, [it] started with Mubadala 16 years ago, and recently, we welcomed Adnoc and Taqa to our company," Mohamed Al Ramahi told Abu Dhabi Sustainability Week on Monday.
"It means that we have also the right capital and fuel, to be clear, green fuel, to accelerate the deployment of renewable energy.”
Last month, the Abu Dhabi National Energy Company, better known as Taqa, Mubadala Investment Company and Adnoc completed a deal to become shareholders in Masdar. The move is expected to help Masdar grow rapidly on a global scale under an expanded mandate that covers renewable power, green hydrogen and other clean energy technology.
Established by Mubadala in 2006, Masdar took a leadership role in the global clean energy sector and also helped to drive the nation’s economic diversification and climate action agenda.
Masdar is currently active in more than 40 countries and has invested or committed to invest in projects worth more than $30 billion.
The company is targeting a renewable energy portfolio capacity of at least 100 gigawatts by 2030, with the majority share of it coming from wind and solar technology.
“We were the first to commit to renewable energy. When the leadership set up Masdar 16 years ago, the region had zero renewable energy in its energy mix. All of our region was dependent on fossil fuels, but today, we went from zero to almost 13 per cent of our energy coming from clean renewable energy sources,” Mr Al Ramahi said.
The UAE is also committed to achieving "net zero by 2050, and we will continue our journey and implement and deploy clean energy solutions”, he said.
-
Sheikh Abdullah bin Zayed, Minister of Foreign Affairs and International Co-operation, unveils the Cop28 logo with President-designate Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, at Abu Dhabi Sustainability Week. Victor Besa / The National -
The Masdar display at the event. Victor Besa / The National -
The Mohamed Bin Zayed University stall. Victor Besa / The National -
Visitors walk past the Masdar stall. Victor Besa / The National -
The Adnoc display. Victor Besa / The National -
The National signage on display at the event. Victor Besa / The National -
The government of Fujairah's stall. Victor Besa / The National -
The Abu Dhabi Department of Energy's display. Victor Besa / The National -
Another view of the Adnoc stand. Victor Besa / The National -
Another view of the Masdar display. Victor Besa / The National -
Visitors at Abu Dhabi Sustainability Week. Victor Besa / The National -
Day two of Abu Dhabi Sustainability Week. Khushnum Bhandari / The National -
Abu Dhabi Sustainability Week aims to accelerate sustainable development and advance economic, social and environmental progress. Khushnum Bhandari / The National -
The Envision stand at Abu Dhabi Sustainability Week. Khushnum Bhandari / The National -
Masdar's stand at Abu Dhabi Sustainability Week. Khushnum Bhandari / The National -
The Tadweer stand. Khushnum Bhandari / The National -
The event brings together heads of state, industry leaders, entrepreneurs, investors and senior policymakers. Khushnum Bhandari / The National -
A solar energy diorama on Day 2 of Abu Dhabi Sustainability Week at Adnec in Abu Dhabi. Khushnum Bhandari / The National -
Abu Dhabi Sustainability Week plays host to some very big names in international business, including Huawei of China. Khushnum Bhandari / The National -
Saeed Al Tayer, managing director and chief executive of Dubai Electricity and Water Authority, delivers a speech. Khushnum Bhandari / The National -
Mahmoud Mohieldin, executive director of the IMF, left, in discussion on Day 2 of Abu Dhabi Sustainability Week at Adnec in Abu Dhabi. Khushnum Bhandari / The National -
Visitors at the Dubai Electricity and Water Authority stand at Abu Dhabi Sustainability Week in Adnec, Abu Dhabi. Khushnum Bhandari / The National -
Awaidha Al Marar of the Abu Dhabi Department of Energy, an Abu Dhabi Executive Council Member and Member of Enec's board of directors, delivers opening remarks on Net-Zero Ambitions in Energy on Day 2 of Abu Dhabi Sustainability Week at Adnec. Khushnum Bhandari / The National -
The Dubai Electricity and Water Authority (Dewa) stand at Abu Dhabi Sustainability Week in Adnec, Abu Dhabi. Khushnum Bhandari / The National -
The Aldar stand at Abu Dhabi Sustainability Week in Adnec, Abu Dhabi. Khushnum Bhandari / The National -
The Bee'ah stand at Abu Dhabi Sustainability Week in Adnec, Abu Dhabi. Khushnum Bhandari / The National -
Mariam Al Mheiri, Minister of Climate Change and Environment, and Ahmed El Hoshy, chief executive of Fertiglobe, right, in a panel discussion titled A Manifesto for Food Systems at Abu Dhabi Sustainability Week in Adnec, Abu Dhabi. Khushnum Bhandari / The National -
Sharif Al Olama, Undersecretary of the Ministry of Energy and Infrastructure, delivers a speech promoting solar power at the opening of Abu Dhabi Sustainability Week. Khushnum Bhandari / The National -
Laurent Fabius (2nd L), president of the constitutional council of France, speaks to guests at Abu Dhabi National Exhibition Centre. Photo: Presidential Court -
President Sheikh Mohamed speaks to John Kerry, US presidential envoy for climate, at a reception before the opening ceremony. Photo: Presidential Court -
President Sheikh Mohamed meets Hakainde Hichilema, President of Zambia. Photo: Presidential Court -
President Sheikh Mohamed meets Nana Akufo-Addo, President of Ghana. Photo: Presidential Court -
Dr Sultan Al Jaber, right, Minister of Industry and Advanced Technology Group, chief executive of Adnoc and chairman of Masdar, receives Prince Abdulaziz bin Salman, Saudi Arabia’s Minister of Energy. Photo: Presidential Court -
President Sheikh Mohamed greets Kassym-Jomart Tokayev, President of Kazakhstan. Photo: Presidential Court -
President Sheikh Mohamed stands for a photograph with heads of state and government. (Front row: R-L) presidents Surangel Whipps Jr of Palau, Nana Akufo-Addo of Ghana, Kassym-Jomart Tokayev of Kazakhstan, Yoon Suk Yeol of South Korea, Ilham Aliyev of Azerbaijan, Joao Lourenco of Angola, Filipe Nyusi of Mozambique and Abiy Ahmed, Prime Minister of Ethiopia. (Back row: R-L) Aziz Akhannouch, Prime Minister of Morocco, Wavil Ramkalawan, President of Seychelles, Hakainde Hichilema, President of Zambia, Yoweri Museveni, President of Uganda, Tiemoko Meyliet Kone, Vice President of Ivory Coast and Dr Sultan Al Jaber. Photo: Presidential Court -
President Sheikh Mohamed greets a guest. Photo: Presidential Court -
Dr Al Jaber with Ilham Aliyev, President of Azerbaijan. Photo: Presidential Court -
President Sheikh Mohamed greets Abiy Ahmed, Prime Minister of Ethiopia. Photo: Presidential Court -
(Back row L-R) Siaosi Sovaleni, Prime Minister of Tonga, Aziz Akhannouch, Prime Minister of Morocco, Wavil Ramkalawan, President of Seychelles, Hakainde Hichilema, President of Zambia, Surangel Whipps Jr, President of Palau, Nana Akufo-Addo, President of Ghana, Kassym-Jomart Tokayev, President of Kazakhstan, Yoon Suk Yeol, President of South Korea, President Sheikh Mohamed, Ilham Aliyev, President of Azerbaijan, Joao Lourenco, President of Angola, Filipe Nyusi, President of Mozambique, Abiy Ahmed, Prime Minister of Ethiopia, Yoweri Museveni, President of Uganda, Olafur Ragnar Grimsson, former president of Iceland and chairman of Arctic Circle, Tiemoko Meyliet Kone, Vice President of Ivory Coast, and Dr Sultan Al Jaber, Minister of Industry and Advanced Technology. Photo: Presidential Court -
President Sheikh Mohamed presents the 2023 Zayed Sustainability Prize for East Asia & Pacific Global High Schools to a representative from Kamil Muslim College, Fiji. Photo: Presidential Court -
Kassym-Jomart Tokayev, President of Kazakhstan (L), and President Sheikh Mohamed present the 2023 Zayed Sustainability Prize for Americas Global High Schools, to a representative from Fundacion Bios Terrae in Colombia. Photo: Presidential Court -
(L-R) Sheikh Saif bin Zayed, UAE Deputy Prime Minister and Minister of Interior, Kim Keon Hee, first lady of South Korea, Yoon Suk Yeol, President of South Korea, President Sheikh Mohamed, Ilham Aliyev, President of Azerbaijan, Sheikh Mansour bin Zayed, Deputy Prime Minister and Minister of the Presidential Court, Joao Lourenco, President of Angola and Ana Dias Lourenco, first lady of Angola. Photo: Presidential Court -
Guests stand for the national anthem during the opening ceremony of Abu Dhabi Sustainability Week. Photo: Presidential Court -
Children sing the UAE national anthem . Photo: Presidential Court -
Dr Sultan Al Jaber, Cop28 President-designate and the UAE's special envoy on climate change, speaks at the opening of Abu Dhabi Sustainability Week. Khushnum Bhandari / The National -
Mr Yoon, a keynote speaker at Abu Dhabi Sustainability Week. Khushnum Bhandari / The National -
US climate envoy John Kerry, centre. Khushnum Bhandari / The National -
Azerbaijan’s President Ilham Aliyev. Khushnum Bhandari / The National -
From left, Phillip Cornell, senior fellow of Atlantic Council Global Energy Centre; Christian Bruch, president and chief executive officer of Siemens Energy; Lorenzo Simonelli, chairman, president and chief executive of Baker Hughes; and Marisa Drew, chief sustainability officer of Standard Chartered. Khushnum Bhandari / The National
The Emirates is investing Dh600 billion ($163.3 billion) in clean and renewable energy projects over the next three decades as it aims to achieve net zero emissions by 2050. It is building the Mohammed bin Rashid Solar Park in Dubai with a five-gigawatt capacity. Abu Dhabi, which is developing a two-gigawatt solar plant in its Al Dhafra region, has set a target of 5.6 gigawatts of solar photovoltaic (PV) capacity by 2026.
“In Africa, we are the largest renewable energy company… deploying and accelerating renewable energy projects across sub-Sahara, North Africa,” Mr Al Ramahi said.
In November last year, a Masdar-led consortium announced a 10-gigawatt wind project in Egypt. One of the largest wind farms in the world, it will reduce carbon dioxide emissions by 23.8 million tonnes per year, equivalent to 9 per cent of Egypt’s current output, Masdar said.
It also signed an agreement with Tanzania Electric Supply Company (Tanesco) to develop renewable energy projects with a combined total capacity of up to two gigawatts.
Masdar and Tanesco are establishing a joint venture entity that will initially focus on the development of solar PV and onshore wind clean energy projects with a capacity of about 600 megawatts.
Madar also pledged $200 million to finance projects as part of the Energy Transition Accelerator Financing platform launched by the International Renewable Energy Agency, according to Mr Al Ramahi.
In 2021, the UAE launched the Energy Transition Accelerator Financing platform to accelerate the transition to renewable energy in developing countries. Abu Dhabi Fund for Development is also supporting the platform.
Investment in renewable energy needs to double to more than $4 trillion by the end of the decade to meet the net-zero emissions target by 2050, the International Energy Agency said in its World Energy Outlook last year.
