Abu Dhabi’s clean energy company Masdar has nearly doubled its clean energy capacity and carbon dioxide displacement in two years.
The company grew its renewable energy capacity to 20 gigawatts in 2022, producing 18,000 gigawatt hours of clean energy and reducing carbon dioxide emissions by 10 million tonnes, Masdar said on Thursday.
The company said it was “on track” to meet its goal of becoming one of the world’s largest renewable energy companies by 2030.
Masdar aims to grow its capacity to at least 100 gigawatts of renewable energy by the end of the decade.
“In the past 17 years, Masdar became one of the world’s largest renewable energy investors and drivers of the energy transition,” said Dr Sultan Al Jaber, Cop28 President-designate and chairman of Masdar.
“Our momentum will see us accelerate global clean energy growth, expand our renewable energy footprint and play a vital role in delivering the UAE’s Net Zero by 2050 strategic initiative.
“As the UAE prepares to host Cop28, we are keen to collaborate with all parties to help the world triple renewable energy capacity by 2030 and achieve the goals of the Paris Agreement,” added Dr Al Jaber, who is also the UAE’s Minister of Industry and Advanced Technology.
Masdar is active in more than 40 countries and has invested in or committed investments to projects worth more than $30 billion.
It holds a 50 per cent stake in the Big Beau solar project in California
Dr Sultan Al Jaber says this is the decade to provide clean energy the world needs
Last week, Masdar signed an initial agreement with the International Renewable Energy Agency (Irena) to co-operate on a major research project that will lead to the tripling of global renewable energy capacity by 2030.
The agreement is expected to provide a global baseline for renewable energy with a focus on solar, wind, hydropower, geothermal and other technology, including battery storage.
Last year was "a pivotal year in our legacy of growth. Throughout our history, Masdar has proven to be a pioneering force for sustainable change", said Mohamed Al Ramahi, chief executive of Masdar.
“With a uniquely talented team and a strong network of partners behind us, the future promises to be even brighter for Masdar, the UAE, and the world.”
Masdar has developed a green finance framework to guide future financing, including issuing green bonds, emphasising sustainability and aligning with best financial industry practices.
The issuance of green bonds in the Middle East region grew by 38 per cent between 2016 and 2020, and in 2020 alone, Middle Eastern governments drove 97 per cent of green bond issuances, compared with 13 per cent four years earlier, according to the Boston Consulting Group.
“Sustainable financing is more in demand than ever. Through our work we are creating opportunities for financial institutions to become part of the green financing agenda and to really put sustainable investments at the core of everything they do,” said Niall Hannigan, chief financial officer at Masdar.
“Every dollar of debt capital we raise will be deployed into developing green projects across the globe to the highest ESG standards, and a substantial proportion of that deployment will be in developing countries.”
In December, Masdar announced its new shareholding structure as part of a deal with the Abu Dhabi National Energy Company, better known as Taqa, Mubadala Investment Company and Adnoc, along with the creation of a green hydrogen business unit.
Masdar plans to produce one million tonnes of green hydrogen every year by the end of the decade.