Masdar says momentum is high in post-Cop28 clean power drive

Chief executive Mohamed Jameel Al Ramahi welcomes Dubai deal at London conference

Masdar has investments in 40 countries including wind turbines in the UK. Getty Images
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The head of UAE renewable energy company Masdar gave an upbeat view of the drive for cleaner power on Wednesday, saying momentum is high after Cop28 in Dubai.

Countries are making progress on using more renewables even as troubles such as the Red Sea crisis affect worldwide supply chains, Masdar's chief executive Mohamed Jameel Al Ramahi said.

Speaking in London during International Energy Week, he welcomed a pledge that emerged from Cop28 to treble the world's renewable energy capacity by 2030.

He said the outcome in Dubai, where the world also agreed for the first time to "transition away" from fossil fuels, made it the most successful climate summit since the landmark Paris Agreement in 2015.

"From my perspective, that Cop in Dubai was a really a special Cop," he said.

"I've seen these negotiators working day and night from all over the world trying to get consensus on certain things related to climate. It would be really shameful if we do not continue the journey."

Mr Al Ramahi said the pledge to triple renewables was one of the areas "where we are really happy with the outcome" in the renewables industry.

He also welcomed early efforts to raise money to meet Dubai's pledges, a topic expected to be central to Cop29 in Azerbaijan this autumn.

The UAE announced it will pump $30 billion into a private investment vehicle called Alterra that aims to raise $250 billion globally.

"To triple renewables, we need money in today's world, which is very difficult to access, or if it's not difficult it's very expensive," the Masdar chief executive said.

"By the end of Cop28, they were able to raise a lot of capital to be deployed where it should be deployed. Most of that capital, hopefully, will go towards who? The Global South, which is fabulous.

Masdar currently operates in 40 countries and has a total investment of about $20 billion. On Tuesday, it broke ground on two UK sites as part of a battery storage project.

With global tensions such as the wars in Ukraine and Gaza putting strain on the world economy, Mr Al Ramahi said it was sometimes difficult to source materials and transport them across the world.

But despite these difficulties, countries are at least "aligned on one agenda, which is a climate issue. They are committed to tripling renewable energy," he said.

"The world doesn't get along on everything. There are different opinions. At least they get along on one thing, which is what? Climate.

"You have a good year in 2023 vis-a-vis installation. You have a commitment globally. Governments are signing off on policies, regulation, to enable the implementation of renewables, and that's good."

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Updated: February 28, 2024, 5:07 PM