[ad_1]
Abu Dhabi renewable energy company Masdar said its mission was to put the UAE on the path to a sustainable, diversified economy, adding that the clean energy portfolio it operates had emitted nearly 7.5 million tonnes of carbon dioxide last year, an increase from 2020 38% adjusted the figure of 5.4 million tons.
In a statement to mark Earth Day 2022, CEO Mohamed Jameel Al Ramahi said: “At Masdar, we are proud pioneers in communicating our sustainability goals and achievements to our stakeholders.”
He highlighted Masdar’s positive impact on carbon reduction targets, which, according to Masdar’s 2021 Sustainability Report, replaced nearly 7.5 million tonnes of carbon dioxide in the clean energy mix the company operated last year, up from an adjusted 5.4 million tonnes in 2020. 10,000 tons increased by 38%.
Overall, the total capacity of Masdar’s portfolio — both installed and under development — grew 40 percent last year to more than 15 gigawatts (GW).
Al Ramahi reiterated Masdar’s ambition to achieve and eventually double Masdar’s portfolio capacity of 100 GW, in addition to playing a key role in the UAE’s strategic initiative to achieve net zero emissions by 2050 and support the COP28 climate journey next year A change conference will be held in the UAE.
Environmental, social and corporate governance (ESG) remains at the heart of Masdar’s mission and purpose, as its 2021 Sustainability Report demonstrates.
Supporting this work is the Masdar Sustainability Council (MSC), an employee-led body focused on identifying and implementing sustainable practices, integrating sustainability into its day-to-day operations, and improving sustainability across the company. Continue to develop awareness.
A recent IPCC report also highlighted the importance of increased investment, with financial flows still below levels needed to limit global warming to below 2 degrees Celsius.
Likewise, Abu Dhabi companies have long led by example, showing how the business world can achieve the global sustainability agenda.
Last year alone, Masdar committed more than $3 billion in renewable energy, bringing the total value of its renewable energy portfolio to more than $20 billion, with operations in more than 40 countries around the world.
It has also demonstrated its commitment to ESG through the ongoing development of Masdar City, its flagship sustainable urban development and Abu Dhabi’s only planned and approved R&D cluster and leading innovation centre (now home to over 1,000 businesses).
Major research projects initiated by the city include the world’s first solar/thermal energy storage power project to extract water from the air, and an electric thermal energy storage system solution that enables 24/7 clean energy utilization.
A series of development programs across the company provided a total of more than 4,700 hours of study time for employees across the company and more than 1,800 hours of health training for employees.
The decision by Moody’s Investors Service and Fitch Ratings to assign Masdar its first-ever credit rating places the company firmly in the investment-grade category, which can be seen as an endorsement of the company’s approach to governance and the strength of its business.
Moody’s and Fitch have assigned Masdar’s long-term ratings of A2 and A+, respectively, with stable outlooks.
“These ratings confirm the importance Masdar places on governance in its business,” Masdar general counsel Jonathan Evans said in the sustainability report. “While ESG standards are constantly evolving, ratings agency assessments reflect the strong foundation Masdar has created for itself.”
Furthermore, by 2022, the three major energy giants in the UAE – Adnoc, Taqa and Mubadala – will join forces to transform Masdar into a true global clean energy powerhouse.
[ad_2]
Source link