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ABU DHABI, 11th May, 2023 (WAM) — Abu Dhabi Future Energy Company, PJSC – Masdar, one of the world’s leading clean energy companies, has signed an agreement with the International Renewable Energy Agency, IRENA, on major The International Knowledge Development Collaboration develops ways to triple global renewable energy capacity by 2030.
During the UAE Climate Technology Forum in Abu Dhabi, Masdar CEO Mohamed Jameel Al Ramahi and IRENA Deputy Director-General Gauri Singh signed a Memorandum of Understanding (MoU) to collaborate on a project for COP28 that will Outline global targets for renewable energy by 2030.
The MoU was signed in the presence of Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, Masdar Chairman and COP28 Chair-designate; Dr. Nawal Al-Hosany, UAE Permanent Representative to the International Renewable Energy Agency (IRENA) .
The main goal of the project is to establish a global baseline for renewable energy, focusing on solar, wind, hydro, geothermal and other technologies including battery storage, supplemented by region-specific data.
Dr Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, Chairman of Masdar and Chairman-designate of COP28, said: “The world needs to commit to tripling global renewable energy In the 17 years since the UAE leadership established Masdar in 2006, the cost of a kilowatt-hour of solar power has fallen below 2 cents, and now more than ever we need to capitalize on this pioneering spirit. Masdar has committed Increasing its total capacity five-fold to 100GW by the end of the decade, this joint research project with IRENA will underscore the vital role of renewable energy in limiting global warming when the world gathers at COP28.”
Francesco La Camera, Director General of IRENA, added: “The transition to renewable energy offers sustainable and affordable solutions to many of the challenges we face today, and we have technologies that can be deployed quickly and at scale. 2022, New Renewable energy reached a record 300 gigawatts (GW), and renewable energy now accounts for 40% of total global installed capacity. Despite these gains, the energy transition remains off track. IRENA’s World Energy Transition Outlook shows that the deployment of renewable energy must reach 1000 GW per year to maintain the 1.5°C target.”
The project will also highlight challenges faced by different regions in meeting renewable energy targets and provide recommendations for action, especially in the context of COP28. The recent Petersburg Climate Dialogue in Berlin produced a clear consensus on reducing global emissions and set binding global targets for the expansion of renewable energy.
Founded in 2006, Masdar is a clean energy powerhouse in the UAE, active in more than 40 countries around the world, and has invested in a series of renewable energy projects with a total installed capacity of approximately 20 gigawatts (GW).
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