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ABU DHABI, 18th May, 2023 (WAM) — Abu Dhabi Future Energy Company, Masdar, has announced that it has nearly doubled its clean energy production capacity and CO2 emissions in just two years and is on track to Realize its ambition to become one of the world’s largest energy suppliers. Become the world’s largest renewable energy company by 2030.
According to the company’s sustainability report, Masdar will achieve 20 gigawatts (GW) of clean energy capacity in 2022, generating 18,000 gigawatt hours (GWh) of clean energy and displacing 10 million tons of carbon dioxide. Covering Masdar’s global operations to 2022, the report also highlights the launch of the Green Finance Framework, as well as the company’s commitment to health and safety, and achievements in projects involving women and young people.
Commitment to Climate Action
The sustainability report clearly demonstrates the UAE’s commitment to climate action and its credentials as a clean energy champion as it prepares to host COP28 later this year. With key agreements and projects in the pipeline, Masdar will play an important role in the overall success of the UAE Year of Sustainability in 2023.
In 2022, Masdar has signed several important agreements in new and existing markets such as Uzbekistan, Azerbaijan, Egypt, Jordan, Kyrgyzstan, Turkmenistan and Tanzania. The Sharjah Waste-to-Energy project, the Middle East’s first commercial-scale waste-to-energy project, was launched in partnership with BEEAH and work continues on the Al Dhafra Solar Photovoltaic (PV) IPP project, which will be the world’s largest post-construction Largest single-site solar power plant.
Masdar has developed a green finance framework to guide all future financing activities – including plans to become a debt capital market green bond issuer – and underscores Masdar’s commitment to sustainability and alignment with best financial industry practices significant contribution.
Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman of Masdar and Chairman-elect of COP28, said: “Over the past 17 years, Masdar has become the world’s largest investor in renewable energy and a driver of the energy transition. Our momentum will allow us to accelerate the growth of clean energy globally, expand our renewable energy footprint and play a major role in achieving the UAE’s 2050 Net Zero Emissions Strategic Initiative.”
Al Jaber added: “Our 2022 report reveals a year that will be far-reaching for Masdar and our ESG and sustainability ambitions. As the UAE prepares to host COP28, we are eager to work with all parties to help the world Triple renewable energy capacity to achieve the goals of the Paris Agreement by 2030. Masdar will therefore continue to contribute to the advancement of renewable energy and sustainable development around the world.”
Create sustainable change
Mohamed Jameel Al Ramahi, CEO of Masdar, said: “2022 is a pivotal year for our growth. We formally welcome ADNOC and TAQA as shareholders of Masdar alongside Mubadala, embarking on an ambitious plan to Increase our clean energy capacity to 100 GW per year and produce 1 million tons of green hydrogen per year. Throughout our history, Masdar has proven to be a pioneering force for sustainable change. With our uniquely talented team and strong collaboration With a network of partners, the future of Masdar, the UAE and the world will be brighter.”
Niall Hannigan, CFO of Masdar, said: “The need for sustainable financing is greater than ever. Through our work, we are creating opportunities for financial institutions to become part of the green financing at the heart of everything it does. Every dollar of debt capital we raise goes towards developing green projects around the world that meet the highest ESG standards, with a significant portion going to developing countries.”
In addition to green financing, Masdar’s sustainability report also highlights the company’s commitment to become a global leader in green hydrogen, with plans to produce up to 1 million tons of green hydrogen per year by 2030. Masdar is focused on meeting domestic and international demand for green hydrogen, targeting key sectors including aviation, ammonia, steel, marine, power, refining and heavy transport.
Masdar’s Sustainability Report highlights the growing role of women in the company and also reveals that nearly 25% of all women employed by Masdar are in managerial positions, while at the youth level Masdar’s Youth 4 Sustainability (Y4S) platform is seeking Reach 1 million young people through its blended learning experiences by 2030.
Masdar is active in more than 40 countries on six continents, and has invested or committed to global projects with a combined value of more than $30 billion.
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