[ad_1]
Abu Dhabi Future Energy Company (Masdar) has nearly doubled its clean energy capacity and CO2 emissions in two years and is on track to become one of the world’s largest renewable energy companies by 2030.
Masdar achieves 20 GW of clean energy capacity in 2022, generates 18,000 GWh of clean energy and emits 10 million tons of CO2, according to Masdar’s Sustainability Report, which covers its 2022 ’s global operations, and highlighted the launch of the Green Finance Framework, as well as the company’s commitment to health and safety, as well as the achievement of programs involving women and young people.
In addition to green financing, Masdar’s sustainability report also highlights the company’s commitment to becoming a global leader in green hydrogen, with plans to produce up to 1 million tonnes of green hydrogen per year by 2030.
green hydrogen
Masdar is focused on meeting domestic and international demand for green hydrogen by targeting key sectors such as aviation, ammonia, steel, marine, power, refining and heavy transportation.
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.
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.
Key transactions
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.
influential year
“Our 2022 report shows that the year will be profound for Masdar and our ESG and sustainability ambitions. As the UAE prepares to host COP28, we are eager to work Tripling renewable energy capacity and meeting the goals of the Paris Agreement. Masdar will therefore continue to contribute to the advancement of renewable energy and sustainable development around the world.”
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, along with Mubadala, and embark on an ambitious plan to We increased our clean energy capacity to 100 GW and produced 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 network of partners, the future of Masdar, the UAE and the world will be brighter.”
sustainable financing
Niall Hannigan, Masdar Chief Financial Officer, 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 will be used to develop green projects around the world that meet the highest ESG standards, with a significant portion going to developing countries.”
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. — trade arab news agency
[ad_2]
Source link