The UAE flagship renewable energy company Masdar has announced that it has almost doubled its clean energy capacity and CO2 displacement in a space of just two years. Masdar claims to be on track to become one of the world’s largest renewable energy companies by 2030.
Masdar achieved a clean energy capacity of 20 GW in 2022, generated 18,000 GWh of clean energy. The quantum of energy is enough to displace 10 million tonnes of CO2. The Sustainability Report, which covers Masdar’s global operations for 2022, also highlights the launch of a Green Finance Framework.
In 2022, Masdar signed significant agreements in new and existing markets including Uzbekistan, Azerbaijan, Egypt, Jordan, Kyrgyzstan, Turkmenistan, and Tanzania. Its work continued on the Al Dhafra Solar Photovoltaic (PV) Independent Power Producer Project, set to be the world’s largest single-site solar power plant upon completion.
Dr Sultan Ahmed Al Jaber, Masdar Chairman, said that in the past 17 years, Masdar became one of the world’s largest renewable energy investors and drivers of the energy transition. “Our momentum will see us accelerate global clean energy growth, expand our renewable energy footprint, and play a vital role in delivering the UAE’s Net Zero by 2050 strategic initiative.”
Mohamed Jameel Al Ramahi, CEO, Masdar, said, “2022 was a pivotal year in our legacy of growth. We officially welcomed ADNOC and TAQA as Masdar’s shareholders alongside Mubadala, setting out on an ambitious course to grow our clean energy capacity to 100 GW and 1 million tonnes per year of green hydrogen production by 2030.”
Masdar’s Sustainability Report also says that the company looks to become a global green hydrogen leader with plans to produce up to 1 million tonnes of green hydrogen per annum by 2030.
Masdar is currently active in more than 40 countries across six continents. Till date, it has invested, or committed to invest, in worldwide projects with a combined value of more than US$30 billion.