Masdar, UAE’s clean energy firm, has signed an agreement with the International Renewable Energy Agency (IRENA) to plan for a major international knowledge project that would focus on tripling global renewable energy capacity by 2030.
The agreement was signed during the UAE Climate Tech Forum in Abu Dhabi (May 10-11) to collaborate on a project for COP28 that will focus on global targets for renewable energy by 2030. The MoU was signed by Mohamed Jameel Al Ramahi, CEO of Masdar, and Gauri Singh, Deputy Director-General of IRENA.
The other delegates present were Dr Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman of Masdar, and COP28 President-Designate, by Mohamed Jameel Al Ramahi, CEO of Masdar, and Gauri Singh, Deputy Director-General of IRENA.
As per the firm’s statement, the main objective of the project is to build a global baseline for renewable energy, with a focus on solar, wind, hydropower, geothermal, and other technologies including battery storage, complemented by region-specific data.
Commenting on this, Dr Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, Chairman of Masdar and COP28 President-Designate, said, “The world needs to commit to tripling global renewable energy capacity by 2030 and to double it again by 2040. In the 17 years since the UAE leadership established Masdar in 2006, the cost of a kilowatt hour of solar energy has plummeted to under 2 cents and we need to harness this pioneering spirit of innovation now more than ever. Masdar has already committed to growing its total capacity five-fold to 100GW by the end of the decade and this joint research project with IRENA will emphasize the vital role of renewable energy in limiting global warming when the world comes together at COP28.”
Francesco La Camera, Director-General of IRENA added, “The transition to renewables provides a sustainable and affordable solution to many of the challenges we face today, and we have the technology to deploy at speed and scale. In 2022, a record 300 GW of renewables were added and renewable power now accounts for 40% of total installed generation capacity globally. Despite this progress, the energy transition is off track. IRENA’s World Energy Transitions Outlook indicates that the deployment of renewables must reach 1000 GW annually to keep the 1.5°C target alive.”
He further informed that the project will also focus on the the challenges faced by different regions in meeting their renewable energy ambitions and thus providing suggestions for action, particularly in the context of COP28.