Masdar, one of the world’s leading renewable energy companies, continues to strengthen its support for global climate action, with the capacity of its clean energy project portfolio rising 40 percent in 2021.
Despite the global pandemic, the electricity generation capacity of all projects Masdar has invested in – either installed or under development – increased from 10.7 gigawatts (GW) to over 15 GW in 2021, according to the company’s 2021 Annual Sustainability Report. Masdar’s operating clean energy portfolio displaced almost 7.5 million tonnes of CO2 last year, a 38 percent rise on 2020.
Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar said: “Since we were founded in 2006, Masdar has been a key contributor to climate change mitigation and net-zero efforts, both here in the United Arab Emirates and globally. In the year that the UAE unveiled its pioneering Net Zero by 2050 Strategic Initiative and was given the honor of hosting the COP28 climate conference, I am proud that we were able to continue our positive impact and help bring the UAE closer to its net-zero carbon objectives.”
Last December, it was announced that three of the UAE’s energy giants – ADNOC, TAQA and Mubadala – will partner under the Masdar brand to form a clean energy powerhouse with a combined current, committed, and exclusive capacity of over 23 GW of renewable energy, with the ambition of reaching over 200 GW.
“Masdar and our sustainability mission will scale even greater heights going forward. With our new shareholders and structure in place, we are looking to significantly grow our global clean energy capacity through the power of partnership. In doing that, we pledge to further strengthen our ESG credentials while increasing our contribution to the United Nations Sustainable Development Goals in line with the UAE’s own efforts,” added Al Ramahi.
The report, which covers Masdar’s operations in the UAE and overseas, has been prepared in accordance with Global Reporting Initiative (GRI) Standards: Core Option. It discloses Masdar’s impact in 2021, amidst the COVID-19 pandemic, examining KPIs across sustainable finance and innovation, environmental and social contributions, human capital, and governance.
During 2021, Masdar entered new markets including Azerbaijan, Armenia, Georgia, Greece, Iraq and Poland, extending its renewable energy investments to over 40 countries with a combined value of more than US$20 billion.
Masdar City, Abu Dhabi’s only planned and approved R&D cluster and a leading hub for innovation, hit the milestone of more than 1,000 businesses operating in the Free Zone and achieved a 99 percent occupancy in commercial assets. The City also unveiled a number of research projects including the world’s first solar/thermal energy storage-powered project to extract water from air by AQUOVUM, Khalifa University and Masdar, and the Azelio electrical thermal energy storage system technology that enables 24/7 clean energy utilization.