Masdar, one of the world’s largest renewable energy firms, is increasing its support for global climate action by increasing the capacity of its clean energy project portfolio by 40% in 2021.
Despite the worldwide pandemic, the power generating capacity of all Masdar projects – whether installed or under development – climbed from 10.7 gigatonnes (GW) in 2016 to more than 15 GW in 2021, according to the company’s 2021 Annual Sustainability Report. Masdar’s operational renewable energy portfolio displaced about 7.5 million tonnes of CO2 last year, representing a 38% increase over 2020.
Masdar’s Chief Executive Officer, Mohamed Jameel Al Ramahi, stated: “Masdar has been a vital contributor to climate change mitigation and net-zero activities in the UAE and across the world since its inception in 2006. I am delighted that we were able to maintain our positive influence and assist move the UAE closer to its net-zero carbon objectives in the year that the UAE launched its pioneering Net-Zero by 2050 Strategic Initiative and was accorded the distinction of hosting the COP28 climate summit.”
Last December, it was announced that three of the UAE’s energy behemoths – ADNOC, TAQA, and Mubadala – would join forces 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 goal of eventually reaching over 200 GW.
“Masdar and our environmental objective will reach new heights in the future. With our new shareholders and structure in place, we intend to greatly expand our worldwide renewable energy capacity via the power of collaboration. In doing so, we commit to reinforce our ESG credentials while boosting our contribution to the UN Sustainable Development Goals in accordance with the UAE’s own efforts “Al Ramahi stated.
The report, which covers Masdar’s operations in the UAE and across the world, was created in compliance with the Global Reporting Initiative (GRI) Standards: Core Option. It examines KPIs spanning sustainable finance and innovation, environmental and social contributions, human capital, and governance to reveal Masdar’s influence in 2021, during the COVID-19 epidemic.
Masdar will join additional markets in 2021, including Azerbaijan, Armenia, Georgia, Greece, Iraq, and Poland, bringing its renewable energy investments to more than 40 nations with a total value of more than US$20 billion.
Masdar City, Abu Dhabi’s first planned and sanctioned R&D cluster and a premier innovation hub, has reached the milestone of more than 1,000 enterprises operating in the Free Zone and has achieved 99 per cent commercial asset occupancy. AQUOVUM, Khalifa University, and Masdar announced the world’s first solar/thermal energy storage-powered project to extract water from the air, as well as the Azelio electrical thermal energy storage system technology, which enables 24/7 clean energy use.
In response to the pandemic, Masdar implemented a variety of efforts, including 24/7 PCR testing and availability to COVID-19 vaccinations at Masdar City locations, to safeguard the health, safety, and well-being of its employees, renters, and partners.
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