Abu Dhabi-based Masdar, one of the world’s leading renewable energy companies, will continue to strengthen its support for global climate action, with its clean energy project portfolio capacity reportedly increased by 40 percent in 2021.
According to the company’s annual sustainability report for 2021, in the global pandemic, the power generation capacity of all projects installed or being developed by Masdar – increased from 10.7 gigawatts (GW) to over 15 GW in 2021. Masdar’s operating clean energy portfolio displaced almost 7.5 million tones of CO2 last year, a 38 percent rise in 2020.
Mohamed Jameel Al Ramahi CEO – Masdar
“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, the three energy giants of the UAE, ADNOC, TAQA and Mubadala jointly announced the partnership with Masdar brand to form a clean energy powerhouse with an integrated, current, committed and exclusive capacity of more than 23 GW of renewable energy under the Masdar brand.
“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,” Mr. Al Ramahi added.
This report, which covers Masdar’s impact on the COVID-19 in 2021, is based on the Global Reporting Initiative (GRI) criteria: Core Option. The report highlights Masdar’s UAE and overseas activities, including KPIs’ across sustainable economic and innovation, environmental and social contributions, and human capital and governance.
In 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 accredited research and development cluster and a leading hub for innovation, has surpassed the milestone of more than 1,000 businesses operating in the Free Zone and occupies 99 percent of commercial assets.
The City has unveiled a number of research projects, including Khalifa University and Masdar’s AQUOVUM, the world’s first solar/thermal energy storage project to extract water from the air, and Azelio electrical thermal energy storage system technology that enables 24/7 clean energy utilization.
