Abu Dhabi Future Energy Company (Masdar) and the International Renewable Energy Agency (IRENA) have signed a Memorandum of Understanding (MoU) to create a roadmap that aims to triple global renewable energy capacity by 2030.
Mohamed Jameel Al Ramahi, CEO of Masdar, and Gauri Singh, deputy director-general of IRENA, signed the MoU at the UAE Climate Tech Forum in Abu Dhabi and will now cooperate on “a major international knowledge project” as a means to achieve the ambitious target.
“The main objective of the project is to establish 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,” said Masdar.
“The project will also highlight the challenges faced by different regions in meeting their renewable energy ambitions and provide recommendations for action, particularly in the context of COP28. The recent Petersberg Climate Dialogue in Berlin concluded with a clear consensus for cuts in global emissions and a global, binding target for the expansion of renewables,” added the company.
HE Dr Sultan bin Ahmed Al Jaber, UAE 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 300GW 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 1000GW annually to keep the 1.5°C target alive.”
Established in 2006, Masdar is active in more than 40 countries and says it has invested in a portfolio of renewable energy projects with a combined capacity of around 20 GW.