Masdar has nearly doubled its clean energy capacity and CO2 displacement in the space of two years, putting it on track to become one of the largest renewable energy companies by 2030.
The company achieved a clean energy capacity of 20GW in 2022, generated 18,000GWh of clean energy and displaced 10 million tonnes of CO2.
The details are covered in Masdar’s new Sustainability Report, which includes its global operations for 2022 and highlights the launch of a Green Finance Framework.
In 2022, the company signed several agreements in new and existing markets including Uzbekistan, Azerbaijan, Egypt, Jordan, Kyrgyzstan, Turkmenistan, and Tanzania.
The Sharjah Waste-to-Energy project, the first commercial scale waste to energy project in the Middle East was inaugurated in partnership with BEEAH.
Meanwhile work continued on the Al Dhafra Solar Photovoltaic (PV) Independent Power Producer Project, set to be the world’s largest single-site solar power plant upon completion.
Masdar has developed a Green Finance Framework to guide all future financing activities – including plans to become an issuer of Green Bonds in the debt capital markets – and to highlight the company’s significant contribution to sustainability and alignment with best financial industry practices.
Masdar chief executive officer Mohamed Jameel Al Ramahi said: “2022 was a pivotal year in our legacy of growth. We officially welcomed ADNOC and TAQA as Masdar’s shareholders alongside Mubadala, setting out on an ambitious course to grow our clean energy capacity to 100GW and 1 million tonnes per year of green hydrogen production by 2030.
“Throughout our history, Masdar has proven to be a pioneering force for sustainable change. With a uniquely talented team and a strong network of partners behind us, the future promises to be even brighter for Masdar, the UAE, and the world.”
The company’s chief financial officer Niall Hannigan added: “Sustainable financing is more in demand than ever.
“Through our work we are creating opportunities for financial institutions to become part of the green financing agenda and to really put sustainable investments at the core of everything they do.
“Every dollar of debt capital we raise will be deployed into developing green projects across the globe to the highest ESG standards, and a substantial proportion of that deployment will be in developing countries.”