Abu Dhabi Future Energy Company PJSC, Masdar, one of the world’s leading clean energy companies, has announced that it has nearly doubled its clean energy capacity and CO2 displacement in the space of two years and is on track to fulfill its ambition of becoming one of the world’s largest renewable energy companies by 2030.
Masdar achieved a clean energy capacity of 20 GW in 2022, generated 18,000 GWh of clean energy, and displaced 10 million tons of CO2. The Sustainability Report, which covers Masdar’s global operations for 2022, also highlights the launch of a Green Finance Framework, as well as the company’s commitment to health and safety, and the achievements of programs involving women and young people.
The Sustainability Report provides clear evidence of the UAE’s commitment to climate action and its credentials as a clean energy champion as it prepares to host COP28 later this year. With significant agreements and projects in the pipeline, Masdar is set to play a major role in the overall success of the UAE’s Year of Sustainability in 2023.
In 2022, Masdar signed several significant 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, and 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 Masdar’s significant contribution to sustainability and alignment with best financial industry practices.
In addition to green financing, Masdar’s Sustainability Report emphasized the company’s commitment to becoming a global green hydrogen leader with plans to produce up to 1 million tonnes of green hydrogen per annum by 2030. Masdar focuses on meeting green hydrogen demand domestically and internationally by targeting key segments, including aviation, ammonia, steel, maritime, power, refining, and heavy-duty transportation.
Highlighting the increasing role of women in the company, Masdar’s Sustainability Report also revealed nearly 25 percent of all women employed by Masdar are in supervisory roles, and at the youth level, Masdar’s Youth 4 Sustainability (Y4S) platform is seeking to reach one million young people by 2030 through its blended learning experience. Masdar is active in more than 40 countries across six continents and has invested or committed to invest in worldwide projects with a combined value of more than US$30 billion.
