Masdar has reported significant growth in its clean energy capacity and CO2 displacement, positioning itself to become one of the largest players in the industry by 2030.
According to Masdar's recently released Sustainability Report, the company achieved a clean energy capacity of 20GW in 2022, generating an impressive 18,000GWh of clean energy and displacing 10 million tonnes of CO2. These achievements reflect a near doubling of the company's clean energy capacity and CO2 displacement in just two years.
The Sustainability Report also highlights Masdar's global operations for 2022, including its expansion into new and existing markets. The company signed agreements in countries such as Uzbekistan, Azerbaijan, Egypt, Jordan, Kyrgyzstan, Turkmenistan, and Tanzania, solidifying its presence in these regions.
In collaboration with BEEAH, Masdar celebrated the inauguration of the Sharjah Waste-to-Energy project, the Middle East's first commercial-scale waste-to-energy initiative. This milestone reflects the company's commitment to innovative solutions for sustainable energy generation.
Additionally, Masdar continued its efforts on the Al Dhafra Solar Photovoltaic (PV) Independent Power Producer Project, which is set to become the world's largest single-site solar power plant upon completion. This project exemplifies Masdar's dedication to large-scale clean energy infrastructure.
To further guide its future financing activities, Masdar has developed a Green Finance Framework. This framework aims to support the company's plans to issue Green Bonds in the debt capital markets and underscores its significant contributions to sustainability and alignment with best financial industry practices.
Masdar's CEO, Mohamed Jameel Al Ramahi, expressed his enthusiasm for the company's progress, stating, “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 achieve 1 million tonnes per year of green hydrogen production by 2030.”
Niall Hannigan, the company's CFO, emphasized the increasing demand for sustainable financing and the role Masdar plays in facilitating green investments. Hannigan stated, “Through our work, we are creating opportunities for financial institutions to become part of the green financing agenda and to prioritize sustainable investments. Every dollar of debt capital we raise will be allocated to developing green projects worldwide, adhering to the highest ESG standards, with a substantial portion dedicated to developing countries.”
Masdar's commitment to sustainable growth and its partnerships with key stakeholders position the company for continued success, benefiting not only the UAE but also the global effort to combat climate change and create a more sustainable future.
