Masdar Sustainability Report Highlights 58% Growth In Global Clean Energy Capacity For 2023

Abu Dhabi Future Energy Company PJSC, known as Masdar, has unveiled its annual Sustainability Report. The report highlights a notable increase in clean energy capacity and CO2 reduction. It also outlines plans for growth through a sustainable bond programme. In 2023, Masdar expanded its clean energy portfolio to 31.5GW, generating over 26,700GWh of clean energy and preventing 14 million tonnes of CO2 emissions, up from 10 million tonnes the previous year.

The report covers Masdar’s global operations for 2023 and introduces a roadmap for a US$3 billion Green Bond offering at the London Stock Exchange. This initiative aims to boost investment in renewable energy worldwide. Significant projects were launched in 2023, enhancing Masdar’s global sustainability impact. New and existing markets like Indonesia, Saudi Arabia, the UAE, Egypt, and Azerbaijan saw milestone projects come online or reach agreement.

In the UAE, Al Dhafra Solar PV was inaugurated as the world’s largest single-site solar power plant. Additionally, the country’s first wind project was integrated into the national grid. Southeast Asia witnessed the launch of its largest floating solar plant, the 145MW Cirata plant. These developments underscore Masdar's commitment to advancing renewable energy solutions globally.

Mohamed Jameel Al Ramahi, CEO of Masdar, stated: "As Masdar’s latest sustainability report highlights, 2023 was a pivotal year as we continued on a path of unprecedented growth, increasing our global clean energy capacity by more than fifty percent. Leveraging the power of our shareholders, we entered new markets, pioneered clean energy solutions, and played a vital role in supporting the UAE’s climate action leadership."

The report also emphasizes Masdar's dedication to strong Environmental, Social and Governance (ESG) practices across its operations. Their green bonds initiative has achieved top ESG credentials. This commitment is reflected in their rating of 2 and an entity score of 71 from Sustainable Fitch.

Recognition and Future Goals

In 2023, Masdar became the first EMEA corporate to earn the Sustainability PurePlayer Label for companies focused on environmental advancements. The Sustainability Report showcases achievements under a new shareholding structure with UAE energy giants TAQA, ADNOC, and Mubadala. It provides evidence of the UAE's dedication to climate action and highlights Masdar's role in facilitating the country's energy transition.

The milestones detailed in the report support tripling global renewable energy capacity as part of the UAE Consensus reached at COP28. The report underscores Masdar’s significant representation of the UAE on the international stage to promote energy transition efforts.

To date, Masdar has developed projects in over 40 countries across six continents. They aim to expand their renewable energy portfolio capacity to 100GW by 2030.

With inputs from WAM