Abu Dhabi Future Energy Company PJSC (Masdar) has launched its annual Sustainability Report, which showcases a substantial increase in its clean energy capacity and the corresponding reduction in CO2 emissions, alongside ambitious plans for future growth through a robust sustainable bond program.
In 2023, Masdar expanded its clean energy portfolio and advanced pipeline by 58 percent to reach 31.5 GW, generating over 26,700 GWh of clean energy and avoiding 14 million tons of CO2e. This marks an increase from 10 million tons the previous year, equivalent to removing nearly 870,000 vehicles from the roads.
Roadmap for sustainable investment
In addition, the Sustainability Report, which encompasses Masdar’s global operations for 2023, outlines the company’s roadmap for a $3 billion Green Bond offering at the London Stock Exchange, aimed at facilitating investments in renewable energy worldwide.
Impact of new projects
With several significant projects launched in 2023, Masdar’s expanding portfolio has had a marked impact on global sustainability. Notable projects in both new and existing markets, including Indonesia, Saudi Arabia, the UAE, Egypt, and Azerbaijan, either commenced operations or were formalized through agreements.
Key milestones in renewable energy
The inauguration of the Al Dhafra Solar PV plant, the world’s largest single-site solar facility, highlighted the UAE’s renewable energy advancements. Additionally, the nation’s first wind project was integrated into the national grid, and Southeast Asia’s largest floating solar installation, the 145 MW Cirata plant, began operations.
Read more: Abu Dhabi’s Masdar City cuts CO2 emissions by 30.6 percent in 2023, reducing 3,392.6 tons
Clean energy innovations
Mohamed Jameel Al Ramahi, CEO of Masdar, noted that 2023 was a transformative year for the company, marked by unprecedented growth as they increased their global clean energy capacity by over fifty percent. He emphasized that, by leveraging the support of their shareholders, they ventured into new markets, spearheaded clean energy innovations, and contributed significantly to the UAE’s climate leadership.
Commitment to ESG practices
This landmark report also emphasizes Masdar’s steadfast commitment to integrating robust Environmental, Social, and Governance (ESG) practices throughout the organization, bolstered by its pioneering green bonds initiative, which has earned top ESG ratings.
Recognition and ratings
The report reveals Masdar’s score of 2 and an entity score of 71 from Sustainable Fitch, a leading sustainability rating agency, reflecting the company’s strong ESG performance and the green credentials of its assets. In 2023, Masdar distinguished itself as the first corporate in the EMEA region to obtain the Sustainability PurePlayer Label, recognizing its focus on environmental progress.
Strategic importance for the UAE
Furthermore, highlighting Masdar’s sustainability achievements in its first year under a new shareholding structure that includes UAE energy leaders TAQA, ADNOC, and Mubadala, the 2023 Sustainability Report underscores the UAE’s commitment to climate action and Masdar’s pivotal role in facilitating the country’s energy transition.
Future goals and global impact
Moreover, the milestones presented in the report align with the UAE’s goal to triple global renewable energy capacity, as agreed upon at COP28, and underscore Masdar’s critical representation of the UAE on the international stage in advancing the energy transition. Additionally, to date, Masdar has developed and partnered on projects in over 40 countries across six continents, with a clear objective to expand its renewable energy portfolio to 100 GW by 2030.
For more news on sustainability, click here.
