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Abu Dhabi Future Energy Company PJSC – Masdar, a global leader in clean energy, has released its annual Sustainability Report, announcing a significant expansion in its clean energy capacity. The report highlights key achievements in CO2 avoidance and future growth plans through an ambitious green bond program.
Masdar increased its clean energy capacity by 58% in 2023, growing from 20GW in 2022 to 31.5GW. The company generated over 26,700GWh of clean energy last year, preventing 14 million tonnes of CO2 emissions, equivalent to removing 870,000 cars from the road. This marks a rise from 10 million tonnes of CO2 avoided in 2022.
The report also emphasizes Masdar’s focus on sustainable finance, including the launch of a US$3 billion Green Bond offering on the London Stock Exchange. This initiative is expected to drive further investment in renewable energy projects globally.
Key projects from 2023 include the Al Dhafra Solar PV, the world’s largest single-site solar power plant, as well as significant advancements in the UAE’s first wind project and Southeast Asia’s largest floating solar plant in Indonesia.
Masdar CEO Mohamed Jameel Al Ramahi highlighted the company’s commitment to environmental, social, and governance (ESG) standards, with Masdar receiving a rating of 2 and a score of 71/100 from ESG rating provider Sustainable Fitch. The company also became the first in EMEA to earn the Sustainability PurePlayer Label.
Under its new shareholder structure, which includes UAE energy leaders TAQA, ADNOC, and Mubadala, Masdar aims to expand its renewable energy portfolio to 100GW by 2030, supporting global climate action aligned with the UAE’s COP28 commitments. |
