Masdar Releases 2024 Green Finance Report, Highlighting Over US$1.685B of Green Bond Proceeds Deployed in Clean Energy Projects
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Annual report details deployment of over US$1.685 billion in green bond proceeds to clean energy projects by end of 2024
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For every US$1 million invested in green bonds in 2023 and 2024, approximately 3,700 tonnes of CO2 equivalent are avoided annually
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Updated Green Finance Framework enables further investment in next-generation clean technologies such as green hydrogen and energy storage systems
Abu Dhabi Future Energy Company PJSC – Masdar, a global clean energy leader, today published its 2024 Green Finance Report, outlining the renewable energy projects financed by Masdar’s green bond issuances and impacts achieved.
More than US$1.685 billion in green bond proceeds from 2023 and 2024 issuances were allocated as of 31 December, to new solar, onshore and offshore wind, and energy storage projects. These deployments are catalyzing the development of clean energy across the United Arab Emirates, Saudi Arabia, the United States, Germany and the United Kingdom, as well as markets such as Uzbekistan, Azerbaijan and Serbia.
The report shows that for every US$1 million invested through Masdar green bonds, approximately 3,700 tonnes of CO₂ emissions are avoided every year through beneficiary projects. This brings the total avoided emissions attributed to its green bonds to more than 6.28 million tonnes of CO2 per year.
Mazin Khan, Chief Financial Officer at Masdar, said:
Masdar’s green finance strategy is underpinned by disciplined capital allocation, robust ESG integration and transparent reporting. We are proud to deploy bond proceeds towards greenfield projects under strict criteria, enabling clean energy progress while maintaining a high level of financial efficiency and investor confidence.
In March this year, Masdar revised its Green Finance Framework to broaden eligibility to include green hydrogen and stand-alone battery energy storage systems. Moody’s Investor Services subsequently re-affirmed Masdar’s Sustainability Quality score of SQS1 (Excellent) in its Second Party Opinion, and verified that the Framework is aligned with international best practices including the ICMA Green Bond Principles and the Green Loan Principles.
Following this, demand for Masdar’s US$1 billion green bond issuance in May 2025 led to 6.6x oversubscription, with allocation finalized with a split of 85 percent to international investors and 15 percent to MENA investors. This year’s issuance brings the total amount raised since the company began its green bond program in 2023 to US$2.75 billion.
Masdar’s green bond program is complemented by broader financing activities, including US$6 billion in non-recourse financing in 2024 to develop 11GW of clean energy across 12 projects in 9 countries.
Upholding its commitment to transparency in sustainable finance, Masdar engaged Ernst & Young to provide a limited assurance review of the allocation of proceeds and selected environmental impact metrics outlined in its 2024 Green Finance Report.
For more information, visit www.masdar.ae/en/investors
