Newsroom

• Masdar’s clean energy capacity rose from 20GW in 2022 to 31.5GW in 2023, with operational projects generating 26,702GWh of power, avoiding 14 million tonnes of CO2e

• Masdar’s ESG commitment demonstrated by rating of 2 and company score of 71/100 from ESG rating provider Sustainable Fitch, as well as new transparent emissions reporting

• Report highlights launch of Masdar’s Green Bond and roadmap to US$3 billion in sustainable finance

Abu Dhabi Future Energy Company PJSC – Masdar, one of the world’s leading clean energy companies, announced the release of its annual Sustainability Report, including a significant expansion of its clean energy capacity and resulting impact on CO2 avoidance, as well as plans for growth through an ambitious sustainable bond program.

Masdar grew its clean energy portfolio and advanced pipeline of clean energy capacity to 31.5GW in 2023, generated more than 26,700GWh of clean energy and avoided 14 million tonnes of CO2e, up from 10 million tonnes the previous year. This is the equivalent of removing almost 870,000 cars from the road .

The Sustainability Report, which covers Masdar’s global operations for 2023, highlights the launch of the company’s roadmap to a US$3 billion Green Bond offering at the London Stock Exchange to unlock investment in renewable energy across the globe.

With significant projects initiated in 2023, Masdar’s growing portfolio substantially increased its global sustainability impact. Milestone projects in new and existing markets including Indonesia, Saudi Arabia, the UAE, Egypt and Azerbaijan came online or were signed into agreement. Al Dhafra Solar PV, the world’s largest single-site solar power plant, was inaugurated in the UAE, and the country’s first wind project was added to the national power grid, and Southeast Asia’s largest floating solar plant, the 145MW Cirata plant, came online.

Mohamed Jameel Al Ramahi Chief Executive Officer, Masdar, said:

Masdar’s Sustainability Report also details the company’s rating of 2 and entity score of 71 from one of the leading sustainability rating providers Sustainable Fitch, reflecting Masdar’s good ESG performance and the green nature of its assets. In 2023, Masdar became the first EMEA corporate to receive the Sustainability PurePlayer Label for companies whose business is focused on environmental advancements.

Showcasing Masdar’s sustainability achievements in its first year under a new shareholding structure bringing together UAE energy giants TAQA, ADNOC and Mubadala, Masdar’s 2023 Sustainability Report presents clear evidence of the country’s commitment to climate action and Masdar’s role as a key enabler of the UAE’s energy transition. Milestones outlined in the report support the tripling of global renewable energy capacity as part of the UAE Consensus reached at COP28, and the report highlights Masdar’s crucial representation of the UAE on the global stage to advance the energy transition.

To-date, Masdar has developed and partnered in projects in more than 40 countries across six continents, with a clear mandate to increase its renewable energy portfolio capacity to 100GW by 2030.

To view Masdar’s 2023 Annual Sustainability Report, please click here

• Masdar’s clean energy capacity rose 33 percent to 20 GW in 2022, an 87 percent rise since 2020
• 10 million tonnes of CO2 were displaced in 2022, an 85 percent increase since 2020
• Masdar’s 2022 Sustainability Report highlights the launch of its Green Finance Framework, success of programs championing women and youth

Abu Dhabi Future Energy Company PJSC – Masdar, one of the world’s leading clean energy companies, has announced that it has nearly doubled its clean energy capacity and CO2 displacement in the space of two years, and is on track to fulfill its ambition of becoming one of the world’s largest renewable energy companies by 2030.

Masdar achieved a clean energy capacity of 20 GW in 2022, generated 18,000 GWh of clean energy and displaced 10 million tonnes of CO2. The Sustainability Report, which covers Masdar’s global operations for 2022, also highlights the launch of a Green Finance Framework, as well as the company’s commitment to health and safety, and the achievements for programs involving women and young people. 

The Sustainability Report provides clear evidence of the UAE’s commitment to climate action and its credentials as a clean energy champion as it prepares to host COP28 later this year. With significant agreements and projects in the pipeline, Masdar is set to play a major role in the overall success of the UAE’s Year of Sustainability in 2023.

In 2022, Masdar signed several significant agreements in new and existing markets including Uzbekistan, Azerbaijan, Egypt, Jordan, Kyrgyzstan, Turkmenistan, and Tanzania. The Sharjah Waste-to-Energy project, the first commercial scale waste to energy project in the Middle East was inaugurated in partnership with BEEAH, and work continued on the Al Dhafra Solar Photovoltaic (PV) Independent Power Producer Project, set to be the world’s largest single-site solar power plant upon completion. 

Masdar has developed a Green Finance Framework to guide all future financing activities – including plans to become an issuer of Green Bonds in the debt capital markets – and to highlight Masdar’s significant contribution to sustainability and alignment with best financial industry practices. 

HE Dr Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman of Masdar and COP28 President-Designate, said: “In the past 17 years, Masdar became one of the world’s largest renewable energy investors and drivers of the energy transition. Our momentum will see us accelerate global clean energy growth, expand our renewable energy footprint, and play a vital role in delivering the UAE’s Net Zero by 2050 strategic initiative. Our 2022 report shows just what an impactful year it has been for Masdar and our ESG and sustainability ambitions. As the UAE prepares to host COP28, we are keen to collaborate with all parties to help the world triple renewable energy capacity by 2030 and achieve the goals of the Paris Agreement. As such Masdar will continue to contribute to the advancement of renewable energy and sustainable development around the world.”

Mohamed Jameel Al Ramahi Chief Executive Officer, Masdar, said: “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 100 GW and 1 million tonnes per year of green hydrogen production by 2030. Throughout our history, Masdar has proven to be a pioneering force for sustainable change. With a uniquely talented team and a strong network of partners behind us, the future promises to be even brighter for Masdar, the UAE, and the world.”

Niall Hannigan, Chief Financial Officer, Masdar, said: “Sustainable financing is more in demand than ever. Through our work we are creating opportunities for financial institutions to become part of the green financing agenda and to really put sustainable investments at the core of everything they do. Every dollar of debt capital we raise will be deployed into developing green projects across the globe to the highest ESG standards, and a substantial proportion of that deployment will be in developing countries.”

In addition to green financing, Masdar’s Sustainability Report emphasized the company’s commitment to become a global green hydrogen leader with plans to produce up to 1 million tonnes of green hydrogen per annum by 2030. Masdar is focused on meeting green hydrogen demand domestically and internationally by targeting key segments, including aviation, ammonia, steel, maritime, power, refining and heavy-duty transportation.

Highlighting the increasing role for women in the company, Masdar’s Sustainability Report also revealed nearly 25 percent of all women employed by Masdar are in supervisory roles, and at the youth level, Masdar’s Youth 4 Sustainability (Y4S) platform is seeking to reach one million young people by 2030 through its blended learning experience.

Masdar is active in more than 40 countries across six continents and has invested, or committed to invest, in worldwide projects with a combined value of more than US$30 billion.

To view Masdar’s 2022 Annual Sustainability Report, please click here.

• Abu Dhabi Sustainability Week and Masdar-produced report finds decarbonization budgets are significant source of concern, with less than a third of executives believing their funds are adequate
• 60 percent of organizations taking steps to reduce emissions but have not yet set net-zero targets, with reliable financing the main barrier to accelerating commitments
• Half of industry executives now believe net zero is more feasible than previously but call on governments to boost support

Executives from ‘hard-to-abate’ industries have called for increased financing to support decarbonization efforts, following the release of a landmark report that outlines less than a third believe they have adequate budgets to do so, and over half have not yet set net-zero targets.

Reducing emissions in the hard-to-abate industries – cement, steel, aluminum, petrochemicals, shipping, aviation, heavy industry, and manufacturing – is vital in the effort to combat climate change, with industry and transport accounting for almost half of global emissions. 

The findings from ‘Hard to Abate, Ready to Start’, published today by Masdar, the host of Abu Dhabi Sustainability Week (ADSW), in partnership with FT Longitude, furthers the discussion on decarbonization by identifying the biggest hurdles, and what is needed to drive greater action in the lead up to the 2023 United Nations Climate Change Conference (COP28) in the UAE.

Although challenging, the report finds that half of senior industry leaders are more confident that net zero in their business is more achievable today compared to a few years ago.

HE Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, COP28 President-Designate, and Chairman of Masdar, said “COP28 will see the conclusion of the Global Stocktake, offering a review of progress against the Paris Agreement. We know that the results will show a significant gap in where we are and where we need to be. The UAE is committed to addressing this, to reigniting momentum and to bringing the goal of 1.5 within reach. Addressing carbon emissions in hard-to-abate sectors is a priority in that regard. There is simply no path to net-zero that does not include decarbonizing these essential industries.”

Despite the optimism that exists across the industry, and the emergence of innovative new technologies to capture and store carbon, reliable finance remains a major barrier for accelerating progress for many senior executives. Despite strong progress across the sector over the past decade, 60 percent of organizations surveyed across Europe, Asia-Pacific, the Middle East, and North America have still not set decarbonization targets, and leaders from those organizations cite a lack of reliable finance as the main barrier for committing to targets. 83 percent and 62 percent of senior executives from the Middle East and Asia-Pacific respectively highlighted that they are taking steps to reduce emissions but have not set a target date for completion. Further, only 30 percent of senior executives overall, indicated their budgets will be able to meet decarbonization needs, and more than 50 percent are concerned about the impact of global economic headwinds on decarbonization investment.

Ahead of COP28, the UAE Presidency has made clear that access to finance and capital will be a priority, noting that both governments and private sector partners require the resources needed to commit to transformative action. This includes investing in the breakthrough technologies and innovations needed to drive ambition, such as carbon capture and storage, and other forms of decarbonization.

In addition to financing hurdles, the report also highlights the disparity in available technologies to accelerate decarbonization. Despite the progress made in recent years, the research outlines the gap in “frontier” technologies available at a commercial scale, delaying energy-intensive industries in ramping up decarbonization efforts. 

Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, said “Building on important momentum gained during ADSW 2023, this report is a vital tool to drive forward decarbonization in hard-to-abate industries. Masdar, a global clean energy powerhouse, will continue to play a leading role by fostering global collaboration amongst governments and private sector partners. We intend to seize the opportunity of utility-scale renewable energy and focus our investments in frontier technologies like sustainable aviation fuel and green hydrogen to help accelerate global progress ahead of COP28 and beyond.”

As well as calling for greater industry collaboration, the report highlights the importance of increased public sector support and calls upon global governments to deliver innovative incentives across funding, legislation, and taxation to support national net-zero targets. As highlighted in the report, only 24 percent of senior executives expect to receive funding from government funds or incentives and 41 percent believe that without greater incentives and funding they will be unable to meet their domestic market’s net-zero targets.

Publication of today’s report comes ahead of the UAE’s preparations to host COP28 later this year. This global event will act as a major milestone in progressing conversations and inclusive solutions across all sectors, including those hard-to-abate industries. In convening key players from this sector, COP28 will aim to accelerate climate action and deliver concrete outcomes and solutions for climate change. 

In his role as COP President-Designate, Dr Al Jaber has emphasized the need to address gaps by bringing public and private partners together in a “COP of Action, and a COP for All”. The UAE is firmly committed to an inclusive approach to climate action that includes industry leaders, civil society, academics, women, youth, and indigenous peoples.  

In addition to COP28, ‘Hard to Abate, Ready to Start’ will help frame discussions at the upcoming International Energy Week in London and S&P CERA Week in Houston, Texas.

Abu Dhabi Sustainability Week (ADSW) is a global initiative championed by the UAE and its clean energy powerhouse Masdar, to accelerate sustainable development and advance economic, social, and environmental progress. Established in 2008, ADSW provides a global platform for all who have a stake in the future of our planet. ADSW brings together leaders from across governments, the private sector and civil society, to discuss and engage on bold climate action and the innovations that will ensure a sustainable world for future generations.

Read the full report here.

• Africa could capture up to 10% of global green hydrogen market, helping to create up to 3.7 million jobs and adding as much as US$120bn to GDP by 2050, report released at COP27 shows
• Green hydrogen production on this scale would accelerate deployment of renewable energy across continent and increase electrification rate
• Report produced by Masdar and Abu Dhabi Sustainability Week with analytical support provided by McKinsey & Company 

Africa could capture as much as 10 percent of the global green hydrogen market, helping to create up to 3.7 million jobs and adding as much as US$120 billion to the continent’s gross domestic product (GDP), according to a landmark report issued jointly by Masdar and its Abu Dhabi Sustainability Week (ADSW) platform on the sidelines of the 2022 United Nations Climate Change Conference (COP27).  

Africa’s plentiful solar and wind resources could be leveraged to produce 30 to 60 million tonnes per annum (mtpa) of green hydrogen by 2050, about 5 to 10 percent of global demand, according to the report, “Africa’s Green Energy Revolution: Hydrogen’s role in unlocking Africa’s untapped renewables,” produced with analytical support provided by McKinsey & Company.

An African hydrogen industry with that production capacity would likely create 1.9 to 3.7 million jobs and boost GDP by as much as US$60 to 120 billion by 2050, the report finds.

Mohamed Jameel Al Ramahi, Masdar Chief Executive Officer, said, “This report provides a blueprint for African nations to deliver sustainable, low-carbon growth while extending energy access across the continent. Green hydrogen has the potential to reduce emissions, unlock economic opportunities, and create new and valuable jobs for countries across the Middle East and North Africa region. Masdar has long recognized green hydrogen’s potential, with investments as far back as 2008. With several green hydrogen projects underway today around the world – including a number in Africa – we look forward to continuing to work closely with our African partners to maximize the many achievable benefits of green hydrogen highlighted in this report.”  

Africa could be among the most competitive sources for green hydrogen in the world, the report shows, with a cost of US$1.8 to 2.6 per kilogram (kg) in 2030, further decreasing to about US$1.2 to 1.6 per kg by 2050 as hydrogen production technology matures and renewable energy costs continue to decline. 

Proximity to demand centers in Europe and Asia also optimally positions the continent to build an export-oriented hydrogen sector, the report suggests, noting African energy exports via green hydrogen and derivatives would reach 20 to 40 mtpa by 2050.  

The remaining 10-20 mtpa would serve domestic hydrogen demand, helping to boost electrification of African communities and delivering other socioeconomic benefits, including a more sustainable energy grid, expanded clean energy access, and reduced reliance on fossil fuel imports.

Masdar Director of Asset Management and Technical Services, Mohammad Abdelqader El Ramahi, said: “Scaling up green hydrogen is an opportunity to not only build a robust global-export sector on the African continent, but also to accelerate the deployment of renewable energy overall. The grid-connected renewables used for green hydrogen production can feed energy into the grid to provide affordable clean energy to under-resourced areas – notably, in Sub-Saharan Africa, which has an average electrification rate of only 48 percent.” 

Enabling production on the scale of 30-60 mtpa would require between 1,500 and 3,000 terawatt hours (TWh) of renewable energy – equivalent to more than 50 times Africa’s current total production from solar and wind, the report states. The largest share of the investments (US$320- 610 billion) would go to the renewables needed to produce the hydrogen, followed by electrolysis plants (US$115-220 billion). For export projects, most of the needed capital is expected to come from foreign investors, according to the report.

Beyond investments, the report recommends six broad areas for action: development of an integrated master plan; governance, international coordination, and mobilization; establishment of regulatory frameworks for hydrogen exports; investments in infrastructure; sourcing and building a highly skilled workforce; and deployment of project de-risking mechanisms.

Masdar, one of the world’s leading clean energy companies, is actively involved in a number of projects related to green hydrogen production. In April, Masdar and Egypt’s Hassan Allam Utilities signed agreements with leading Egyptian state-backed organizations to cooperate on the development of green hydrogen production plants in the country, targeting an electrolyzer capacity of 4 gigawatts by 2030, and output of up to 480,000 tonnes of green hydrogen per year.

The Masdar-ADSW report on Africa’s green hydrogen potential can be found online  here

Renewable energy maintained its growth momentum in 2021 despite global uncertainties, accounting for 81 percent of total capacity expansion last year, according to the latest report from the International Renewable Energy Agency (IRENA).

By the end of 2021, global renewable generation capacity amounted to 3,064 gigawatts (GW), increasing the stock of renewable power by 9.1 percent, the Renewable Capacity Statistics 2022 report shows.

While hydropower still accounted for the largest share of total capacity with 1,230 GW, solar and wind continued previous years’ trend of dominating new generating capacity. Solar and wind represented 88 percent of new capacity in 2021, with 19 percent and 13 percent generating increases, respectively.

“This continued progress is another testament of renewable energy’s resilience. Its strong performance last year represents more opportunities for countries to reap renewables’ multiple socio-economic benefits. However, despite the encouraging global trend, [the] energy transition is far from being fast or widespread enough to avert the dire consequences of climate change,” said IRENA Director-General, Francesco La Camera.

“Our current energy crisis also adds to the evidence that the world can no longer rely on fossil fuels to meet its energy demand. Money directed to fossil fuel power plants yields unrewarding results, both for the survival of a nation and the planet. Renewable power should become the norm across the globe. We must mobilize the political will to accelerate the 1.5°C pathway.”

To achieve climate goals, renewables must grow at a faster pace than energy demand. However, many countries have not reached this point yet, despite significantly increasing the use of renewables for electricity generation.

Most of the new renewable capacity in 2021 was added in Asia, with 1.46 Terawatt (TW) accounting for 60 percent of new capacity. China was the biggest contributor, adding 121 GW to the continent’s new capacity.

Europe had the second-largest increased renewable capacity, adding 39 GW, while North America – led by the US – was a close third with 38 GW. South America had the fourth-highest capacity increase, amounting to 15.5 GW.

Africa’s renewable capacity grew by 3.9 percent while Central America and the Caribbean had an increase of 3.3 percent. The Middle East region recorded 4.5 percent growth, with a 1 GW increase in renewable sources.

The full Renewable Capacity Statistics 2022 including the highlights can be found here.

A reduction in the growth rate of global greenhouse gas emissions provides a short window of opportunity to limit the maximum temperature increase to 1.5°C (2.7°F) by 2025, and avoid the more catastrophic effects of climate change, scientists have stated in the latest Intergovernmental Panel on Climate Change (IPCC) report.

This was one of the major messages from the Summary for Policymakers of the IPCC Working Group III report, Climate Change 2022: Mitigation of climate change, approved on April 4 by 195 member governments of the IPCC. It is the third installment of the IPCC’s Sixth Assessment Report (AR6), which will be completed this year.

The report noted that although the average annual global greenhouse gas emissions were at their highest levels in human history during the 2010-2019 period, the rate of growth has since slowed due to climate action. Immediate and deep emissions reductions across all sectors can help contain global warming within the limit of a 1.5°C increase from pre-industrial times.

“We are at a crossroads. The decisions we make now can secure a livable future. We have the tools and know-how required to limit warming,” said IPCC Chair Hoesung Lee. “There are policies, regulations, and market instruments that are proving effective. If these are scaled up and applied more widely and equitably, they can support deep emissions reductions and stimulate innovation.” 

Some of the effective practices to reduce greenhouse gas emissions include a substantial reduction in fossil fuel use, widespread electrification, improved energy efficiency, and the use of alternative fuels (such as hydrogen). Creating compact and walkable cities, electrifying transport in combination with low-emission energy sources, and enhancing carbon uptake and storage using nature can also lower greenhouse gas emissions.

Other climate actions include reducing industry emissions – which account for a quarter of total emissions -- by reducing waste and increasing the efficient use of materials. Low- to zero-greenhouse gas production processes for basic materials like steel and chemicals are at their pilot to near-commercial stage and should contribute to overall industry sustainability in the future.

“Having the right policies, infrastructure, and technology in place to enable changes to our lifestyles and behavior can result in a 40-70% reduction in greenhouse gas emissions by 2050. This offers significant untapped potential,” said IPCC Working Group III Co-Chair Priyadarshi Shukla.
According to the IPCC, achieving the warming limit requires global greenhouse gas emissions to peak before 2025 at the latest, and be reduced by 43% by 2030. It also requires methane to be reduced by about a third.

“It’s now or never if we want to limit global warming to 1.5°C (2.7°F) … Without immediate and deep emissions reductions across all sectors, it will be impossible,” said IPCC Working Group III Co-Chair Jim Skea.

The global temperature will stabilize when carbon dioxide emissions reach net zero. For a 1.5°C (2.7°F) increase, this means achieving net-zero carbon dioxide emissions globally in the early 2050s; for a 2°C (3.6°F) increase, it is in the early 2070s. This assessment shows that limiting warming to around 2°C (3.6°F) still requires global greenhouse gas emissions to peak before 2025 at the latest, and be reduced by a quarter by 2030.

“Climate change is the result of more than a century of unsustainable energy and land use, lifestyles and patterns of consumption and production … This report shows how taking action now can move us towards a fairer, more sustainable world,” Skea said.

Abu Dhabi Sustainability Week, the sustainability platform hosted by Masdar, has produced a white paper highlighting some of the key findings from the ADSW Summit 2022, held in January. The Journey to Net Zero reflects the key themes of the event: Global Collaboration & Leadership, Innovation and Technology, and Sustainable Finance.

Attended by more than 80 specialists, heads of states, policy makers, global CEOs and leaders of international organizations, the ADSW Summit 2022 tackled the vital energy conversation, as well as the transition to sustainable economies and societies. 

“Today, world leaders have a responsibility towards the global population to act on climate,” the white paper states in its conclusion. “This includes mitigation measures, phasing out coal, focusing on the energy mix to bring in green technologies and green jobs, and reducing emissions to set forth the net zero path. Investing in energy, connectivity, and food systems, while using the necessary resources to make the required sustainable changes and ensuring jobs are at the heart of it, will render such a path all-inclusive.” 

For more information on the ADSW Summit, its sessions and to download The Journey to Net Zero, please click here.

Abu Dhabi Sustainability Week will return from January 14-21, 2023. 

Abu Dhabi Sustainability Week, hosted by Masdar, partnered with Harvard Business Review to conduct survey-led research into issues around the adoption of environmental, social and governance (ESG) practices and try to understand just how businesses are implementing ESG strategies.

The report, Reaping Returns on Environmental, Social and Governance Investments, which surveyed 249 executives from global businesses across a range of industries, found that interest in ESG adoption is strong, with 83 percent of respondents indicating that their organization will increase investment in ESG initiatives over the next 12 months. While only 9 percent of respondents said they have already seen a financial return on their ESG investment, most organizations believe this will lead to future financial benefits, with 22 percent saying they will see this within a year, although 41 percent said it would take two to five years.

According to the report, “strong tailwinds of change are encouraging organizations to assume greater corporate responsibility for their impact on the world’s natural resources, the well-being of employees, and ethical decision making in the boardroom.” However, developing an ESG strategy, one that evaluates and addresses issues that affect an organization’s operations and practices – and potentially its value – is still proving challenging, with 27 percent of respondents indicating that they have yet to put a formal ESG strategy in place, and 10 percent saying they are not currently working on improving their ESG performance.

To support the research, Abu Dhabi Sustainability Week recently hosted Alex Clemente, Founding Managing Director of Harvard Business Review Analytic Services who examined the report findings and discussed ESG in more detail. Moderated by Zainab Al Ali, Head of Outreach and Stakeholder Relations at Masdar, the virtual session can be watched here: https://www.youtube.com/watch?v=ebzyckDlASk

More information on the topic of ESG, including the full Harvard Business Review report can be found at adsw.ae.

Masdar is continuing to strengthen its support for global climate action, with the capacity of its clean energy project portfolio rising 40 percent in 2021.

The electricity generation capacity of all projects Masdar has invested in – either installed or under development – increased from 10.7 gigawatts (GW) to over 15 GW in 2021, according to the company’s 2021 Annual Sustainability Report. Masdar’s operating clean energy portfolio displaced almost 7.5 million tonnes of CO2 last year, a 38 percent rise on 2020.

“Since we were founded in 2006, Masdar has been a key contributor to climate change mitigation and net-zero efforts, both here in the United Arab Emirates and globally. In the year that the UAE unveiled its pioneering Net Zero by 2050 Strategic Initiative and was given the honor of hosting the COP28 climate conference, I am proud that we were able to continue our positive impact, and help bring the UAE closer to its net-zero carbon objectives,” said Mohamed Jameel Al Ramahi, Chief Executive Officer, Masdar. “Masdar is committed to leading by example – reflected in both our achievements and in our positive communication on the importance of sustainability. Our ninth annual report provides clear and concise information about our own sustainability philosophy, and offers an overview of our activities and achievements throughout 2021, as we marked our 15-year anniversary.”

The report, which covers Masdar’s operations in the UAE and overseas, has been prepared in accordance with Global Reporting Initiative (GRI) Standards: Core Option. It discloses Masdar’s impact in 2021, amidst the COVID-19 pandemic, examining KPIs across sustainable finance and innovation, environmental and social contributions, human capital, and governance.

During 2021, Masdar entered new markets including Azerbaijan, Armenia, Georgia, Greece, Iraq and Poland, extending its renewable energy investments to over 40 countries with a combined value of more than US$20 billion. Last December, it was announced that three of the UAE’s energy giants – ADNOC, TAQA and Mubadala – will partner under the Masdar brand to form a clean energy powerhouse with a combined current, committed, and exclusive capacity of over 23 GW of renewable energy, with the expectation of reaching over 100 GW.

“Masdar and our sustainability mission will scale even greater heights going forward. With our new shareholders and structure in place, we are looking to significantly grow our global clean energy capacity. In doing that, we pledge to further strengthen our ESG credentials while increasing our contribution to the United Nations Sustainable Development Goals in line with the UAE’s own efforts,” added Al Ramahi.

In spite of the pandemic, Masdar City, Abu Dhabi’s only planned and approved R&D cluster and a leading hub for innovation, hit the milestone of more than 1,000 businesses operating in the Free Zone and achieved a 99 percent occupancy in commercial assets. The City also unveiled a number of research projects including the world’s first solar/thermal energy storage-powered project to extract water from air by AQUOVUM, Khalifa University and Masdar, and the Azelio electrical thermal energy storage system technology that enables 24/7 clean energy utilization.

Masdar also rolled out a number of initiatives in response to the pandemic including 24/7 PCR testing and accessibility to COVID-19 vaccines at Masdar City sites, to ensure the health, safety, and wellbeing of its staff, tenants, and partners.

To view Masdar’s 2021 Annual Sustainability Report, please click here.

Human-induced climate change is already causing dangerous and widespread disruption in nature, affecting the lives of billions of people around the world, and time is running out to prevent its most serious consequences, according to scientists in the latest Intergovernmental Panel on Climate Change (IPCC) report, released this week.

The world faces unavoidable multiple climate hazards over the next two decades with global warming of 1.5°C, according to the IPCC, the world’s leading authority on climate science. Even temporarily exceeding this warming level will result in additional severe impacts, some of which will be irreversible. Risks for society will increase, including to infrastructure and low-lying coastal settlements.

“This report is a dire warning about the consequences of inaction,” said Hoesung Lee, Chair of the IPCC. “It shows that climate change is a grave and mounting threat to our wellbeing and a healthy planet. Our actions today will shape how people adapt and nature responds to increasing climate risks.”

To avoid mounting loss of life, biodiversity and infrastructure, ambitious, accelerated action is required to adapt to climate change, at the same time as making rapid, deep cuts in greenhouse gas emissions, the IPCC warns. So far, progress on adaptation is uneven and there are increasing gaps between action taken and what is needed to deal with the increasing risks, the new report finds. 

“This report recognizes the interdependence of climate, biodiversity and people and integrates natural, social and economic sciences more strongly than earlier IPCC assessments,” said Hoesung Lee. “It emphasizes the urgency of immediate and more ambitious action to address climate risks. Half measures are no longer an option.”

Increased heatwaves, droughts and floods are already exceeding plants’ and animals’ tolerance thresholds, driving mass mortalities in species such as trees and corals. These weather extremes are occurring simultaneously, causing cascading impacts that are increasingly difficult to manage. They have exposed millions of people to acute food and water insecurity, especially in Africa, Asia, Central and South America, on Small Islands and in the Arctic.

The report clearly states Climate Resilient Development is already challenging at current warming levels. It will become more limited if global warming exceeds 1.5°C. In some regions, it will be impossible if global warming exceeds 2°C, the IPCC warned. Adequate funding, technology transfer, political commitment and partnership lead to more effective climate change adaptation and emissions reductions.

“The scientific evidence is unequivocal: climate change is a threat to human wellbeing and the health of the planet. Any further delay in concerted global action will miss a brief and rapidly closing window to secure a liveable future,” said IPCC Working Group II Co-Chair Hans-Otto Pörtner.

It is still possible to adapt to a changing climate, with nature having the potential not only to reduce climate risks but also to improve people’s lives, the IPCC said. 

“Healthy ecosystems are more resilient to climate change and provide life-critical services such as food and clean water”, said Pörtner. “By restoring degraded ecosystems and effectively and equitably conserving 30 to 50 percent of Earth’s land, freshwater and ocean habitats, society can benefit from nature’s capacity to absorb and store carbon, and we can accelerate progress towards sustainable development, but adequate finance and political support are essential.”