Abu Dhabi Future Energy Company PJSC – Masdar, one of the world’s leading clean energy companies, has announced that it grew its clean energy portfolio and advanced pipeline of clean energy capacity to 31.5GW in 2023.
Masdar 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 figures were detailed in Masdar’s annual Sustainability Report, which showed 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 programme.
The report, which covers Masdar’s global operations for 2023, highlights the launch of the company’s roadmap to a $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: “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. This landmark report also showcases our unwavering commitment to embedding strong Environmental, Social and Governance (ESG) practices across every part of our organization, including through our industry-leading green bonds initiative that has achieved the highest ESG credentials.”
The 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.
Till 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.