Abu Dhabi-based renewable energy company Masdar improved its clean energy project portfolio to 40 per cent in 2021, it said on Monday, displacing almost 7.5 million tonnes of carbon dioxide, a 38 per cent increase compared to 2020 levels.
The electricity generation capacity of all projects Masdar has invested in – either installed or under development – increased from 10.7GW to over 15GW in 2021, according to the company’s 2021 Annual Sustainability Report.
“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 Masdar CEO Mohamed Jameel Al Ramahi.
“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.”
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 $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 23GW of renewable energy, with the expectation of reaching over 100GW.
Masdar City hits milestone
In spite of the pandemic, Masdar City hit the milestone of more than 1,000 businesses operating in the free zone and achieved a 99 per cent occupancy in commercial assets. It 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 24x7 clean energy utilisation.