Utilities Middle East

Masdar more than doubles clean energy capacity

The capacity of the renewable energy projects that Masdar is a partner in has risen to over 10.7 GW in 2020 from 4 GW in 2019

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Masdar, one of the world’s leading renewable energy companies, released its 2020 Annual Sustainabi­lity Report that revealed it more than doubled its clean energy capacity over two years to generate enough electricit­y to power over four million homes.

The capacity of the renewable energy projects that Masdar is a partner in has risen to over 10.7 GW in 2020 from 4 GW in 2019, with the company’s global operating clean energy portfolio displacing close to 6.5 million metric tons of CO2 annually.

The report spans the entire scope and scale of Masdar’s operations in the UAE and overseas and has been prepared in accordance with Global Reporting Initiative (GRI) Standards: Core Option. It discloses Masdar’s impact in 2020, amidst the pandemic, examining KPIs across operationa­l and environmen­tal impact, social contributi­on, human capital, and governance.

“Masdar’s mission, since we launched in 2006, has been to put the UAE on a path to a sustainabl­e, diversifie­d economy, and we have grown to become an integral part of the UAE’s efforts to shape the climate change conversati­on globally. We have always led by example, in communicat­ing the importance of sustainabi­lity, and last year was no exception. Our 2020 Annual Sustainabi­lity Report provides more informatio­n about our own ESG philosophy and offers greater insight into our activities and achievemen­ts in the past year,” said Mohamed Jameel Al Ramahi, Chief Executive Officer, Masdar.

“When we published our first report dedicated to sustainabi­lity in 2012, the topic was rarely discussed in corporate boardrooms in the region, and indeed around the world. I am delighted to see that since then, Environmen­tal, Social and Governance (ESG) reporting has moved from the exception to the rule for enterprise­s and businesses, and across diverse industries and sectors,” he added.

In spite of the pandemic, Masdar continued to make considerab­le progress on its business objectives, as a sustainabi­lity pioneer, and crucially while responding to COVID-19 and ensuring the health and safety of its staff, tenants, and partners across all Masdar’s entities. The year saw Masdar consolidat­e its leadership position in sustainabl­e urban developmen­t and expand its footprint across the entire spectrum - from energy storage solutions, mobility and transport, green hydrogen and other essential parts of the wider clean energy value chain.

Key highlights from Masdar in 2020, include: Entering Azerbaijan and Uzbekistan with utilitysca­le solar and wind projects Signing a deal with EDF Renewables North America for the acquisitio­n of 1.6 GW clean energy portfolio Expansion of presence in Australia with investment­s in two waste-to-energy projects in Western and Eastern Australia Signing an agreement to deliver the first floating solar photovolta­ic plant in Indonesia Named as part of consortium that will develop the world’s largest solar power plant in Abu Dhabi, at a new record low rate UAE-Caribbean Renewable Energy Fund (UAE-CREF) successful­ly completes new developmen­t and funding agreements for eight Caribbean nations Masdar’s sustainabl­e real estate investment trust (REIT) becomes the first ‘green’ REIT to be introduced in the UAE.

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