Abu Dhabi Future Energy Company PJSC (Masdar), one of the world’s leading clean energy companies, has considerably expanded its clean energy capacity in 2023, growing its global portfolio and advanced pipeline by 58%, according to its newly released annual Sustainability Report.
Masdar’s clean energy capacity surged from 20GW in 2022 to 31.5GW in 2023. Operational projects generated more than 26,700GWh of clean power during the year, avoiding approximately 14 million tonnes of CO2 emissions, equivalent to removing nearly 870,000 cars from the road. This marks a substantial increase from the 10 million tonnes of CO2 avoided in 2022.
The report also highlights Masdar’s launch of a US$3 billion Green Bond program, aimed at unlocking investment in renewable energy projects worldwide. The Green Bond offering, launched at the London Stock Exchange, is part of Masdar’s roadmap to finance future clean energy initiatives.
“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,” said Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar. “We entered new markets, pioneered clean energy solutions, and played a vital role in supporting the UAE’s climate action leadership.”
Masdar’s sustainability initiatives in 2023 include major projects across Indonesia, Saudi Arabia, the UAE, Egypt, and Azerbaijan. Among the notable achievements were the inauguration of the world’s largest single-site solar plant, Al Dhafra Solar PV, in the UAE, and the addition of Southeast Asia’s largest floating solar plant in Indonesia, the 145MW Cirata project.
The report also underscores Masdar’s commitment to Environmental, Social, and Governance (ESG) standards, with the company earning a rating of 2 and an overall score of 71/100 from ESG rating provider Sustainable Fitch.
Masdar also became the first EMEA corporate to receive the Sustainability PurePlayer Label, recognizing its focus on environmental advancements.
The milestones align with the UAE’s climate action goals, including the tripling of global renewable energy capacity, as outlined during COP28. Masdar’s growth and its role in the UAE’s energy transition underscore the nation’s commitment to leading on climate action globally.
With projects in more than 40 countries across six continents, Masdar aims to increase its renewable energy capacity to 100GW by 2030, further enhancing its role as a global clean energy leader.
“Our commitment to an inclusive and just energy transition was made evident in our investment and innovation across the Global South. This includes the 16 Caribbean islands backed by the UAE-Caribbean Renewable Energy Fund, where Masdar’s latest hurricane-resistant hybrid solar PV plant in Barbuda supported its residents by powering 100% of the island’s energy,” said Dr. Sultan Ahmad Al Jaber, Chairman of Masdar.
“Likewise in Asia, we have leveraged AI technology to protect wildlife at our Zarafshan Project in Uzbekistan, showing our commitment to mitigating biodiversity risks.”
Masdar showcased its world-leading innovation in renewable energy by leveraging cutting-edge technology to inaugurate the 145 MW Cirata floating solar PV plant in Indonesia, Southeast Asia’s largest. Plans for further expansion aim to make it the largest floating solar project globally.
Closer to home, Masdar unveiled the Al Dhafra Solar PV Plant in Abu Dhabi, the world’s largest single-site solar project currently in operation. Additionally, Masdar launched the UAE Wind Program, marking the introduction of utility-scale wind power to the UAE’s national electricity grid.
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.
According to the report, the global energy transition represents the biggest economic opportunity since the First Industrial Revolution. These initiatives create high-value jobs, stimulate technological innovation, and enhance energy security across the 40 countries spanning six continents where Masdar operates.
