The Abu Dhabi Future Energy Company PJSC (Masdar) has unveiled its annual Sustainability Report, showcasing a remarkable expansion of its clean energy portfolio and the associated impact on CO2 emissions, alongside ambitious plans for growth through a sustainable bond programme.
In 2023, Masdar increased its clean energy capacity and advanced pipeline to 31.5 gigawatts (GW), generating over 26,700 gigawatt-hours (GWh) of clean energy and preventing the emission of 14 million tonnes of CO2 equivalent (CO2e). This figure marks a significant rise from 10 million tonnes in the previous year, which is comparable to taking nearly 870,000 vehicles off the roads.
The Sustainability Report, which encapsulates Masdar’s global initiatives for 2023, also details the company’s plan to launch a $3 billion Green Bond offering on the London Stock Exchange to attract investments in renewable energy worldwide.
With several major projects initiated in 2023, Masdar’s expanding portfolio has significantly enhanced its sustainability impact on a global scale. Noteworthy projects in both emerging and established markets such as Indonesia, Saudi Arabia, the UAE, Egypt, and Azerbaijan were either launched or formalized during this period.
Among the highlights is the inauguration of the Al Dhafra Solar PV plant, recognized as the largest single-site solar power facility in the world, along with the integration of the UAE’s first wind project into the national power grid. Additionally, Southeast Asia’s largest floating solar facility, the 145-megawatt Cirata plant, became operational.
Masdar’s Chief Executive Officer, Mohamed Jameel Al Ramahi, stated, “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.”
Al Ramahi further emphasized, “This landmark report also showcases our unwavering commitment to embedding strong Environmental, Social and Governance (ESG) practices across every part of our organisation, including through our industry-leading green bonds initiative that has achieved the highest ESG credentials.”
The report also reveals Masdar’s sustainability rating of 2 and an entity score of 71 from Sustainable Fitch, one of the foremost sustainability rating organizations, underscoring Masdar’s commendable ESG performance and the eco-friendly nature of its assets.
In 2023, Masdar distinguished itself as the first corporate entity in the EMEA region to earn the Sustainability PurePlayer Label, which recognizes companies dedicated to environmental innovation.
This year’s report reflects Masdar’s sustainability milestones in its inaugural year under a new shareholder structure that includes prominent UAE energy firms TAQA, ADNOC, and Mubadala. It provides clear evidence of the UAE’s commitment to climate action and underscores Masdar’s critical role in facilitating the nation’s energy transition.
The milestones outlined in the report align with the UAE’s commitment to tripling global renewable energy capacity, as agreed at COP28, while also highlighting Masdar’s significant representation of the UAE on the global stage to promote energy transition.
To date, Masdar has developed and collaborated on projects in over 40 countries across six continents, with an ambitious goal of increasing its renewable energy capacity to 100 GW by 2030.
