Masdar, IRENA to triple global renewable energy capacity

Abu Dhabi Future Energy Company PJSC - Masdar, one of the world’s leading clean energy companies, has signed an agreement with the International Renewable Energy Agency (IRENA) to cooperate on a major international knowledge project setting out the means to triple global renewable energy capacity by 2030.

During the UAE Climate Tech Forum in Abu Dhabi, Mohamed Jameel Al Ramahi, CEO of Masdar, and Gauri Singh, Deputy Director-General of IRENA, signed a Memorandum of Understanding (MoU) to collaborate on a project for COP28 that will outline global targets for renewable energy by 2030.

The MoU was signed in the presence of Dr Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman of Masdar, and COP28 President-Designate; and Dr. Nawal Al-Hosany, Permanent Representative of the UAE to the International Renewable Energy Agency (IRENA).

The main objective of the project is to establish a global baseline for renewable energy, with a focus on solar, wind, hydropower, geothermal, and other technologies including battery storage, complemented by region-specific data.

Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, Chairman of Masdar and COP28 President-Designate, said, “The world needs to commit to tripling global renewable energy capacity by 2030 and to double it again by 2040. In the 17 years since the UAE established Masdar in 2006, the cost of a kilowatt hour of solar energy has plummeted to under 2 cents and we need to harness this pioneering spirit of innovation now more than ever.”