Masdar set to showcase nation’s renewable energy plans at COP28

Abu Dhabi Future Energy Company Masdar, is gearing up to support the nation’s renewable energy ambitions and leadership at the 2023 United Nations Climate Change Conference (COP28).

As a COP28 Principal Pathway Partner, Masdar will maintain a highly visible presence throughout the 12-day event with a packed programme of events, activations, discussions and forums. Aimed at a wide range of audiences, Masdar’s activities will also have a special emphasis on supporting women sustainability leaders and young people interested in a career in the sector.

The Masdar Stand, located within the Energy Transition Hub in COP28’s Green Zone, will showcase the company’s history and ambitions. Visitors to the stand will discover the key role that Masdar is playing in supporting the UAE’s clean energy commitments and its target to become the world’s largest renewable energy company and a green hydrogen champion by 2030, placing the UAE at the forefront of the energy transition.

Mohamed Jameel Al Ramahi, Masdar’s Chief Executive Officer, said, “Masdar is proud of the pioneering role we have played in advancing the clean energy sector and enabling the UAE’s vision as a global leader in sustainability and climate action. As a COP28 Principal Pathway Partner, we embrace this opportunity to showcase our proven track record in advancing the commercialisation and deployment of renewable energy and clean technologies to address the world’s sustainability challenges.” Masdar’s strategic initiatives will be well-represented at COP28. This includes Abu Dhabi Sustainability Week (ADSW), a global initiative championed by the UAE and Masdar to accelerate sustainable development and advance economic, social, and environmental progress.

The Women in Sustainability, Environment and Renewable Energy (WiSER) global platform that champions women as leaders of sustainable change and Youth 4 Sustainability (Y4S), which supports the development of young people to enable them to become the sustainability leaders of tomorrow, will also host a number of events.

Mohamed Jameel Al Ramahi added, “Masdar will be doing our utmost to ensure COP28, led by our Chairman and COP28 President-Designate Dr. Sultan Al Jaber is a resounding success. We are mindful that the fight against climate change does not end with COP28 and our special programme of events will highlight the role that women and the next generation will play in leading the world’s sustainability efforts.” Masdar’s presence at COP28 will spotlight the impressive renewable credentials the company has built since its formation in 2006 under its founding CEO, and now Chairman, Dr. Sultan Al Jaber, who has been a pioneer of the global renewable energy sector for 17 years.

As the UAE’s clean energy champion, Masdar’s global footprint has expanded exponentially over the past few years, with new renewable energy projects currently under development in Europe, Africa, Central Asia, and the Americas. This includes the Cirata floating solar plant in Indonesia, the largest in Southeast Asia, and the Garadagh Solar PV Plant, Azerbaijan’s first foreign investment-based independent utility-scale solar project.

Now active in more than 40 countries, across six continents, Masdar has developed more than 20GW of renewables capacity, invested more than $30 billion, and is targeting a 100GW portfolio by 2030.

Masdar has recently partnered with Africa50, the pan-African infrastructure investment platform, to identify, fast-track and scale clean energy projects across the continent.

The UAE’s clean energy champion has signed a memorandum of understanding (MoU) with Africa50, which will work to bridge the infrastructure funding gap and mobilise public and private finance.

Masdar brings its technical expertise and extensive experience in emerging markets, while Africa50 brings its experience developing projects in Africa, which, combined, can help unlock Africa’s tremendous clean energy potential.

Signed by Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, and Alain Ebobissé, Chief Executive Officer of Africa50, on the sidelines of Africa Climate Summit, the first of four global climate summits ahead of COP28, the agreement will see both parties work to catalyse sustainable development of the clean energy sector in Africa.

Masdar, one of the world’s largest clean energy companies and the largest in Africa, committed US$2 billion of equity as part of the UAE finance initiative, which was announced during the Africa Climate Summit by Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology, COP28 President-Designate and Chairman of Masdar.

The initiative brings together public, private, and development capital from UAE institutions, notably Abu Dhabi Fund for Development (ADFD), Etihad Credit Insurance (ECI), Masdar, and AMEA Power. Africa50 is expected also to join this initiative as a strategic partner.