Abu Dhabi Future Energy Company PJSC – Masdar, a global leader in clean energy, has revealed that its clean energy portfolio and advanced pipeline reached 31.5GW in 2023. Masdar produced over 26,700GWh of clean energy, preventing 14 million tonnes of CO2e, a significant increase from the 10 million tonnes avoided the previous year. This is comparable to taking nearly 870,000 cars off the road.
The details were outlined in Masdar’s annual Sustainability Report, which showcased a substantial expansion in clean energy capacity and its impact on CO2 reduction, along with plans for future growth through a robust sustainable bond program. The report, covering Masdar’s global operations for 2023, emphasized the company’s roadmap to a $3 billion green bond offering at the London Stock Exchange, aimed at attracting global investment in renewable energy.
With major projects initiated in 2023, Masdar’s portfolio significantly enhanced its global sustainability footprint. Key projects in emerging and established markets such as Indonesia, Saudi Arabia, the UAE, Egypt, and Azerbaijan either commenced operations or were formalized through agreements. Notable achievements included the inauguration of the world’s largest single-site solar power plant, Al Dhafra Solar PV, in the UAE, and the addition of the country’s first wind project to the national grid. Southeast Asia’s largest floating solar plant, the 145MW Cirata plant, also came online.
Mohamed Jameel Al Ramahi, CEO of Masdar, stated: “As highlighted in Masdar’s latest sustainability report, 2023 marked a significant year of growth, with our global clean energy capacity increasing by over fifty percent. By leveraging our shareholders’ strengths, we expanded into new markets, innovated clean energy solutions, and played a crucial role in supporting the UAE’s climate leadership. This report underscores our steadfast commitment to integrating robust Environmental, Social, and Governance (ESG) practices across our operations, including through our pioneering green bonds initiative, which has attained the highest ESG credentials.”
The report also includes Masdar’s sustainability rating of 2 and an entity score of 71 from Sustainable Fitch, reflecting the company’s strong ESG performance and the green nature of its assets. In 2023, Masdar became the first EMEA corporate to earn the Sustainability PurePlayer Label, reserved for companies focused on environmental advancements.
Underlining Masdar’s sustainability accomplishments in its first year under a new shareholding structure, which includes UAE energy giants Taqa, Adnoc, and Mubadala, the 2023 Sustainability Report provides compelling evidence of the UAE’s dedication to climate action and Masdar’s pivotal role in the nation’s energy transition. The report’s milestones align with the UAE Consensus reached at COP28, aiming to triple global renewable energy capacity, and highlight Masdar’s significant role in advancing the global energy transition.
To date, Masdar has developed and partnered in projects across more than 40 countries on six continents, with a clear goal to expand its renewable energy portfolio capacity to 100GW by 2030.
