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, IRENA and Masdar 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 HE Dr Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman of Masdar, and COP28 President-Designate, by Mohamed Jameel Al Ramahi, CEO of Masdar, and Gauri Singh, Deputy Director-General of 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.
HE 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 leadership 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. Masdar has already committed to growing its total capacity five-fold to 100GW by the end of the decade and this joint research project with IRENA will emphasize the vital role of renewable energy in limiting global warming when the world comes together at COP28”.
Francesco La Camera, Director-General of IRENA added: “The transition to renewables provides a sustainable and affordable solution to many of the challenges we face today, and we have the technology to deploy at speed and scale. In 2022, a record 300 gigawatts (GW) of renewables were added and renewable power now accounts for 40% of total installed generation capacity globally. Despite this progress, the energy transition is off track. IRENA’s World Energy Transitions Outlook indicates that the deployment of renewables must reach 1000 GW annually to keep the 1.5°C target alive.”
The project will also highlight the challenges faced by different regions in meeting their renewable energy ambitions and provide recommendations for action, particularly in the context of COP28. The recent Petersberg Climate Dialogue in Berlin concluded with a clear consensus for cuts in global emissions and a global, binding target for the expansion of renewables.
Established in 2006, Masdar is the UAE’s clean energy powerhouse, active in over 40 countries across the globe, and has invested in a portfolio of renewable energy projects with a combined capacity of around 20 gigawatts (GW).