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Masdar's Pledge To Increase Renewable Energy Capacity By 2030 | |
| Sumita Pawar |
Abu Dhabi Future Energy Company (Masdar) has partnered with the International Renewable Energy Agency (Irena) to develop a major international knowledge project aimed at tripling global renewable energy capacity by 2030.
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The project will establish a global baseline for renewable energy, focusing on solar, wind, hydropower, geothermal, and battery storage, complemented by region-specific data.
Masdar CEO Mohamed Jameel Al Ramahi and Irena Deputy Director-General Gauri Singh signed a memorandum of understanding to collaborate on a project for COP28 that will outline global targets for renewable energy by 2030.
Irena Director-General Francesco La Camera said, "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," he stated.
La Camera said 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, he stated.
Masdar has already committed to growing its total capacity fivefold to 100 GW by the end of the decade.