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Masdar’s clean energy portfolio displaces 7.5 million tonnes of carbon dioxide in 2021 | |
| Staff Writer |
In 2021, Masdar committed to more than $3 billion in renewable energy investments, bringing the combined value of its renewable energy portfolio to more than $20 billion.
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Masdar's operating clean energy portfolio displaced approximately 7.5 million tonnes of carbon dioxide in 2021, up 38 percent on 2020’s adjusted figure of 5.4 million tonnes, with the company’s footprint spanning over 40 countries worldwide, while its portfolio's combined capacity – both installed and under development rose 40 percent in 2021 to over 15 gigawatts (GW).
While revealing the results in their 2021 Annual Sustainability Report, Masdar‘s CEO Mohamed Jameel Al Ramahi also stated that it was the company's ambition to reach a portfolio capacity of 100 GW and ultimately to double. Masdar is being positioned as a key player in helping the UAE achieve its Net Zero by 2050 Strategic Initiative, and in supporting the journey to the COP28 climate change conference being hosted in the UAE next year.
The 2021 Annual Sustainability Report also demonstrates how environmental, social, and corporate governance (ESG) remain at the core of the firm’s mission and purpose.
The recent IPCC report highlights the importance of increasing investment, with financial flows still falling below the levels needed to limit global warming to below 2 C. On this front, as well, the firm has long led by example, demonstrating how the business community can deliver on the global sustainability agenda.
Major research projects initiated within Masdar City, which is home today to over 1,000 businesses, include the world’s first solar/thermal energy storage-powered project to extract water from air, and an electrical thermal energy-storage system solution that enables 24/7 clean energy utilisation.
A range of development initiatives across the company provided a total of over 4,700 learning hours for employees across the company, with staff being offered more than 1,800 hours of wellness training.
The decision by both Moody’s Investor Services and Fitch Ratings to assign the firm first-time credit ratings that place the company firmly in the investment-grade category can be seen as an endorsement of the company’s approach to governance as well as the strength of its business. Moody’s and Fitch issued Masdar with long-term ratings of A2 and A+ respectively, both with a stable outlook.