Masdar sets its sights on being one of the largest producers of green hydrogen by 2030
Abu Dhabi-based company, Masdar, is making impressive strides towards becoming one of the world’s largest renewable energy companies by 2030. The company recently announced that it has nearly doubled its clean energy capacity and CO2 displacement in just two years. Masdar’s Sustainability Report for 2022 reveals that it achieved a clean energy capacity of 20 gigawatts (GW), generated 18,000 gigawatt-hours (GWh) of clean energy, and displaced 10 million tonnes of CO2. These significant achievements firmly establish Masdar’s commitment to climate action and its determination to play a leading role in the global transition to clean energy.
Masdar’s Sustainability Report also highlights the company’s focus on sustainability initiatives and its dedication to various causes. The report showcases Masdar’s commitment to health and safety, its efforts to empower women in the workforce, and its programs geared towards engaging and inspiring young people. Masdar’s accomplishments in these areas are a testament to its holistic approach towards sustainability and social responsibility.
As the United Arab Emirates (UAE) gears up to host COP28 later this year, Masdar’s achievements serve as a testament to the UAE’s commitment to climate action. The company’s various agreements in new and existing markets, including Uzbekistan, Azerbaijan, Egypt, Jordan, Kyrgyzstan, Turkmenistan, and Tanzania, underline its ambition to expand its renewable energy footprint globally. Additionally, Masdar’s partnership with BEEAH to inaugurate the Middle East’s first commercial-scale waste-to-energy project and its ongoing work on the Al Dhafra Solar Photovoltaic (PV) Independent Power Producer Project, the world’s largest single-site solar power plant, further demonstrate its dedication to sustainable innovation.
Masdar’s commitment to sustainability extends to its financial activities as well. The company has developed a Green Finance Framework, laying the groundwork for future financing activities and plans to become an issuer of Green Bonds in the debt capital markets. This framework highlights Masdar’s significant contribution to sustainability and its alignment with best financial industry practices.
In line with its commitment to innovation and meeting the global demand for green hydrogen, Masdar plans to produce up to 1 million tonnes of green hydrogen per annum by 2030. The company aims to cater to various sectors, including aviation, ammonia, steel, maritime, power, refining, and heavy-duty transportation. Masdar’s Sustainability Report also sheds light on the growing role of women within the company. Approximately 25 percent of all women employed by Masdar.