Abu Dhabi’s Masdar has nearly doubled its clean energy capacity and carbon dioxide displacement in two years and is now on track to meet its goal of becoming one of the world’s largest renewable energy companies by 2030.

Masdar achieved a clean energy capacity of 20 gigawatts (GW) in 2022, generated 18,000-gigawatt hour  (GWh) of clean energy and displaced 10 million tonnes of CO2, Masdar said on Thursday.

Dr Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman of Masdar and COP28 President-Designate, said: “In the past 17 years, Masdar became one of the world’s largest renewable energy investors and drivers of the energy transition. Our momentum will see us accelerate global clean energy growth, expand our renewable energy footprint, and play a vital role in delivering the UAE’s Net Zero by 2050 strategic initiative."

Earlier this year, Masdar released a green finance framework to guide future financing, including issuing green bonds, emphasising sustainability and aligning with best financial industry practices.

In addition to green financing, Masdar’s Sustainability Report emphasized the company’s commitment to become a global green hydrogen leader with plans to produce up to 1 million tonnes of green hydrogen per year by 2030.

Masdar is active in more than 40 countries across six continents and has invested, or committed to invest, in worldwide projects with a combined value of more than $30 billion.

(Reporting by Brinda Darasha; editing by Seban Scaria)