Next week, I will be travelling to Sharm El Sheikh, Egypt, to attend the 2022 United Nations Climate Change Conference, better known as Cop27. A primary goal of Cop27 will be for nations to demonstrate how they are undertaking real action toward their shared climate objectives as set out in the Paris Agreement. In Masdar, I am proud to say that the UAE will have a powerful example.
First established by the UAE leadership in 2006, Masdar has been a pioneering force in renewable energy, driving forward the global energy transition while cementing the UAE’s energy leadership and helping to diversify its economy. Today, Masdar has become one of the largest and fastest-growing renewable energy companies in the world, active in over 40 countries and with a global portfolio of projects that have a combined 15 gigawatts of clean electricity-generating capacity.
This growth trajectory underscores both the abundance of opportunities in the global renewable energy market and Masdar’s skill and ability in seizing them for the benefit of the UAE. In the last five years alone, we have increased our gross renewable energy capacity by about 30 per cent per year, close to twice the market average.
We also continue to grow across all sectors of our business, both here at home and around the world. In the UAE, where we are blessed with some of the lowest-cost solar resources in the world, Masdar is an investor and co-developer of three of the country’s leading solar plants, two of which are among the largest single-site solar plants in the world. Just this year, Masdar also inaugurated the first commercial waste-to-energy facility in the Middle East with our partner BEEAH in Sharjah.
Globally, Masdar has expanded in new and existing markets considerably this year. In Central Asia, we saw the groundbreaking of the 230-megawatt Garadagh Solar Plant in Azerbaijan, the country’s first foreign investment-based independent solar power project, as well as the financial close of the 500-megawatt Zarafshan Windfarm in Uzbekistan, set to be the largest of its kind in the region.
In the UK, Masdar has partnered with bp on joining its green hydrogen project, HyGreen Teeside, which aims to produce 500-megawatt electrical input by 2030. Just last month, Masdar also acquired Arlington Energy, a leading UK-based battery energy storage developer. The move, which supports Masdar’s global renewables investment strategy, will enable the further expansion of Masdar’s presence in the UK and Europe.
Across the globe, from Australia to the United States, and from Indonesia to Saudi Arabia, Masdar is developing world-class clean energy projects that are playing a key role in supporting the race to net zero and driving forward the energy transition.
This leadership in the global renewable energy landscape is a reflection of, and enabled by, the UAE’s own bold leadership in climate action. As the first country in the Mena region to adopt and sign the Paris Agreement, and the first to target net zero by 2050, the UAE’s commitment to climate action is unwavering. The UAE is driving massive investment in clean energy globally, already investing over $50 billion in clean energy projects in six continents, with an additional $50bn to be invested over the next decade.
With Cop27 being held in Egypt, “Africa’s Cop” will bring into sharper focus the continent’s incredible renewable energy potential, something that both the UAE and Masdar have long recognised. Through Etihad 7, a project launched by Sheikh Shakhboot bin Nahyan Al Nahyan, Minister of State for Foreign Affairs and International Co-operation, and supported by Masdar, the UAE is committed to helping to secure funding for renewable energy projects in Africa and aims to supply clean electricity to 100 million people by 2035 under the programme.
For Masdar’s part, we are working with our partners in Africa to empower local communities, developing over 1 gigawatt of clean energy projects capable of delivering electricity to over 845,000 homes in Egypt, Morocco, Mauritania and Seychelles. We are also actively pursuing avenues to expand our presence across the continent to unlock the tremendous renewable energy potential that Africa possesses. This includes recent agreements with leading Egyptian partners to develop an electrolyser capacity of 4 gigawatts, and an output of up to 480,000 tons of green hydrogen per year by 2030 in Egypt.
While deploying clean energy lies at the heart of Masdar’s operations, it is not the only way Masdar is supporting the UAE’s efforts on climate action. We also have a number of strategic platforms, including Abu Dhabi Sustainability Week (ADSW). Anchored by its flagship event held in Abu Dhabi every January, one of the largest events of its kind in the world, ADSW will serve as a bridge between Cop27 and Cop28, bringing together heads of state and global leaders across government and industry to further advance the critical dialogue around climate change and the energy transition.
From world-class clean energy projects to facilitating real climate action, Masdar is a true reflection of how sustainability is deep within the UAE’s DNA, and we will be a powerful example of the UAE’s climate leadership at Cop27. As the UAE prepares to host Cop28 in 2023, we will continue to be build on our successes, remaining a shining example of the UAE’s bold climate leadership and vision for a more sustainable future.
