Masdar reported a 40 per cent jump in its clean energy capacity in 2021 as the Abu Dhabi-based company continues to expand its renewables portfolio globally amid efforts by governments to lower emissions.
The company's total electricity generation capacity, which also includes projects under construction, rose to more than 15 gigawatts last year, Masdar said on Monday.
Masdar’s operating clean energy portfolio also displaced almost 7.5 million tonnes of carbon dioxide in 2021, a 38 per cent rise compared to the previous year.
“In the year that the UAE unveiled its pioneering Net Zero by 2050 Strategic Initiative and was given the honour of hosting the Cop28 climate conference … we were able to continue our positive impact and help bring the UAE closer to its net-zero carbon objectives," said Mohamed Al Ramahi, chief executive of Masdar.
The UAE, Opec's third-largest oil producer, plans to invest Dh600 billion ($163bn) by 2050 in renewable and clean energy capacity and achieve net-zero emissions in the next three decades. The UAE will also host the 28th UN global climate talks in 2023.
In 2021, Masdar entered new markets including Azerbaijan, Armenia, Georgia, Greece, Iraq and Poland, extending its renewable energy investments to more than 40 countries with a combined value of more than $20bn.
Three of the UAE’s energy giants, Adnoc, Taqa and Mubadala, will also team up with Masdar to form a clean energy powerhouse with a total renewable energy capacity of more than 23 gigawatts with the expectation of exceeding 100 gigawatts. However, Masdar did not say by when they aim to hit that target.
“Masdar and our sustainability mission will scale even greater heights going forward,” Mr Al Ramahi said. “With our new shareholders and structure in place, we are looking to significantly grow our global clean energy capacity.”
Last week, Masdar broke ground at the site of a $200 million solar power plant that will be built in Azerbaijan's capital and signed preliminary agreements for more deals in the country.
The 230-megawatt Garadagh plant in Baku is the country’s first foreign investment independent solar power project. It is expected to start commercial operations in 2023.
The company also signed an agreement with the government of Armenia to develop a 200MW solar photovoltaic plant, which will be the West Asian nation's largest utility-scale solar facility.
The Ayg-1 project will be developed on a design, finance, build, own and operate basis and will be 85 per cent owned by Masdar, with the state-owned Armenian National Interests Fund holding 15 per cent, Masdar said last year.
Masdar also signed an agreement with Iraq’s Ministry of Electricity and National Investment Commission to implement the first phase of solar projects that will boost the country's goal of generating 20-25 per cent of its energy from renewables, equivalent to 10-12 gigawatts by 2030.
The company is also involved in the development of the world's largest solar plant at Al Dhafra in Abu Dhabi. The 2-gigawatt plant is expected to be fully operational this year.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Company%C2%A0profile
APPLE IPAD MINI (A17 PRO)
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In the box: iPad mini, USB-C cable, 20W USB-C power adapter
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Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
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Director: Joseph Kosinski
Rating: 4/5
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AUSTRALIA SQUAD
Tim Paine (captain), Sean Abbott, Pat Cummins, Cameron Green, Marcus Harris, Josh Hazlewood, Travis Head, Moises Henriques, Marnus Labuschagne, Nathan Lyon, Michael Neser, James Pattinson, Will Pucovski, Steve Smith, Mitchell Starc, Mitchell Swepson, Matthew Wade, David Warner
Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
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The specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now
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GOLF’S RAHMBO
- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
The specs
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
Reputation
Taylor Swift
(Big Machine Records)
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
WHAT%20IS%20THE%20LICENSING%20PROCESS%20FOR%20VARA%3F
The biog
Name: Younis Al Balooshi
Nationality: Emirati
Education: Doctorate degree in forensic medicine at the University of Bonn
Hobbies: Drawing and reading books about graphic design
ESSENTIALS
The flights
Fly Etihad or Emirates from the UAE to Moscow from 2,763 return per person return including taxes.
Where to stay
Trips on the Golden Eagle Trans-Siberian cost from US$16,995 (Dh62,414) per person, based on two sharing.
BACK%20TO%20ALEXANDRIA
Global state-owned investor ranking by size
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1. |
United States |
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2. |
China |
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3. |
UAE |
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4. |
Japan |
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5 |
Norway |
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6. |
Canada |
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7. |
Singapore |
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8. |
Australia |
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9. |
Saudi Arabia |
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10. |
South Korea |
'The Lost Daughter'
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Starring: Olivia Colman, Jessie Buckley, Dakota Johnson
Rating: 4/5
The specs
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Points to remember
- Debate the issue, don't attack the person
- Build the relationship and dialogue by seeking to find common ground
- Express passion for the issue but be aware of when you're losing control or when there's anger. If there is, pause and take some time out.
- Listen actively without interrupting
- Avoid assumptions, seek understanding, ask questions
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