Masdar, a leader in renewable energy and a subsidiary of Mubadala Development, said in its 2020 Annual Sustainability Report that it has more than doubled its clean energy capacity over two years to generate enough electricity to power over four million homes.
The capacity of the renewable energy projects that Masdar is a partner in has risen to over 10.7 GW in 2020 from 4 GW in 2019, with the company’s global operating clean energy portfolio displacing close to 6.5 million metric tons of CO2 annually, reported Emirates News Agency WAM.
The report spans the entire scope and scale of Masdar’s operations in the UAE and overseas and has been prepared in accordance with Global Reporting Initiative (GRI) Standards: Core Option. It discloses Masdar’s impact in 2020, amidst the pandemic, examining KPIs across operational and environmental impact, social contribution, human capital, and governance.
“Masdar’s mission, since we launched in 2006, has been to put the UAE on a path to a sustainable, diversified economy, and we have grown to become an integral part of the UAE’s efforts to shape the climate change conversation globally. We have always led by example, in communicating the importance of sustainability, and last year was no exception. Our 2020 Annual Sustainability Report provides more information about our own ESG philosophy and offers greater insight into our activities and achievements in the past year,” said Mohamed Jameel Al Ramahi, Chief Executive Officer, Masdar.
“When we published our first report dedicated to sustainability in 2012, the topic was rarely discussed in corporate boardrooms in the region, and indeed around the world. I am delighted to see that since then, Environmental, Social and Governance (ESG) reporting has moved from the exception to the rule for enterprises and businesses, and across diverse industries and sectors,” he added.
In spite of the pandemic, Masdar continued to make considerable progress on its business objectives, as a sustainability pioneer, and crucially while responding to COVID-19 and ensuring the health and safety of its staff, tenants, and partners across all Masdar’s entities.
The year saw Masdar consolidate its leadership position in sustainable urban development and expand its footprint across the entire spectrum – from energy storage solutions, mobility and transport, green hydrogen and other essential parts of the wider clean energy value chain.
Key highlights from Masdar in 2020, include: Entering Azerbaijan and Uzbekistan with utility-scale solar and wind projects Signing a deal with EDF Renewables North America for the acquisition of 1.6 GW clean energy portfolio Expansion of presence in Australia with investments in two waste-to-energy projects in Western and Eastern Australia Signing an agreement to deliver the first floating solar photovoltaic plant in Indonesia Named as part of consortium that will develop the world’s largest solar power plant in Abu Dhabi, at a new record low rate UAE-Caribbean Renewable Energy Fund (UAE-CREF) successfully completes new development and funding agreements for eight Caribbean nations Masdar’s sustainable real estate investment trust (REIT) becomes the first ‘green’ REIT to be introduced in the UAE.