Abu Dhabi Future Energy Company PJSC – Masdar, one of the world’s leading clean energy companies, announced a significant expansion of its clean energy portfolio and pipeline in 2023. Masdar’s total clean energy capacity grew to 31.5 gigawatts (GW), generating over 26,700 gigawatt-hours (GWh) of clean energy and helping avoid 14 million tonnes of CO2 emissions, up from 10 million tonnes in 2022. This is equivalent to removing nearly 870,000 cars from the road.
These achievements were detailed in Masdar’s 2023 Sustainability Report, which underscores the company’s growing influence in global clean energy efforts. The report also highlighted Masdar’s ambitious plans for future growth through a $3 billion green bond program launched on the London Stock Exchange. The bond initiative aims to unlock investment for renewable energy projects worldwide.
Key projects in Indonesia, Saudi Arabia, the UAE, Egypt, and Azerbaijan were either completed or initiated in 2023. Among these, the inauguration of the Al Dhafra Solar PV plant in the UAE— the world’s largest single-site solar power facility— and the country’s first wind project added to the national grid were major milestones. Additionally, Southeast Asia’s largest floating solar plant, the 145MW Cirata facility, came online in Indonesia.
Mohamed Jameel Al Ramahi, CEO of Masdar, called 2023 a pivotal year for the company. “We increased our global clean energy capacity by more than fifty percent and entered new markets, pioneering clean energy solutions. Our sustainability report highlights our firm commitment to Environmental, Social, and Governance (ESG) practices, including through our industry-leading green bond program,” said Al Ramahi.
Masdar also achieved a rating of 2 and an entity score of 71 from leading sustainability rating provider Sustainable Fitch, reflecting the company’s solid ESG performance. In 2023, Masdar became the first corporate in the EMEA region to receive the Sustainability PurePlayer Label, awarded to companies focused on environmental advancements.
The report underscores Masdar’s contribution to the UAE’s climate action efforts, aligned with the country’s leadership during COP28. Masdar’s growth is part of a broader commitment to tripling global renewable energy capacity as part of the UAE Consensus reached at the climate summit. The company aims to expand its renewable energy portfolio to 100GW by 2030, with projects already spanning over 40 countries across six continents.
