By Business A.M.
- MoU expected to generate knowledge that provides a global baseline for renewable energy
- Signed on sidelines of UAE Climate Tech Forum
- Collaboration between IRENA and Masdar will highlight global renewable energy targets for 2030, outline challenges, recommendations for action ahead COP28
Abu Dhabi Future Energy Company PJSC–Masdar, one of the world’s leading clean energy companies, has signed an agreement with the International Renewable Energy Agency (IRENA) to cooperate on a major international knowledge project setting out the means to triple global renewable energy capacity by 2030, information from the UAE Climate Tech forum has shown.
During the UAE Climate Tech Forum in Abu Dhabi, IRENA and Masdar signed a Memorandum of Understanding (MoU) to collaborate on a project for COP28 that will outline global targets for renewable energy by 2030. It will also outline challenges and recommendations for action ahead of COP28
The MoU, signed on the sidelines of the first-of-its-kind UAE Climate Tech Forum, in the presence of Sultan Ahmed Al Jaber, UAE minister of industry and advanced technology, chairman of Masdar and COP28 president-designate, by Mohamed Jameel Al Ramahi, CEO of Masdar, and Gauri Singh, deputy director-general of IRENA, is expected to generate knowledge that provides a global baseline for renewable energy.
The main objective of the project is to establish a global baseline for renewable energy, with a focus on solar, wind, hydropower, geothermal, and other technologies including battery storage, complemented by region-specific data.
Ahmed Al Jaber, UAE minister of industry and advanced technology, chairman of Masdar and COP28 president-designate, jointly said: “The world needs to commit to tripling global renewable energy capacity by 2030; and to double it again by 2040. In the 17 years since the UAE leadership established Masdar in 2006, the cost of a kilowatt hour of solar energy has plummeted to under 2 cents; and we need to harness this pioneering spirit of innovation now more than ever. Masdar has already committed to growing its total capacity fivefolds to 100GW by the end of the decade; and this joint research project with IRENA will emphasize the vital role of renewable energy in limiting global warming when the world comes together at COP28”.
Francesco La Camera, director-general of IRENA added that the transition to renewables provides a sustainable and affordable solution to many of the challenges the world faces today. “We have the technology to deploy at speed and scale. In 2022, a record 300 gigawatts (GW) of renewables were added; and renewable power now accounts for 40% of total installed generation capacity globally. Despite this progress, the energy transition is off track. IRENA’s World Energy Transitions Outlook indicates that the deployment of renewables must reach 1000 GW annually to keep the 1.5°C target alive,” he said.
The incoming IRENA–Masdar project will also highlight the challenges faced by different regions in meeting their renewable energy ambitions; and provide recommendations for action, particularly in the context of COP28. The recent Petersberg Climate Dialogue in Berlin concluded with a clear consensus for cuts in global emissions and a global, binding target for the expansion of renewables.
Established in 2006, Masdar is the UAE’s clean energy powerhouse, active in over 40 countries across the globe, and has invested in a portfolio of renewable energy projects with a combined capacity of around 20 gigawatts (GW). IRENA is the lead intergovernmental agency for the global energy transformation that supports countries in their transition to a sustainable energy future, and serves as the principal platform for international co-operation, a centre of excellence, and a repository of policy, technology, resource and financial knowledge on renewable energy.
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