Masdar & IRENA to cooperate on major international knowledge project

By Shilpa Annie Joseph, Official Reporter
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Masdar-IRENA Partnership
Officials during the signing ceremony.

Abu Dhabi Future Energy Company – 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.

The MoU, signed during the UAE Climate Tech Forum in Abu Dhabi, aims to collaborate on a project for COP28 that will outline global targets for renewable energy by 2030.

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.

Dr. Sultan bin Ahmed Al Jaber_Masdar 50% stake in Big Beau Project
Dr. Sultan bin Ahmed Al Jaber
UAE Minister – Industry & Advanced Technology
Chairman – Masdar

“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 five-fold 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.”

Mr. Francesco La Camera, Director-General of IRENA, said that, “The transition to renewables provides a sustainable and affordable solution to many of the challenges we face today, and 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 percent 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,” the IRENA Director-General added.

The 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.

Related: Octopus Energy & Masdar to develop and manage UK battery storage