Abu Dhabi Future Energy Company (Masdar) has entered a partnership with the International Renewable Energy Agency (IRENA) to create a roadmap for development of renewable energy.
The duo has already signed a Memorandum of Understanding with an aim to triple global renewable energy capacity by 2030.
To achieve the ambitious target, the companies shared that they will work together on “a major international knowledge project.”
“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,” Masdar mentioned in a statement.
The company further stated, “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.”
Dr Sultan bin Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, chairman of Masdar and COP28 president-designate, was quoted, “The world needs to commit to tripling global renewable energy capacity by 2030 and to double it again by 2040.”
Masdar aims to grow its total capacity five-fold to 100GW by the end of the decade.
Similarly, Francesco La Camera, director-general of IRENA, commented, “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.”
Masdar has been working in over 40 countries with a combined capacity of around 20 GW.
