Thursday 11 May 2023

Masdar commits to tripling renewable capacity by 2030

Masdar has signed a deal to triple global renewable energy capacity by 2030.

It has joined forces with the International Renewable Energy Agency (IRENA) to set the target, which will see a strategy outlined at COP28.

Solar, wind, hydropower and geothermal are the main focuses of the commitment.

Renewables currently account for 40% of total installed generation capacity worldwide but IRENA warns the capacity of green energy must reach 1,000GW to keep the Paris Agreement a possibility.

Masdar Chairman Sultan Bin Ahmed Al Jaber said: “The world needs to commit to tripling global renewable energy capacity by 2030 and to double it again by 2040.

“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.”

Francesco La Camera, Director-General of IRENA, added: “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.”