Masdar has signed an agreement with the International Renewable Energy Agency (IRENA) to co-operate on a major international knowledge project setting out the means to achieve nothing less than tripling global renewable energy capacity by 2030.
During the UAE Climate Tech Forum (10 – 11 May) in Abu Dhabi, Masdar and IRENA signed a Memorandum of Understanding 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, minister of Industry and Advanced Technology, chairman of Masdar and COP28 president-designate, commented: "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 kWh 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 100 GW by the end of the decade and this joint research project with IRENA will emphasise the vital role of renewable energy in limiting global warming when the world comes together at COP28".
Francesco La Camera, director-general of IRENA said: ".., we have the [energy transition] technology to deploy at speed and scale. In 2022, a record 300 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."
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.