June 5, 2023

Dubai Week

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Masdar aims to release 7.5 million tonnes of carbon by 2021

Masdar aims to release 7.5 million tonnes of carbon by 2021

Masdar’s Annual Sustainability Report for 2021 showed an unprecedented positive impact on the carbon emissions sector; Muster projects collectively contributed to avoiding the release of about 7.5 million tons of carbon dioxide last year, an increase of 38% over 2020, 5.4 million tons of emissions avoided, and the power generation capacity of all projects invested by Mustar – whether already or under development – will exceed 40 GW by 2021 Will be%.

Masdar’s CEO, Mohamed Jamil Al Ramahi, said: “At Masdar, we are proud to take the initiative to highlight the company’s sustainability goals and achievements to our partners.”

He continued: “The Abu Dhabi Future Energy Company (Muster) was established in 2006 with the aim of contributing to the diversification of the economy and energy resources in the United Arab Emirates.”

The company’s recently released 2021 Sustainability Report makes it clear that ESG is at the heart of Mustard’s mission and objectives. These efforts are supported by the Masdar Sustainability Committee, a staff-driven organization focused on identifying and implementing sustainable practices, integrating consistency into day-to-day business practices, and raising awareness about sustainability at various levels within the organization.

The recent report of the Intergovernmental Panel on Climate Change also highlights the importance of increased investment; Funding flows continue to fall below the level required to control global warming to less than two degrees Celsius.

Again, Muster is proving his superiority in this field. The company has long been a role model for the business community in how to implement a global sustainability agenda.

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Last year alone, Masdar made more than $ 3 billion in renewable energy investments, bringing the total value of the company’s renewable energy projects to more than $ 20 billion in more than 40 countries.

As one of the most sustainable cities in the world, the only specialized and accredited research and development campus in Abu Dhabi, and a leading hub for innovation, Muster has proven its commitment to environmental, social and corporate management standards through its continued development. It is currently headquartered in more than 1,000 companies. Among the major research projects used in the city are the world’s first solar / thermal energy storage project, water extraction from the air, and a thermoelectric energy storage system that allows clean energy to be used 24 hours a day, 7 days a week.

As part of its commitment to achieving environmental, community and corporate management standards, the company has launched capacity building initiatives that have provided more than 1,800 hours of programs to improve the company’s 4,700 hours of learning and health for its employees. And the well-being of the staff.

Moody’s Investors Services Agency and Fitch Ratings Agency’s credit ratings for Masdar’s first investment rating, acknowledging the importance of the company’s adoption of a corporate governance approach and the strength of its business.

Moody’s and Fitch have provided long-term credit ratings on A2 and A +, respectively, with a “consistent” outlook.

In a statement on sustainability, Jonathan Evans, Masdar’s legal adviser, confirms that these ratings reflect the importance of Masdar’s integration in the application of management standards, and that the company is constantly improving environmental, social and corporate management standards. The ratings provided by the credit rating agencies reflect Mustar’s success in building a solid platform based on its business.

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Since its inception in 2006, Masdar has achieved a record number of significant achievements and expects to continue the growth, development and achievement process through a strategic partnership of the UAE’s largest energy companies, ADNOC, TAQA and all three. Mubatala, they must own each one. A role in “Mustar” promoting its position as a global leader in the field of clean energy.

The consortium wants to increase the total production capacity of Mustard’s portfolio projects to 100 gigawatts, doubling this number. UAE next year.