Masdar, Abu Dhabi Future Energy Company, is celebrating 14 years of leadership in the sustainability sector, having been founded in April 2006 to make sustainability solutions commercially viable.
Since 2006, Masdar has invested in renewable energy projects with a combined value of US$13.5 billion, and today the company is active in more than 30 countries across the world, with projects with a combined capacity of over 5 GW in operation or under development. Those projects are also responsible for the displacement of almost 5.4 million metric tons of carbon dioxide every year.
“The world was a very different place in 2006, when we began our pioneering mission to make viable sustainability solutions a reality. Global capacities for solar and wind power were less than a tenth of what they are today, and the UN Sustainable Development Goals were still almost a decade away,” said Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar. “In 2006, few people believed that Abu Dhabi’s target of 7 percent of its energy mix coming from renewables by this year was realistic – Masdar has played its part in helping Abu Dhabi far surpass that goal, and we are committed to supporting the UAE’s even more ambitious 50 percent goal by 2050.”
Established with the mandate to help maintain the UAE’s leadership in the global energy sector and support the diversification of both its economy and energy sources, Masdar has achieved many significant milestones in its 1 4 years of operation.
In 2008, Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, conducted the formal groundbreaking for Masdar City, the world’s first low-carbon city.
In 2013, Shams 1 was inaugurated, the UAE’s first large-scale solar power plant and the largest of its kind in the world at that stage. Masdar has also set a number of record-low prices for wind and solar power, while working on landmark renewable energy projects across the globe.
This year alone has seen Masdar agree to develop the first floating solar power plant in Indonesia, and acquire a 40 percent stake in a utility-scale waste-to-energy facility in Australia, while commercial operations have commenced at phase three of the Mohammed Bin Rashid Al Maktoum Solar Park in Dubai, the largest single-site solar park in the world today.
“What we have achieved in the past 14 years is truly remarkable but it is only the beginning – while we are currently facing challenging times, Masdar is well placed to continue to drive the development of the sustainability sector as we enter this vital decade of action,” Al Ramahi said. “I am proud to lead this outstanding company and team, and look forward to achieving many more milestones over the coming years.”