The company is committed to become a global green hydrogen leader and believes that this target would enable it to save more than six million tonnes of CO2 emissions
Masdar’s new hydrogen business plans to rapidly scale up and target an annual green hydrogen production capacity of up to 1 million tonnes by 2030, the company has revealed in its Sustainability Report.
The company is committed to become a global green hydrogen leader and believes that this target would enable it to save more than six million tonnes of CO2 emissions.
Masdar is focused on meeting green hydrogen demand domestically and internationally by targeting key segments, including aviation, ammonia, steel, maritime, power, refining and heavy-duty transportation.
Officially known as Abu Dhabi Future Energy Company PJSC, Masdar announced that it has nearly doubled its clean energy capacity and CO2 displacement in the space of two years, and is on track to fulfill its ambition of becoming one of the world’s larges renewable energy companies by 2030.
Masdar achieved a clean energy capacity of 20 GW in 2022, generated 18,000 GWh of clean energy and displaced 10 million tonnes of CO2.
The Sustainability Report, which covers Masdar’s global operations for 2022, also highlights the launch of a Green Finance Framework, as well as the company’s commitment to health and safety, and the achievements for programs involving women and young people.
Last year, Masdar officially welcomed ADNOC and TAQA as its shareholders alongside Mubadala, setting out on an ambitious course to grow its clean energy capacity to 100 GW and 1 million tonnes per year of green hydrogen production by 2030.
In 2022, Masdar signed several significant agreements in new and existing markets including Uzbekistan, Azerbaijan, Egypt, Jordan, Kyrgyzstan, Turkmenistan, and Tanzania.
The Sharjah Waste-to-Energy project, the first commercial scale waste to energy project in the Middle East was inaugurated in partnership with BEEAH, nd work continued on the Al Dhafra Solar Photovoltaic (PV) Independent Power Producer Project, set to be the world’s largest single-site solar power plant upon completion.
Masdar has developed a Green Finance Framework to guide all future financing activities – including plans to become an issuer of Green Bonds in the debt capital markets – and to highlight Masdar’s significant contribution to sustainability and alignment with best financial industry practices.
