RIYADH: Masdar, the UAE’s government-owned renewable energy company, increased its clean energy portfolio by 40 percent in 2021.
The company’s annual sustainability report for 2021 showed that Masdar also expanded its global footprint to over 40 countries.
During 2021, Masdar entered new markets including Azerbaijan, Armenia, Georgia, Greece, Iraq and Poland, with a combined investment of over $20 billion.
Electricity generation from clean resources exceeded 15 gigawatts in 2021, up from 10.7 gigawatts in the year earlier, the report showed.
The firm’s total projects have displaced around 7.5 million tons of carbon dioxide last year, an increase of 38 percent compared to 2020.
“Masdar’s sustainability expertise will also play a key role in helping the UAE achieve its net zero (target),” the company’s chairman, Sultan Ahmad Al Jaber, said.
Founded in 2006 by the UAE government, Masdar, also known as the Abu Dhabi Future Energy Co., is a subsidiary of Mubadala Development Co.