With the world looking to scale up renewable energy capacity and move away from fossil fuels to reduce emissions, the UAE is also in the league of the countries trying to find better solutions to meet the growing energy needs of the people without emissions.

On Thursday, at the UAE Climate Tech Forum in Abu Dhabi, Masdar signed an agreement with the International Renewable Energy Agency (IRENA) to triple global renewable energy capacity by 2030, and collaborate to highlight global renewable energy targets for 2030 and outline challenges and recommendations for action ahead of COP28.

At the forum, Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, Chairman of Masdar and COP28 President-Designate, said, “The world needs to commit to tripling global renewable energy capacity by 2030 and to double it again by 2040.”

He added that in the 17 years since the UAE leadership established Masdar in 2006, the cost of a kilowatt hour 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 emphasize the vital role of renewable energy in limiting global warming when the world comes together at COP28.”

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 and highlight the challenges faced by different regions in meeting their renewable energy ambitions and provide recommendations for action.

Francesco La Camera, Director-General of IRENA said in 2022, a record 300 gigawatts (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,” he added.