Energy officials from the UAE and Spain met in Madrid to discuss how to increase renewable energy capacity and support net zero targets. Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology and President-designate of COP28, met Iberdrola Executive Chairman Ignacio Galan in the Spanish capital.
The world needs to triple renewable energy capacity by 2030 if we are to meet the Paris Agreement’s goal of limiting global warming to 1.5ºC, says Dr Al Jaber. Dr Al Jaber, who is also chairman of Abu Dhabi’s clean energy company Masdar, said net-zero emissions could only be achieved through international cooperation.
Masdar and Ibedrola have a long and proud history of advancing life-changing renewable energy projects around the world. These projects not only contribute to decarbonisation, but also increase employment and opportunities, he said. This is exactly what is needed if we are to accelerate the energy transition without leaving people behind.
Founded by Mubadala in 2006, Masdar has played a global leadership role in clean energy and helped advance the country’s economic diversification and climate action agenda. It is currently active in more than 40 countries and has invested or committed to invest in projects worth more than $30 billion.
According to the International Renewable Energy Agency, annual renewable energy capacity must increase by an average of 1,000 GW per year by 2030 to meet the goals of the Paris Agreement.
In its World Energy Transition Outlook 2023 report last month, the Abu Dhabi agency said that while renewable energy capacity in the global power sector grew by a record 300 GW last year, actual progress is not as close as needed to meet long-term climate goals. The development gap continues to widen. Iberdrola has decades of experience in delivering the clean and secure energy model the world needs, having invested more than €150 billion in the transition over the past 20 years, Mr Garland said.
With another important Cop summit looming and much work to do to keep pace with the Paris Agreement, it is more important than ever that policymakers and companies investing in energy remain committed to adopting renewable Energy, smarter grids and energy storage to promote clean electrification.
With a market capitalization of more than 71 billion euros, Iberdrola is the largest power company in Europe and the second largest in the world. The company has more than 40,000 MW of renewable energy capacity and plans to invest 47 billion euros in grid and renewable energy between 2023 and 2025. In 2020, Masdar and Spain’s Cepsa agreed to form a joint venture to develop renewable energy projects on the Iberian Peninsula.
The IEA’s Stated Policy Scenario, based on the latest global policy settings, expects clean energy investment to increase to just over $2 trillion by 2030.
Post time: Jul-14-2023
