Masdar, Iberdrola discuss bolstering renewable energy growth

Dr Sultan Al Jaber, founding CEO and current chairman of Masdar, met Ignacio Galán, executive chairman of leading global clean energy firm, Iberdrola, in Madrid this week.

The industry leaders discussed ways to boost renewable energy capacity and support global net-zero goals.

Ahead of the UAE hosting the UN climate change conference, COP28, in November and December, Dr Al Jaber has been meeting global leaders to forge strategic alliances and build consensus toward solutions that can deliver a just and equitable energy transition.

Dr Al Jaber, UAE Minister of Industry and Advanced Technology, chairman of Masdar and COP28 President-Designate, said, “The world needs to triple renewable energy capacity by 2030 if we are to keep the Paris Agreement goal of limiting global warming to 1.5 degrees within reach.  This can only be achieved through strong international collaboration.  Both Masdar and Iberdrola have long and proud histories of advancing life-changing renewable energy projects around the world.  Not only do these projects boost decarbonization, but they also increase jobs and opportunities. This is exactly what is needed if we are to accelerate the energy transition, without leaving people behind.

“I was delighted to meet Ignacio Galán and to discuss constructive ways in which the renewable energy sectors in both the UAE, Spain, and across the world, could continue to expand on their vital mission for the maximum benefit of people and the planet.”

Masdar and Iberdrola are global giants in the renewable energy sector

Masdar is active in over 40 countries and has a total renewable electricity generation capacity of over 20GW. Its global investment portfolio exceeds $30bn and it is targeting a renewable electricity capacity of at least 100 GW by 2030.  The company has invested in green hydrogen, geothermal and waste-to-energy projects and is committed to delivering clean energy across communities.  As well as developing utility-scale projects, Masdar’s off-grid plants are bringing continuous electricity to places where there was none.

#Masdar and @Iberdrola are working to boost global #renewable energy growth towards a #NetZero future. #Masdar continues #PioneeringEnergy to accelerate the energy transition for a greener, cleaner future.https://t.co/2pjVe2iH3E

— Masdar (@Masdar) July 13, 2023

Galán, said: “Iberdrola has decades of experience in delivering the clean and secure energy model the world needs, investing more than EUR150bn in the transition over the last 20 years. With another vital COP summit approaching, and much work to be done to stay on track with the Paris Agreement, it is more important than ever that policymakers, and companies investing in energy, remain committed to boosting clean electrification through renewables, smarter grids and energy storage.

“It was a pleasure to meet again Dr Sultan Al Jaber. We both share the same outlook that renewables are the best way forward for the planet. Many private companies and investors from across the world are making the right calls on supporting the transition. Together we can help the world to meet its climate targets, as well as supporting economies and enhancing employment.”

Iberdrola is a global green leader in clean energy, networks and storage – the largest electricity utility in Europe and the second largest in the world by market capitalisation, with more than EUR71bn.

On top of the company’s current asset base of EUR150bn, Iberdrola’s Strategic Plan for 2023-2025 commits to a record level of EUR47bn of investment in just three years, focused on electricity grids and renewables to promote a safe, clean, and competitive system.

Iberdrola has more 40,000 MW of renewable operating capacity today, including hydroelectric, onshore and offshore wind and solar power.

With more than 40,000 employees, and 12,000 new hires by 2025, the company supports 400,000 jobs in total across its value chain

Media reports state that the two companies have supposedly signed a deal to develop a 476 megawatt (MW) offshore wind farm in German waters in the Baltic Sea.

In other news, Anwar Gargash Diplomatic Academy (AGDA) and Masdar recently signed a Memorandum of Understanding (MoU) to strengthen their partnership and collaborate on various initiatives – through Masdar’s youth-focused platform (Y4S) – including the undertaking of joint research projects and establishing exchange programmes for scholars, researchers and students.