UAE enters a new era in its economic and social growth

The ‘Principles of the 50’ are designed to serve as a strategic roadmap for all UAE government entities to follow as the nation enters a new era in its development path, and a new cycle of economic, political and social growth.

The alignment of Masdar’s mandate to help maintain UAE leadership in the global energy sector, while supporting its economic diversification, with the ‘Principles of the 50’ demonstrates the wisdom behind the company’s founding.

Masdar, established 15 years ago, has contributed to reinforcing Abu Dhabi’s position at the forefront of clean technology for climate change mitigation, while also making a significant contribution to the UAE’s renewable energy targets, playing a key role in expanding the country’s portfolio 400 per cent in the last decade.

Masdar was established by Mubadala Investment Company to realise a vision for a more sustainable future, one based on renewable energy and technologies that - at the time at least - were seen as still niche and largely unproven. Fast forward to today and Masdar is one of the fastest-growing renewables companies in the world, active in more than 30 countries across the globe.

“Masdar has achieved this success by not losing sight of why we were founded - to foster innovation and the development of cutting-edge technologies that support the diversification of both the UAE’s economy and energy supply,” said Masdar CEO, Mohamed Jameel Al Ramahi. “Masdar today is an active partner in some of the biggest, most iconic renewable energy projects on the face of the planet, and we have demonstrated beyond question that investing in sustainable solutions makes both sound environmental and business success.” That forward-looking strategy means that Masdar is already playing its part in achieving the ‘Principles of the 50,’ with its business operations and activities closely aligned with them.

Founded by Mubadala to support economic diversification and deliver sustainable financial returns for the UAE, Masdar today is an investor in renewable energy and sustainability projects with a total value of almost $20 billion, and a combined capacity approaching 13 gigawatts.

Further, Masdar is continuing to support innovation in technology and business models that could deliver even greater returns in future - the company is leading on an initiative to explore the development of green hydrogen and sustainable fuels for transport, shipping and aviation. Such projects could be the foundation of Abu Dhabi’s green hydrogen economy, and drive global decarbonization efforts.

Masdar was also established to help make the UAE a knowledge hub, exchange ideas with international partners, and establish its global leadership in the sustainability sector. Today, Masdar is active from Australia to Antigua & Barbuda, with strategic investments in established economies such as the United Kingdom and the United States, and developing nations like Azerbaijan and Uzbekistan.

These investments both serve the UAE’s economic interests and also help the nation achieve foreign policy objectives. For instance, Masdar is partnering with the UAE’s Ministry of Foreign Affairs and International Cooperation, and the Abu Dhabi Fund for Development (ADFD) to develop renewable energy projects across 16 Caribbean Island nations. These vital projects will help the islands to increase energy access and mitigate climate change, while also strengthening bilateral relationships between the UAE and the Caribbean countries.

Masdar’s support of innovation is in line with the UAE’s vision of building a knowledge economy and building a sustainable talent pool of home-grown Emirati workers to support future development. Further, Masdar views a sustainable workforce as being gender-balanced and diverse, and consequently is committed to driving the development of women in the sustainability industry.

Established on the sidelines of the 2015 United Nations General Assembly, the Women in Sustainability, Environment and Renewable Energy (WiSER) platform is dedicated to inspiring women to play an active role in addressing global sustainability challenges. Masdar also actively drives youth development, through its Youth 4 Sustainability platform, which prepares students and young professionals to become the sustainability leaders of tomorrow. The company also actively invests in supporting its own employees’ development, with a range of internal training and support programs.

Masdar today is at the forefront of the UAE’s efforts to make a positive impact on climate action in terms of project development, investment in new technologies and building awareness in the 30-plus countries it operates in. Combined, the projects that Masdar has invested in displace more than 16 million tonnes of carbon dioxide emissions per year - a vital contribution to climate action.

Masdar has also played a key role in amplifying the UAE’s voice in the global climate change conversation, through platforms such as Abu Dhabi Sustainability Week, the world’s leading annual sustainability event, and hosting events such as this year’s Regional Climate Dialogue in Masdar City.

Many of the solutions that Masdar has championed have been ‘world-firsts’ - such as the Hywind project established off the coast of Scotland, the first floating offshore wind farm. Masdar is also involved in some of the biggest renewable energy projects, including the 2 GW Al Dhafra solar plant, set to the largest single-site solar facility in the world. Masdar City, Abu Dhabi’s only planned and approved research & development cluster, is also providing a “greenprint” for sustainable urban living, advancing real-world solutions in energy and water efficiency, mobility, and artificial intelligence. Home to more than 900 companies from six continents, over the past decade Masdar City has piloted technology in areas such as mobility, transportation, construction, renewable energy and sustainable living.

WAM