- Cop28 President-designate says that net-zero emissions can only be achieved through international collaboration.
- According to the International Renewable Energy Agency, annual renewable power capacity must add an average of 1,000 gigawatts annually by 2030 to meet Paris Agreement goals.
Energy officials from the UAE and Spain met in Madrid to discuss ways to increase renewable energy capacity and support net-zero goals. Dr Sultan Al Jaber, Minister of Industry and Advanced Technology and Cop28 President-designate met Ignacio Galan, executive chairman of Iberdrola, in the Spanish capital this week.
Dr Al Jaber, also chairman of Abu Dhabi’s clean energy company Masdar, said net-zero emissions could only be achieved through international collaboration. He said, “Masdar and Iberdrola have long and proud histories of advancing life-changing renewable energy projects worldwide. Not only do these projects boost decarbonisation, but they also increase jobs and opportunities.”
Established by Mubadala in 2006, Masdar has taken a leadership role in the global clean energy sector and has helped to drive the nation’s economic diversification and climate action agenda. It is 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 power capacity must add an average of 1,000 gigawatts annually by 2030 to meet Paris Agreement goals.
He said, “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.”
With a market capitalisation of more than €71 billion ($79 billion), Iberdrola is the largest electricity utility in Europe and the second largest in the world. The company, which has over 40,000 megawatts of renewable capacity, plans to invest €47 billion between 2023 and 2025 in power grids and renewables.
Spain’s 2050 objective for climate neutrality calls for renewables to provide 100 per cent of electricity and 97 per cent of the total energy mix. Investment in renewable energy needs to double to more than $4 trillion by the end of the decade to meet net-zero emissions targets by 2050; the International Energy Agency said in its World Energy Outlook last year.