Sharjah 24 – WAM: His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, announced on Wednesday a global clean energy powerhouse intended to spearhead the drive to net-zero carbon by 2050.
Consolidating their combined efforts in renewable energy and green hydrogen, Abu Dhabi National Energy Company PJSC (TAQA), Mubadala Investment Company (Mubadala) and Abu Dhabi National Oil Company (ADNOC) will partner under the Abu Dhabi Future Energy Company (Masdar) brand.
His Highness Sheikh Mohamed bin Zayed highlighted how the UAE is embracing the energy transition as it advances pragmatic and innovative solutions to secure a lower carbon future, paving the way for the nation to deliver on its ‘Net-Zero by 2050 Strategic Initiative’.
The agreement signing, in the UAE Pavilion at EXPO 2020 Dubai, was witnessed by Sheikh Mohamed bin Zayed, along with Sheikh Hazza bin Zayed Al Nahyan, Deputy Chairman of Abu Dhabi Executive Council; Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs; Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, member of the Abu Dhabi Executive Council and Chairman of Abu Dhabi Executive Office; Sheikh Theyab bin Mohamed bin Zayed Al Nahyan, Chairman of Crown Prince Court.
Signatories were Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and Managing Director and Group CEO of ADNOC; Khaldoun Khalifa Al Mubarak, Managing Director and Group Chief Executive Officer of Mubadala Investment Company; and Mohamed Hassan Alsuwaidi, CEO of ADQ and Chairman of TAQA.
The partnership between three Abu Dhabi champions will have a combined current, committed, and exclusive capacity of over 23 Gigawatts (GW) of renewable energy, with the expectation of reaching well over 50GW total capacity by 2030. Upon completion of this transaction, the expanded Masdar entity will become one of the largest clean energy companies of its kind and be well positioned to lead the industry on a global scale.
Wednesday’s announcement consolidates the efforts of all three partners, combining their renewable energy and green hydrogen portfolios into Masdar, leveraging the existing clean energy pioneer’s strong international legacy and brand identity. The new Masdar partnership builds on the creation in January 2021 of the Abu Dhabi Hydrogen Alliance, comprised of Mubadala, ADNOC and ADQ (TAQA’s majority shareholder) and the launch on 17th November 2021 of a new global renewable energy venture between ADNOC and TAQA. Collectively, the partners will supercharge Masdar’s growth and expansion, with each shareholder playing a key role.
As the United Arab Emirates prepares to host COP28 in 2023, this strategic partnership positions Abu Dhabi and the UAE at the forefront of the energy transition. The powerful new combination will further drive de-carbonisation of power across local and international markets, while accelerating the UAE’s path towards net-zero carbon by 2050 and cementing its leading global role in green hydrogen.
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