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IRENA, Masdar Plan to Treble Global Renewable Energy Capacity

UAE-government owned renewable energy company Masdar has signed an agreement with the International Renewable Energy Agency (IRENA) to collaborate on an international knowledge project that will map out the means to triple global renewable energy capacity by 2030. Announced at the UAE Climate Tech Forum in Abu Dhabi, the main objective of the Memorandum of Understanding (MoU) is to establish a global baseline for renewable energy, focusing on solar, wind, hydropower, geothermal, and other technologies including battery storage. It will further identify challenges faced by different regions working to meet their renewable energy ambitions, providing recommendations for action, particularly in the context of COP28. Francesco La Camera, Director-General of IRENA, said: “The transition to renewables provides a sustainable and affordable solution to many of the challenges we face today, and we have the technology to deploy at speed and scale. In 2022, a record 300 gigawatts (GW) of renewables were added and renewable power now accounts for 40% of total installed generation capacity globally. Despite this progress, the energy transition is off track.” 

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