UAE government-owned renewable firm Masdar has announced a 40% increase in its clean energy project portfolio in 2021.

The electricity generation capacity of all projects Masdar invested in last year – either installed or under development – increased from 10.7 gigawatts (GW) to over 15 GW in 2021, according to the company’s 2021 Annual Sustainability Report.

Also known as the Abu Dhabi Future Energy Company, the firm claims that its operating clean energy portfolio displaced almost 7.5 million tonnes of CO2 last year, a 38 percent rise on 2020.

Last December, it was announced that three of the UAE’s energy giants – ADNOC, TAQA and Mubadala – would partner under the Masdar brand to form a clean energy powerhouse with a combined current, committed, and exclusive capacity of over 23 GW of renewable energy, with the ambition of reaching over 200 GW.

The report, which covers Masdar’s operations in the UAE and overseas, is said to have been prepared in accordance with Global Reporting Initiative (GRI) Standards: Core Option. It discloses the company’s impact in 2021, amidst the COVID-19 pandemic, examining KPIs across sustainable finance and innovation, environmental and social contributions, human capital, and governance.

During 2021, Masdar reported entry into new markets, including Azerbaijan, Armenia, Georgia, Greece, Iraq and Poland, extending its renewable energy investments to over 40 countries with a combined value of more than US$20 billion.

Masdar City, Abu Dhabi’s only planned and approved R&D cluster and a hub for innovation, reportedly hit the milestone of more than 1,000 businesses operating in the Free Zone and achieved a 99 percent occupancy in commercial assets. The City also unveiled a number of research projects including “the world’s first solar/thermal energy storage-powered project to extract water from air” by AQUOVUM, Khalifa University and Masdar, and the Azelio electrical thermal energy storage system technology that reportedly enables 24/7 clean energy utilization.