Abu Dhabi Future Energy Company – Masdar, one of the world’s leading clean energy companies, has signed an agreement with the International Renewable Energy Agency (IRENA) to cooperate on a major international knowledge project setting out the means to triple global renewable energy capacity by 2030.

The MoU, signed during the UAE Climate Tech Forum in Abu Dhabi, aims to collaborate on a project for COP28 that will outline global targets for renewable energy by 2030.

The main objective of the project is to establish a global baseline for renewable energy, with a focus on solar, wind, hydropower, geothermal, and other technologies including battery storage, complemented by region-specific data.

Mr. Francesco La Camera, Director-General of IRENA, said that, “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 percent of total installed generation capacity globally. Despite this progress, the energy transition is off track. IRENA’s World Energy Transitions Outlook indicates that the deployment of renewables must reach 1000 GW annually to keep the 1.5°C target alive,” the IRENA Director-General added.

The project will also highlight the challenges faced by different regions in meeting their renewable energy ambitions and provide recommendations for action, particularly in the context of COP28. The recent Petersberg Climate Dialogue in Berlin concluded with a clear consensus for cuts in global emissions and a global, binding target for the expansion of renewables.