Last Updated on December 25, 2023 by News Editor
Africa has some of the world’s most promising wind and solar conditions and could easily become a global leader in renewable energy. Masdar’s goal in Africa is to assist the continent in its clean energy transition and reach its full potential by leveraging its experience and developing the project in renewable energy. Africa has made significant progress toward achieving a net-zero energy footprint. According to the IEA, twelve African countries, accounting for more than 40 percent of the continent’s CO2 emissions, have already committed to reaching net zero by 2030.
To facilitate the development of energy projects in Africa with a total capacity of up to 5 gigawatts, Masdar has struck agreements with three of the continent’s nations, including Angola, Uganda, and Zambia. This further demonstrates the firm’s dedication to assisting Africa in its clean energy transition.
Masdar Takes On Energy Projects In Line With Etihad 7 Agreements
Masdar’s project of renewable energy in Africa was negotiated under the terms of the Etihad 7 initiative. Masdar has committed to developing renewable energy projects in Angola, Uganda, and Zambia. These projects will have a total capacity of 5 gigawatts, 2 of which will be in Angola and 2 in Zambia, and 1 in Uganda. Developed by the UAE, Etihad 7 intends to generate public and private funding to expand renewable energy development in Africa. The UAE and African governments agree that sustainable energy has significant promise for Africa in terms of advancing its economy and efforts to combat climate change.
Achieving Net-Zero And Economic Growth: Collaborative Agreements In Africa
The green energy agreements will profoundly impact local communities and aid African countries in fostering growth and development for their people and achieving net-zero goals. As Africa is expected to have rapid economic expansion in the next few years, and its present clean energy penetration levels are rather low, the renewable energy industry in Africa offers a great deal of untapped potential. It is expected that the agreements made during Abu Dhabi Sustainability Week would aid in achieving these countries’ clean energy transition targets and propel their sustainable economic growth.
Masdar’s Global Impact: Investments Worth Over $30 Billion In 40+ Countries
Masdar is involved in projects with a total value of over $30 billion and operates in more than 40 countries. It has set a lofty goal to increase its worldwide capacity for renewable energy development to at least 100 gigawatts by 2030. This expansion is part of the company’s ongoing effort to expand its clean energy portfolio. Wind and solar energy systems will provide the lion’s share of this capacity. Masdar plans to expand its renewable energy production beyond its original 200 GW target. Masdar is not only working on Africa’s energy projects but is also collaborating with major international organizations and institutions. It will facilitate even more widespread use of renewable energy across the continent.