Masdar, the clean energy firm based in Abu Dhabi, has inked an implementation plan aimed at progressing the establishment of 10 gigawatts of renewable energy ventures in Malaysia. These initiatives encompass a range of projects, including ground-mounted and rooftop solar power plants, floating solar installations, onshore wind farms, and battery energy storage systems. Dr. Sultan Al Jaber, Cop28 President, emphasized Masdar's role in spearheading the UAE's commitment towards facilitating an equitable and comprehensive energy transition for global nations as Cop28 commences.
Dr. Al Jaber, also serving as the UAE Minister of Industry and Advanced Technology and chairman of Masdar, highlighted the signing as a significant step forward in the collaboration between the UAE and Malaysia concerning renewable energy ventures. This roadmap constitutes a segment of an $8 billion renewable energy accord inked by Masdar and the Malaysian Investment Development Authority (Mida) in October. Operating across more than 40 nations, Masdar aims to expand its renewable energy capacity to a minimum of 100 gigawatts by the decade's end. Additionally, it has set its sights on producing one million tonnes of green hydrogen annually by 2030.
Wira Rahman, Mida's chief executive, emphasized the strategic partnership with Masdar as a substantial advancement in fulfilling Malaysia's aspirations for sustainable energy. This collaboration aligns with the Malaysian government's steadfast dedication to achieving the Sustainable Development Goals 2030 and embracing the net zero 2050 vision. Malaysia has set ambitious targets, aiming for renewable energy to constitute 31 percent of its power supply by 2025, 40 percent by 2035, and ultimately reaching 70 percent by 2050. Shifting to renewable energy sources is projected to save Malaysia between $9 billion and $13 billion annually by 2050, mitigating energy, climate, and health-related expenses, as stated by the International Renewable Energy Agency.