The project will underline the challenges faced in meeting renewable energy ambitions. Credit: International Renewable Energy Agency.

United Arab Emirates (UAE)-based energy company Masdar has signed an agreement with the International Renewable Energy Agency (IRENA) to cooperate on a major international knowledge project.

The partnership aims to triple global renewable energy capacity by the end of the 2020s.

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Masdar chairman Sultan bin Ahmed Al Jaber stated: “The world needs to commit to tripling global renewable energy capacity by 2030 and to double it again by 2040.

“In the 17 years since UAE leadership established Masdar in 2006, the cost of a kilowatt hour of solar energy has plummeted to under two cents and we need to harness this pioneering spirit of innovation now more than ever.

“Masdar has already committed to growing its total capacity fivefold to 100GW by the end of the decade, and this joint research project with IRENA will emphasise the vital role of renewable energy in limiting global warming when the world comes together at COP28 [the UN’s 28th climate change conference].”

At the UAE climate tech forum in Abu Dhabi, both organisations signed a memorandum of understanding to collaborate on a project for COP28, which will outline global targets for renewable energy by 2030.

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The project aims to establish a global baseline for renewable energy by focusing on solar, wind, hydropower, geothermal and battery storage.

IRENA director-general Francesco La Camera stated: “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 300GW 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. IRENA’s world energy transitions outlook indicates that the deployment of renewables must reach 1,000GW annually to keep the 1.5°C target alive.”