Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, was joined by Carlos Pascual, Senior Vice President for Global Energy at IHS Markit, during the latest episode of the Abu Dhabi Sustainability Week (ADSW) Web Series, which was held in partnership with the Atlantic Council.
Joining the episode from Jakarta, Indonesia, Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar said: Masdar and its Indonesian partners recently kicked-off South-East Asia’s largest floating solar PV project and one of the largest in the world. This is a tremendous step for a nation that relies heavily on coal and diesel generation, but this is only the beginning.
“We can expect a new approach from the US administration on energy priorities, while there is optimism that clean technologies will take the lion’s share of the stimulus package the world needs after Covid-19 – to get people back to work and re-ignite economic activity.”
This year, Masdar made its second strategic investment in the US market to acquire a 50 percent stake in eight utility-scale projects across Nebraska, Texas and California. Strategic partnerships have been central to Masdar’s global success, with the company deploying nearly 11GW of capacity in over 30 countries.
Carlos Pascual, Senior Vice President for Global Energy at IHS Markit said, “The global movement to Net 0 emissions will send national governments into a hyper-regulatory period to meet the commitments of about 125 countries that, with the addition of the Biden Administration, will cover 66% of global emissions. Investment incentives and flows for energy producers and financial investors will shift profoundly toward clean energy. For Masdar and the United States, the opportunities to partner on technology and innovation will be unprecedented.”
According to the International Renewable Energy Agency, the transition towards a decarbonized global energy system will require scaling up investments in the energy sector by an additional US$15 trillion by 2050, with a total of US$110 trillion being invested in the global energy system during that period.