Masdar and Iberdrola Collaborate to Accelerate Global Renewable Energy Expansion in Anticipation of COP28


Clean energy pioneers from the UAE and Spain met in Madrid to discuss ways to boost renewable energy capacity and support global net-zero goals.


Dr. Sultan Al Jaber, the esteemed Chairman of Masdar, the UAE’s renowned renewable energy company, convened with Ignacio Galán, the Executive Chairman of Iberdrola, a prominent global clean energy firm, in Madrid. The purpose of their meeting was to explore strategies to enhance renewable energy capacity and provide substantial backing to the global net-zero objectives.

In preparation for the upcoming UN climate change conference, COP28, which will be hosted by the UAE in November and December, Dr. Sultan Al Jaber has been engaging in productive discussions with leaders from around the world. His objective is to establish strategic alliances and foster consensus in order to implement solutions that can facilitate a fair and inclusive transition to clean energy.


Dr. Sultan Al Jaber, the UAE Minister of Industry and Advanced Technology, Chairman of Masdar, and President-Designate of COP28, emphasized the urgent need for a threefold increase in renewable energy capacity by 2030 in order to effectively pursue the goals of the Paris Agreement and limit global warming to 1.5 degrees Celsius. Dr. Al Jaber underscored the critical role of robust international collaboration in achieving this objective. Masdar and Iberdrola, renowned for their extensive track records in advancing transformative renewable energy projects worldwide, have been instrumental in driving decarbonization efforts while simultaneously generating employment opportunities. This aligns with the imperative of accelerating the energy transition in a manner that prioritizes inclusivity and ensures that no one is left behind.

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I was delighted to meet Mr Galán and to discuss constructive ways in which the renewable energy sectors in both the UAE, Spain, and across the world, could continue to expand on their vital mission for the maximum benefit of people and the planet.”

Ignacio Galán, Executive Chairman of Iberdrola, stated that  “Iberdrola has decades of experience in delivering the clean and secure energy model the world needs, investing more than 150 billion Euros in the transition over the last 20 years. With another vital COP summit approaching, and much work to be done to stay on track with the Paris agreement, it is more important than ever that policymakers, and companies investing in energy, remain committed to boosting clean electrification through renewables, smarter grids and energy storage.

It was a pleasure to meet again Dr Sultan Al Jaber. We both share the same outlook that renewables are the best way forward for the planet. Many private companies and investors from across the world are making the right calls on supporting the transition. Together we can help the world to meet its climate targets, as well as supporting economies and enhancing employment.”

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Dr. Sultan Al Jaber founded Masdar in 2006, as part of the visionary leadership of the UAE, aimed at diversifying the nation’s energy sources and tackling global sustainability issues. Masdar has rapidly emerged as one of the world’s most dynamic renewable energy companies, with a presence in more than 40 countries. Impressively, it boasts a remarkable total capacity of over 20GW for generating renewable electricity.

With a global investment portfolio surpassing US$30 billion, Masdar is resolutely striving towards achieving a renewable electricity capacity of at least 100 GW by 2030. The company’s investments span cutting-edge technologies, including green hydrogen, geothermal, and waste-to-energy projects, as it remains dedicated to delivering clean energy solutions that benefit communities worldwide. In addition to their utility-scale developments, Masdar’s off-grid plants are providing a continuous supply of electricity to areas previously devoid of access.

For over two decades, Iberdrola has spearheaded the energy transition, earning its position as a global frontrunner in clean energy, networks, and storage. As Europe’s largest electricity utility and the world’s second-largest by market capitalization, valued at over €71 billion, Iberdrola is committed to investing a staggering €47 billion in the next three years alone, as outlined in its Strategic Plan for 2023-2025. These investments will primarily focus on electricity grids and renewable energy to foster a secure, sustainable, and competitive system. With an existing asset base of €150 billion, Iberdrola continues to lead the way in shaping a greener future.

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Iberdrola has more 40,000 MW of renewable operating capacity today, including hydroelectric, onshore and offshore wind and solar power.

With more than 40,000 employees, and 12,000 new hires by 2025, the company supports 400,000 jobs in total across its value chain.

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