Dr Sultan Al Jaber, Minister of Industry and Advanced Technology and Cop28 President-designate, held discussions with Ignacio Galan, executive chairman of Iberdrola, in Madrid to explore opportunities for increasing renewable energy capacity and supporting global net-zero emissions targets. Dr Al Jaber emphasized the need to triple renewable energy capacity by 2030 to align with the goals of the Paris Agreement.
International collaboration was highlighted as essential for achieving net-zero emissions, with Dr Al Jaber emphasizing the importance of renewable energy projects that not only contribute to decarbonization but also create employment and economic opportunities. Masdar, the clean energy company chaired by Dr Al Jaber, has been at the forefront of driving renewable energy initiatives globally, contributing to both economic diversification and climate action.
Masdar’s extensive involvement in over 40 countries and its investments exceeding $30 billion in clean energy projects demonstrate its leadership in the sector. The International Renewable Energy Agency (IRENA) has emphasized the need to add an average of 1,000 gigawatts of renewable power capacity annually by 2030 to meet the goals of the Paris Agreement. Although there has been significant progress, with 300 gigawatts of renewable capacity added globally in the power sector last year, further efforts are required to bridge the gap between current developments and long-term climate goals.
Ignacio Galan, executive chairman of Iberdrola, emphasized the company’s extensive experience in delivering clean and secure energy solutions, having invested over €150 billion ($167.27 billion) in the energy transition over the past two decades. As the largest electricity utility in Europe and the second largest in the world, Iberdrola is committed to boosting clean electrification through renewables, smarter grids, and energy storage.
The collaboration between Masdar and Iberdrola in renewable energy projects in the Iberian Peninsula reflects their shared commitment to advancing sustainable energy solutions. Spain aims to achieve 100 percent of electricity generation and 97 percent of the total energy mix from renewables by 2050 as part of its objective for climate neutrality.
Meeting net-zero emissions targets by 2050 will require doubling investments in renewable energy to over $4 trillion by the end of the decade, according to the International Energy Agency (IEA). The IEA’s World Energy Outlook indicates that clean energy investment is expected to reach slightly over $2 trillion by 2030 under current policy settings, highlighting the need for increased efforts and financial commitments.
The discussions between the UAE and Spain underscore the importance of international cooperation in accelerating the energy transition and scaling up renewable energy capacity to combat climate change effectively. Through collaborative efforts and investments, these countries aim to drive the adoption of clean energy technologies and contribute to the global efforts towards a sustainable future.
