Masdar

Masdar states that it is committed to achieving net-zero emissions, but the report also says it is still finalising its sustainability strategy to include specific target dates and KPIs. Therefore, this is a clear net-zero commitment, but not yet a fully quantified, dated corporate net-zero target comparable to SBTi-validated utility targets.

The report does not disclose a conventional 2030 / 2035 corporate emissions-reduction target for Masdar’s own operations. The strongest interim climate ambition is instead its growth target: 100 GW renewable energy capacity by 2030. Masdar expanded capacity from 20 GW in 2022 to 51 GW in 2024, and the report links this directly to the 100 GW target.

Masdar reports Scope 1, Scope 2 and Scope 3 emissions using both equity share and financial control approaches under the GHG Protocol. Under financial control, 2024 emissions were Scope 1: 118,018 tCO₂e, Scope 2: 13,017 tCO₂e, and Scope 3: 167,327 tCO₂e. Under equity share, 2024 emissions were Scope 1: 304,658 tCO₂e, Scope 2: 13,528 tCO₂e, and Scope 3: 189,904 tCO₂e. The report states that Scope 3 accounted for around 56% of total emissions under the financial-control methodology, driven by the supply chain.

Masdar is a global clean-energy developer, owner and operator. Its portfolio expanded by 62% in 2024, reaching 51 GW across more than 40 countries, bringing it more than halfway toward its 100 GW by 2030 target. The report also states that Masdar added 19.5 GW of renewable production capacity in 2024 across operating, under-construction and secured projects.

Masdar does not disclose a usable emissions-intensity metric such as gCO₂e/kWh. The GRI index states that GHG emissions intensity is “information unavailable / incomplete” because Masdar has not yet defined the numerator. This should be recorded as not clearly disclosed for benchmark purposes.

Masdar discloses absolute Scope 1, 2 and 3 emissions for 2022–2024. However, emissions increased materially in 2024, especially Scope 1 and Scope 3, due to construction activity and supply-chain activity. Under financial control, total Scope 1–3 emissions increased from 94,884 tCO₂e in 2023 to 298,362 tCO₂e in 2024. This is not an operational decarbonisation progress story; it reflects rapid portfolio growth and construction activity.

Masdar does not provide an EU Taxonomy-aligned capex / turnover / opex table. However, its Green Finance Framework is designed to align with the technical screening criteria for substantial contribution to climate change mitigation under the EU Taxonomy Delegated Acts. Masdar’s 2024 green bond proceeds were allocated to eligible green projects, including solar, wind, offshore wind and energy storage, but this is green finance alignment, not a full EU Taxonomy KPI disclosure.

Masdar reports environmental compliance and resource-management processes, but does not provide a consolidated water withdrawal / discharge / consumption table comparable to Vattenfall, RWE or SSE. The report states that Masdar conducts Environmental & Social Impact Assessments for projects, follows Good International Industry Practice, and reported zero fines, including non-monetary fines, for non-compliance with environmental laws and regulations.

Masdar has strong asset-level offshore wind evidence. The report identifies London Array 630 MW, which powers around half a million homes; Hywind Scotland 30 MW, the world’s first floating offshore wind farm, supplying around 22,000 homes; and Baltic Eagle 476 MW, with 50 turbines, supplying around 475,000 homes and avoiding around 800,000 tCO₂e annually. External Masdar sources further confirm Dudgeon Offshore Wind Farm at 402 MW, with 67 Siemens 6 MW turbines, powering around 410,000 homes and displacing 893,000 tCO₂ per year. London Array is also confirmed by Masdar as 630 MW, with 175 turbines, displacing 925,000 tCO₂ per year and powering more than half a million homes.

Masdar’s strongest project-level biodiversity evidence in the report is not offshore wind but the Zarafshan Wind Project in Uzbekistan, where Masdar deployed IdentiFlight AI to detect birds and trigger turbine stoppages to avoid raptor collisions. In 2024, the system triggered more than 300,000 turbine stoppages to avoid collisions. For offshore wind specifically, the report provides asset capacity and avoided-emissions data, but does not disclose detailed marine mammal, seabed, fisheries or underwater-noise mitigation comparable to Vattenfall’s Hollandse Kust Zuid or Iberdrola’s Baltic Eagle disclosure.

Masdar states that it aims to create a net-positive impact on biodiversity by managing and monitoring its environmental footprint. Its projects are designed to avoid and reduce biodiversity impacts, rehabilitate affected species and landscapes, and minimise or offset residual impacts. The report also states that Masdar is developing a dedicated biodiversity strategy and policy with project-specific KPIs.

Masdar does not disclose a quantified wind-turbine blade, composite material, nacelle, magnet or offshore wind end-of-life circularity target. The report does include resource-use and waste-management commitments through its HSSE policy and highlights waste-to-energy activity, including the Sharjah Waste-to-Energy facility, but this is not equivalent to a wind-asset circularity target.

Masdar has relevant low-carbon materials evidence through green hydrogen and steel. The report highlights the Masdar and EMSTEEL green steel pilot project in Abu Dhabi, described as the first initiative of its kind in the Middle East and North Africa. The pilot uses green hydrogen to produce green steel, has begun producing green steel, and notes that green hydrogen can reduce CO₂ emissions in steelmaking by up to 95%. The 2024 highlights also state expected annual GHG avoidance of 3,000 tCO₂e from the Masdar and EMSTEEL pilot.

Masdar has developing but increasingly structured supply-chain sustainability evidence. The report states that Masdar aims for all direct suppliers to participate in ESG training and report on ESG activities and supply-chain policies. Supplier expectations are embedded in the Business Partner Code of Conduct and final contracts, including requirements on safe working conditions, reasonable working hours, fair wages, no modern slavery, no human trafficking and no child labour. In 2024, Masdar engaged 778 suppliers, of which 52 were appointed from local communities, and 19% of suppliers were ICV certified.

Masdar has strong sustainable-finance and rating evidence. In 2024, Sustainable Fitch assigned Masdar an ESG Entity Rating of 2 and an entity score of 71/100. Fitch also upgraded Masdar’s Long-Term Foreign- and Local-Currency Issuer Default Ratings from A+ to AA-. Masdar issued a USD 1bn green bond in July 2024 with a 4.6x oversubscribed orderbook, and its total green bond issuance reached USD 1.75bn by December 2024.