- COP28 President Dr. Sultan Al Jaber spoke at inauguration of the Garadagh Solar Park in Azerbaijan, largest in the region.
- A further 1GW of new projects signed between the UAE and Azerbaijan, including two solar projects and one wind project.
- Masdar projects part of first phase of a 10GW pipeline agreed in 2022.
- Projects enabled by innovative blended finance that is a “catalytic model for project finance that Masdar has developed over nearly two decades.”
- “This is the business unusual approach I am determined to take.”
- “While investment in renewable energy continues to grow, with a record 500GW added globally this year, the world must triple renewable energy capacity by 2030 to keep 1.5 within reach.”
- Projects demonstrate action to deliver on COP28 Agenda to fast track a just and orderly energy transition by ramping up renewables.
- “This event perfectly illustrates the practical action needed to turn the goals of the Paris Agreement into tangible reality.”
- “New technologies combined with strong political will and results-driven private enterprise can make game-changing progress for the climate and our economies.”
- “Let us take the spirit of innovation and cooperation that we have shown in creating the Garadagh Solar Energy Plant and bring it to COP28.”
COP28 President Dr. Sultan Al Jaber told an audience in Baku that he was determined to take a “business unusual approach” to “close a massive emissions gap” and deliver climate outcomes at COP28.
Speaking just 34 days before the UAE hosts the world for the COP28 global climate summit, Dr. Al Jaber was in Azerbaijan for the inauguration of Masdar’s Garadagh Solar Park. While in Azerbaijan, Masdar, which Dr. Al Jaber chairs, signed agreements for two further solar projects and one onshore wind project with a total capacity of 1GW. This is part of the first phase of a 10GW pipeline of renewable energy projects that Masdar is developing in Azerbaijan.
The inauguration of the Garadagh Solar Park was overseen by President of Azerbaijan, HE Ilham Aliyev. The 230MW Garadagh Solar Park will power more than 110,000 homes and reduce carbon emissions by 200,000 tonnes a year. Addressing the audience, Dr. Al Jaber said, “this event perfectly illustrates the practical action needed to turn the goals of the Paris Agreement into tangible reality.”
Dr. Al Jaber continued, “while investment in renewable energy continues to grow, with a record 500GW added globally this year, the world must triple renewable energy capacity by 2030 to keep 1.5 within reach.”
Addressing the scale of the climate challenge, Dr. Al Jaber said that “Paris unified the world around a common goal, but since then, we have not seen enough action to close a massive emissions gap.”
To deliver on these global targets, Dr. Al Jaber continued, “we need innovative approaches to climate finance to ensure a pipeline of viable projects can be developed and delivered in record time.”
Dr. Al Jaber noted that Garadagh was achieved through a partnership between Masdar and the Abu Dhabi Fund for Development, the Asian Development Bank, the European Bank for Reconstruction and Development and Japan’s International Co-operation Agency.
“This is a great example of multilateral and bilateral institutions coming together from around the world in innovative blended finance to deliver real results, especially across the Global South. This is a catalytic model for project finance that Masdar has developed over nearly two decades to successfully deliver renewable energy projects in over 40 countries.” he said.
Speaking of the importance of investments in grid infrastructure to enable the tripling of global renewable energy capacity, Dr. Al Jaber also noted that “by connecting the electricity grid to Georgia, Hungary and Romania, this country will be a regional exporter of renewable and low carbon energy.”
Concluding his remarks, Dr. Al Jaber spoke of how his Presidency of COP28 would be underpinned by inclusivity and a focus on action.
“I have seen how new technologies combined with strong political will and results-driven private enterprise can make game-changing progress for the climate and our economies,” He said. “And I have learned that it is critical to bring everyone to the table to be part of the solution. This is the spirit of inclusivity I want to bring to COP28. I want to bring the world together to focus on solutions and results. A little less conversation, a lot more action. This is the business unusual approach I am determined to take.”
The four pillars of the COP28 Presidency’s Action Agenda are fast tracking the energy transition, fixing climate finance, focusing on people, lives, and livelihoods, and fostering inclusivity.
Notes to Editors COP28 UAE:
• COP28 UAE will take place at Expo City Dubai from November 30-December 12, 2023. The Conference is expected to convene over 70,000 participants, including heads of state, government officials, international industry leaders, private sector representatives, academics, experts, youth, and non-state actors.
• As mandated by the Paris Climate Agreement, COP28 UAE will deliver the first ever Global Stocktake – a comprehensive evaluation of progress against climate goals.
•The UAE will lead a process for all parties to agree upon a clear roadmap to accelerate progress through a pragmatic global energy transition and a “leave no one behind” approach to inclusive climate action.
•The four pillars of the COP28 Presidency’s Action Agenda are fast tracking the energy transition, fixing climate finance, focusing on people, lives, and livelihoods, and underpinning everything with full inclusivity.
