Abu Dhabi's Masdar Issues 2024 Green Finance Report

Masdar, an Abu Dhabi energy company, reported in its 2024 Green Finance Report that more than US$1.685 billion in green bond proceeds from 2023 and 2024 issuances were allocated as of 31 December to new solar, onshore and offshore wind, and energy storage projects. The report outlines the renewable energy projects financed by Masdar’s green bond issuances and the impacts achieved.

These deployments are catalysing the development of clean energy across the UAE, Saudi Arabia, the US, Germany, and the UK, as well as in markets such as Uzbekistan, Azerbaijan, and Serbia.

The report shows that for every US$1 million invested through Masdar green bonds, approximately 3,700 tonnes of carbon emissions are avoided each year through beneficiary projects. This brings the total avoided emissions attributed to its green bonds to more than 6.28 million tonnes of carbon per year.

Mazin Khan, Chief Financial Officer at Masdar, said: “Masdar’s green finance strategy is underpinned by disciplined capital allocation, robust ESG integration, and transparent reporting. We are proud to deploy bond proceeds towards greenfield projects under strict criteria, enabling clean energy progress while maintaining a high level of financial efficiency and investor confidence.”

In March of this year, Masdar revised its Green Finance Framework to broaden eligibility to include green hydrogen and stand-alone battery energy storage systems.

Moody’s Investor Services subsequently reaffirmed Masdar’s Sustainability Quality score of SQS1 (Excellent) in its Second Party Opinion and verified that the Framework is aligned with international best practices, including the ICMA Green Bond Principles and the Green Loan Principles.

Following this, demand for Masdar’s US$1 billion green bond issuance in May 2025 led to 6.6x oversubscription, with allocation finalised at a split of 85 percent to international investors and 15 percent to Mena investors.

This year’s issuance brings the total amount raised since the company began its green bond programme in 2023 to US$2.75 billion.

Masdar’s green bond programme is complemented by broader financing activities, including US$6 billion in non-recourse financing in 2024 to develop 11 GW of clean energy across 12 projects in 9 countries.

Upholding its commitment to transparency in sustainable finance, Masdar engaged Ernst & Young to provide a limited assurance review of the allocation of proceeds and selected environmental impact metrics outlined in its 2024 Green Finance Report.