Masdar published its 2024 Green Finance Report, revealing that more than USD 1.685 billion in green bond proceeds from 2023 and 2024 issuances were allocated as of December 31 to new solar, onshore and offshore wind, and energy storage projects. The global clean energy leader's deployments are catalyzing the development of clean energy across multiple international markets.

The renewable energy projects financed through Masdar's green bond issuances span across the United Arab Emirates, Saudi Arabia, the United States, Germany, and the United Kingdom, as well as emerging markets including Uzbekistan, Azerbaijan, and Serbia. These investments represent a significant expansion of clean energy infrastructure across nine countries.

Environmental Benefits and Reduction of Carbon

The 2024 Green Finance Report demonstrates substantial environmental benefits from Masdar's green bond investments. For every USD 1 million invested through Masdar green bonds, approximately 3,700 tonnes of CO₂ emissions are avoided annually through beneficiary projects. This efficiency metric brings the total avoided emissions attributed to Masdar's green bonds to more than 6.28 million tonnes of CO2 per year.

The carbon reduction figures represent the cumulative impact of projects funded through the company's green bond program, which began in 2023. The environmental benefits are calculated based on the operational performance of the renewable energy installations supported by the bond proceeds.

Expanded Green Finance Framework

In March, Masdar revised its Green Finance Framework to broaden eligibility criteria to include green hydrogen and stand-alone battery energy storage systems. This expansion enables the company to finance next-generation clean technologies beyond traditional solar and wind projects. Moody's Investor Services subsequently reaffirmed Masdar's Sustainability Quality score of SQS1 (Excellent) in its Second Party Opinion, verifying that the Framework aligns with international best practices, including the ICMA Green Bond Principles and the Green Loan Principles.

Total Financing Activities and Program Growth

This year's USD 1 billion issuance brings the total amount raised since Masdar began its green bond program in 2023 to USD 2.75 billion. The green bond program represents one component of Masdar's broader financing activities, which include $6 billion in non-recourse financing in 2024 to develop 11GW of clean energy capacity across 12 projects in 9 countries.

Mazin Khan, Chief Financial Officer at Masdar, stated that the company's green finance strategy is underpinned by disciplined capital allocation, robust ESG integration, and transparent reporting. He emphasized that Masdar deploys bond proceeds towards greenfield projects under strict criteria, enabling clean energy progress while maintaining financial efficiency and investor confidence.

Third-Party Verification and Transparency Measures

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. This third-party verification process ensures the accuracy of reported deployment figures and environmental impact calculations.

The company's approach to transparent reporting includes detailed documentation of how green bond proceeds are allocated to specific renewable energy projects and the methodology used to calculate avoided emissions. The verification process covers both the financial allocation of funds and the environmental impact metrics reported in the annual green finance documentation.

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