Abu Dhabi, the capital of the United Arab Emirates, is a global leader in energy. The emirate, one of the world's leading producers of oil and gas, is investing heavily to become a regional and international powerhouse in renewable and sustainable energy knowledge, technology and capacity.
The selection of Abu Dhabi to host the global headquarters of the International Renewable Energy Agency (IRENA) reinforces the UAE's capital's position as the emerging hub for renewable energy, and reaffirms its contribution to the global renewable energy industry. In addition to supporting IRENA as it endeavours to deliver on its global mandate, Abu Dhabi – through Masdar – continues to afford considerable resources to the advancement and adoption of renewable energy. As well as providing substantial funding to IRENA and working towards a 7% renewable energy target by 2020, the Abu Dhabi Fund for Development has offered $50 million in annual loans to finance renewable energy projects in developing countries.