GLOBAL – The Utilities for Net Zero Alliance (UNEZA), a COP28 initiative comprising major utility and energy companies, has announced plans to invest over US$116 billion annually in clean power generation and power grid infrastructure worldwide.

This investment is part of the global push toward achieving net-zero emissions and aims to accelerate the electrification of energy systems.

The 39 UNEZA partners, including 32 of the world’s largest utility companies, serve more than 327 million customers globally.

They plan to expand their renewable energy portfolios by 2.6 times by 2030. Of the total investment, 48% will go towards modernizing transmission and distribution infrastructure.

The alliance is guided by the International Renewable Energy Agency (IRENA) and the UN Climate Change High-Level Champions.

During New York Climate Week, UNEZA members committed to increasing demand for the equipment and materials needed to expand clean power systems.

This investment will support supply chain companies in building the additional manufacturing capacity required for the energy transition.

Alongside the investment announcement, the alliance issued a high-level statement urging policymakers to standardize equipment regulations across regions, promote the free flow of supplies, and improve long-term system planning to facilitate multi-project approvals.

H.E. Razan Al Mubarak, UN Climate Change High-Level Champion for COP28, emphasized the importance of collaborative efforts in achieving net-zero goals, “UNEZA shows the power of joint action to triple renewables and double energy efficiency by 2030, aligning with the UAE’s vision for a sustainable future.”

UNEZA’s Roadmap to 2030 targets increasing renewable energy capacity to 849 GW, more than double the current capacity.

The roadmap also includes a grid infrastructure action plan to address barriers like supply chain constraints.

Global and regional leadership

Francesco La Camera, Director-General of IRENA, highlighted the importance of grid upgrades, estimating the global infrastructure investment needed at US$720 billion per year by 2030. “Private sector investment is essential to close the financing gap,” he said.

Jasim Husain Thabet, TAQA’s Group CEO and UNEZA co-chair underscored the alliance’s commitment to addressing supply chain bottlenecks, “If we aim to triple renewable capacity by 2030 and reach net zero by 2050, we need resilient supply chains across the power system.”

Alistair Phillips-Davies, SSE’s CEO and UNEZA’s co-chair stressed the need for long-term investment plans, “Utilities must offer certainty to help policymakers implement strategic, collaborative solutions.”

Meeting future demands

Sagar Adani, Executive Director of Adani Green Energy Ltd., noted that addressing access to finance and high capital costs is crucial, especially in emerging markets. He called for policies to harmonize the Right of Way and environmental clearances.

According to IRENA (2024), annual investment in renewable energy must more than double current grid investments, reaching US$1.55 trillion per year by 2030.

This substantial increase is essential to tripling global renewable energy capacity and moving toward a sustainable, net-zero future.

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