Global utilities under the Utilities for Net Zero Alliance (UNEZA) have announced a major upgrade to their annual investment plans, raising energy transition spending to $148 billion per year from the earlier $117 billion. Revealed at COP30 in Belem, the enhanced commitments put the group on track to mobilise more than $1 trillion toward the energy transition by 2030.
1. Annual Energy Transition Investments Rise to $148 Billion
Global utilities have boosted their yearly investments to $148 billion, a significant increase from the previously planned $117 billion. This signals stronger momentum toward accelerating the global energy transition.
2. UNEZA to Mobilise Over $1 Trillion by 2030
Since its launch at COP28, UNEZA members are now positioned to channel more than $1 trillion into renewable energy, grids, and storage infrastructure by 2030.
3. Bigger Shift Toward Grids and Storage Development
For every dollar utilities spend on renewable generation, they will invest around $1.24 in power grids and storage. This reflects the growing need for modernised, flexible, and resilient power networks.
4. Large-Scale Grid Expansion Planned
UNEZA members aim to build and upgrade tens of thousands of kilometres of grid infrastructure worldwide, alongside scaling up battery storage capacity.
5. Renewable Capacity to More Than Triple by 2030
Collectively, the utilities will more than triple their renewable energy capacity by 2030 compared to 2023 levels. Annual investments for renewables are set at $66 billion.
6. Strong Government and MDB Support for Grid Financing Principles
A high-level ministerial meeting at COP30 saw governments and multilateral development banks endorse new Climate Finance Principles for Green Grids, aimed at mobilising more capital for emerging economies.
7. IRENA Highlights $670 Billion Annual Grid Investment Need
According to IRENA, the world must invest around $670 billion per year in grid infrastructure through 2030 to meet energy transition goals. UNEZA’s commitments directly support this target.
8. Industry Leaders Stress Implementation Over Commitments
Executives from TAQA, SSE, IRENA, and COP30 leadership emphasised the urgent need to turn global climate pledges into tangible delivery, citing UNEZA’s progress as a model for action.
9. New Delivery Mechanisms to Accelerate Grid Modernisation
UNEZA introduced three key mechanisms:
Pooled Procurement to lower equipment costs and strengthen supply chains
Unlocking Stranded Gigawatts to reduce congestion and speed renewable connections
Investment Trust Fund to attract long-term institutional capital for grid projects
10. Strategic Partnership with Global Clean Power Alliance
UNEZA will work with the UK-led Global Clean Power Alliance to tackle global power-sector supply chain challenges, aligning 12 governments with 70 major utilities and power companies.
Baburajan Kizhakedath