The Utilities for Net Zero Alliance (UNEZA) announced at COP30 the expansion of its annual investment target for renewable energy transmission and storage systems from $117 billion to $148 billion.
The coalition of 73
members now foresees a project pipeline worth $1 trillion by 2030.
The initiative brings
together the world’s leading power utilities and electricity service companies
to promote clean energy solutions.
During the event held
in the Blue Zone, the governments of Germany and the UK, seven multilateral
funds, and other institutions endorsed the report by the Green Grids
Initiative, Climate Finance Principles for Grids.
The document
highlights that current climate finance rules exclude more than 60 per cent of
the world’s energy transmission and storage network projects.
The analysis provides solutions for recognising
the catalytic role that grid investments can play in decarbonising fossil
fuel–dependent regions and transitioning economies.
Countries and
institutions endorsing the document include the UK, Germany, GIZ (German Agency
for International Cooperation), KfW (German Development Bank), African
Development Bank, British International Investment, East African Development
Bank, Inter-American Development Bank, Climate Bonds Initiative, Institutional
Investors Group on Climate Change, Asian Investors Group on Climate Change,
Global Renewables Alliance, GridWorks, and UNEZA.
Challenges and
Opportunities
COP30 High-Level
Climate Champion Dan Ioschpe emphasised that while renewable energy generation
is advancing rapidly, the challenge now lies in ensuring grid efficiency,
resilience, and distribution capacity.
According to him,
investments in these systems increased by only 9 per cent in 2024, revealing a
significant financing gap.
“If we can align
capital, capacity, and collaboration, we can accelerate this transition
together—not as an obligation, but as the greatest economic opportunity of our
generation,” he stated.
Like the Climate
Champion, several speakers underscored that much of the world’s existing energy
infrastructure remains aligned with last-century technologies and requires
modernisation to strengthen renewable energy integration.
“If we do not finance
grids and flexibility, the speed and scale of the transition will be
compromised,” warned Francesco La Camera, Director-General of the International
Renewable Energy Agency (IRENA).
Bruna Cerqueira,
General Coordinator of the Action Agenda in the COP30 Presidency, praised the
initiatives announced and called for their implementation. “We appreciate the
fact that many have supported these measures, but what we want is to continue
this work over time. This cannot be just an event at COP. We need consistency.”
Gustavo Ataíde,
Brazil’s National Secretary for Energy Transition and Planning, reported that
the country is implementing one of the most ambitious transmission expansion
cycles in its history.
Among the planned
initiatives is the installation of a 2,500-kilometer High-Voltage Direct
Current line with a 3-gigawatt capacity and new international interconnections.
“These initiatives demonstrate that building modern, resilient grids ready for renewable energy is possible when planning, institutions, and financing are aligned. The world must move from political momentum to concrete progress, particularly in expanding storage solutions and doubling grid investments by 2030,” he emphasised. -TradeArabia News Service
