Leading utility companies have announced a joint intent to invest more than $116 billion annually in clean power generation and grid infrastructure globally in the coming years.
Partners within the Utilities for Net Zero Alliance (UNEZA), launched at COP28 under the guidance of the International Renewable Energy Agency (IRENA) and the UN Climate Change High-level Champions, are increasing efforts to accelerate electrification and power system transformation as the world approaches a crucial decade of decarbonisation.
The 39 partners of UNEZA, which include 32 of the largest utilities and energy companies serving more than 327 million customers globally, aim to scale renewable portfolios by 2.6 times by 2030. They will focus on expanding and modernising grid infrastructure, with 48% of the planned investment targeting transmission and distribution infrastructure.
According to IRENA (2024), annual investment in renewable capacity must more than double grid investment between now and 2030, reaching $1,550 billion per year—compared to the $720 billion needed annually for grid infrastructure. This increase is essential to achieve the ambitious target of tripling renewable energy capacity by 2030, a crucial step toward a sustainable, net-zero future.
