Power utilities raise clean energy investment plans by 26 per cent in major Net Zero push
COP30 CEO Ana Toni said delivering on global goals for tripling renewable energy and doubling energy efficiency by 2030 will only be possible if grids keep pace.
Global power utilities overseeing global Net Zero ambitions have pledged to ramp up energy-transition investments by more than 25 per cent, with a sharp focus on power grids.
The pledge marks one of the most significant COP30 commitments so far.
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The announcement by members of the Utilities for Net Zero Alliance (UNEZA) raises the annual spending plan to $148 billion (Sh19.1 trillion), up from $117 billion (Sh15.1 trillion) previously targeted, translating to a 26.5 per cent increase.
With the strengthened pledge, UNEZA members, some of the world’s largest utilities, expect to mobilise more than $1 trillion (Sh129 trillion) in energy-transition investments by 2030.
Developed through the Green Grids Initiative and supported by UNEZA, the plan aims to specifically unlock climate and development finance for emerging-economy power systems, where grid deficits are now among the biggest obstacles to the energy transition.
Their plans include tripling renewable capacity from 2023 levels while directing more resources into modern power networks and storage systems to keep pace with the rapid growth of clean energy.
A major shift in capital allocation will see utilities invest around $1.24 (Sh160.3) in grids and storage for every dollar spent on renewable generation.
This includes tens of thousands of kilometres of new and upgraded transmission lines and expanded battery storage, alongside $66 billion (Sh8.5 trillion) a year going into renewables and $82 billion (Sh10.6 trillion) into grids and storage.
Governments and multilateral development banks present at the summit have thrown their weight behind the new financing principles.
The COP30 leadership stressed the urgency of keeping grid expansion aligned with global energy-transition goals.
COP30 CEO Ana Toni said delivering on global goals for tripling renewable energy and doubling energy efficiency by 2030 will only be possible if grids keep pace.
“Through the principles and the UNEZA partnership, we (COP30) are turning global commitments into practical delivery, linking finance, policy and implementation to build the resilient power systems that will enable a clean-energy future,” Toni said.
UNEZA, established under the COP28 Presidency and operating with guidance from the International Renewable Energy Agency (IRENA) and the Climate High-Level Champions, was created to eliminate bottlenecks slowing power-system transformation.
IRENA estimates that $670 billion (Sh86.6 trillion) is needed every year through 2030 to build and strengthen grids capable of supporting the required energy rollout.
Utilities say the stepped-up commitments show readiness to shift from pledges to tangible delivery.
On his part, UNEZA co-chair Jasim Husain Thabet said the upgraded plans reflect tangible, substantial investment action as utilities work to build a power system fit for the 21st century.
“We are standing up to deliver the most significant infrastructure upgrade of our lifetime, a power system fit for the 21st century, and fulfilling the pledges made at COP28 and COP29,” Thabet said.
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