By: Utilities Middle east

The Utilities for Net Zero Alliance (UNEZA) announced at COP30 that it is expanding its annual investment target for renewable energy transmission and storage systems from $117 billion to $148 billion.

The coalition, which comprises 73 global power utilities and electricity service companies, now anticipates a project pipeline valued at $1 trillion by 2030.

According to the news report by Zawya, UNEZA’s initiative seeks to accelerate the global energy transition by promoting investments in the infrastructure necessary to integrate clean energy into electricity systems worldwide.

During the COP30 event held in the Blue Zone, the governments of Germany and the United Kingdom, alongside seven multilateral funds and other institutions, endorsed a report by the Green Grids Initiative titled Climate Finance Principles for Grids.

The report highlights a significant financing gap in the sector, noting that current climate finance rules exclude more than 60% of the world’s energy transmission and storage network projects. It also provides guidance for recognising the catalytic role that grid investments can play in decarbonizing fossil fuel–dependent regions and supporting economies in transition.

COP30 High-Level Climate Champion Dan Ioschpe emphasised that while renewable energy generation is advancing rapidly, the true challenge now lies in upgrading grids to handle the increasing volume of clean power. Investments in these systems rose by only 9% in 2024, illustrating the magnitude of the 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 said.

UNEZA’s expanded target reflects a commitment to overcoming barriers to investment in grid and storage infrastructure. By mobilising funding, the alliance aims to enhance system flexibility, reduce bottlenecks, and improve the integration of renewable energy sources such as solar and wind. The coalition also seeks to create scalable solutions that can be replicated across regions, particularly in countries where grids are underdeveloped or heavily reliant on fossil fuels.

The coalition’s members collectively influence a substantial portion of global electricity infrastructure, positioning UNEZA as a pivotal force in shaping investment priorities. By expanding its annual investment target, UNEZA intends to encourage private and public capital flows, strengthen partnerships, and highlight the economic opportunities presented by decarbonisation.