COP30: UNEZA Boosts Clean Energy Grid Investments

The Utilities for Net Zero Alliance (UNEZA) announced at COP30, that it is increasing its annual investment target for renewable energy transmission and storage systems from USD 117 billion to USD 148 billion. With 73 members now in the coalition, the group projects a clean-energy project pipeline of USD 1 trillion by 2030. UNEZA brings together major global power utilities and electricity service companies committed to supporting clean energy development.

At the event held in the Blue Zone, the governments of Germany and the United Kingdom, along with seven multilateral funds and other institutions, endorsed the Green Grids Initiative report titled Climate Finance Principles for Grids. The report highlights that current climate finance rules exclude over 60 percent of global energy transmission and storage network projects. It also provides recommendations for recognising how grid investments can accelerate decarbonization in fossil fuel–dependent regions and support economic transitions.

Many countries and international organisations supported the report. This includes the United Kingdom, 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 Climate Champion Dan Ioschpe said that while renewable energy generation is advancing rapidly, the challenge now lies in ensuring grid efficiency, resilience, and distribution capacity. He pointed out that in 2024 investments in these grid systems increased by only 9 percent, which reflects a huge financing gap. He stated, “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.”

Many speakers agreed to this concern and said that much of the world’s existing energy infrastructure is old and must be upgraded to support higher levels of renewable energy. Francesco La Camera, the head of IRENA, warned that “If we do not finance grids and flexibility, the speed and scale of the transition will be compromised”.

Bruna Cerqueira, General Coordinator of the Action Agenda in the COP30 Presidency, said “We appreciate the fact that many have supported these measures, but what we want is to continue this work overtime. This cannot be just an event at COP. We need consistency.”

Gustavo Ataíde, Brazil’s National Secretary for Energy Transition and Planning, said that Brazil is currently working on one of the largest transmission expansion cycles in its history. This includes plans to install a 2,500-kilometer High-Voltage Direct Current line with a 3-gigawatt capacity, along with new international interconnections. He said, “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.”

Source: UNFCCC