Baku, Azerbaijan, 15 November 2024 – Today, the world’s leading utilities and powersector companies endorsed commitments of governments and international stakeholdersmade at COP29 to increase power system storage capacity six-fold by 2030 and add orrefurbish 80 million kilometers of grid Contact online >>
Baku, Azerbaijan, 15 November 2024 – Today, the world’s leading utilities and powersector companies endorsed commitments of governments and international stakeholdersmade at COP29 to increase power system storage capacity six-fold by 2030 and add orrefurbish 80 million kilometers of grids by 2040. This pledge, announced in Baku andendorsed by multiple governments, civil society organizations, and industry players includingUNEZA, will support global efforts to triple renewable energy capacity by 2030 and transitionto a net zero energy system.
The powerful global community of 45 utilities and power sector suppliers under the Utilities for Net Zero Alliance (UNEZA) led by TAQA and SSE as Co-Chairs, and launched at COP28under the guidance of the International Renewable Energy Agency (IRENA) and the UNClimate Change High-Level Champions reinforced their commitment to annual grids andrenewables investment of more than USD$117bn. Around 48% of the planned andcommitted investment will go into grid infrastructure, underpinning the ambitions outlined bygovernments to add or refurbish 80 million kilometres of grids by 2040.
UNEZA has nearly doubled its membership, growing from 25 partners and members lastyear to 45, with members’ operations expanding across five continents. This growth reflectsthe increasing global commitment to advancing the transition to net zero, as members worktogether to drive impactful investments in grid infrastructure and renewable energy.
“We welcome the ambitious COP29 grids and storage pledge announced today and standwith our governments in working toward realizing these goals,” said Dr. Afif Al Yafei, CEO ofTAQA Transmission and co-Chair of UNEZA. “This will be one of the most significantinfrastructure programs of a generation. For success, we must streamline grid infrastructurepermitting, establish regulatory environments that encourage proactive, long-term gridinvestments, and reinforce supply chains through collaboration and partnership.”
IRENA Director-General Francesco La Camera said, “The adoption of political pledges ongreen energy corridors, storage and grids at COP29 is more than a step, it’s a leap forwardfor the energy transition. To meet the ambitious target of tripling renewable energy capacityby 2030, we must transform existing infrastructure and build power systems that are bothinterconnected and resilient. UNEZA, with its coalition of global utilities, is uniquelypositioned to drive this transformation and ensure our energy systems are prepared for atransforming energy landscape.”
Her Excellency Razan Khalifa Al Mubarak, UN Climate Change High-Level Champion forCOP28, said: “This ambitious pledge for grids and storage underlines the critical role ofinfrastructure investment in our shared pursuit of net zero. By aligning resources andfocusing on resilience, UNEZA members are making a tangible commitment to meeting ourglobal climate goals. Such partnerships demonstrate the power of collaborative action intransforming the energy landscape and ensuring that the promise of a sustainable future iswithin reach.”
Mr. Thomas Birr, Chief Strategy & Innovation Officer at E.ON SE said “We support UNEZA''sefforts to push ahead with the expansion of energy networks. E.ON plays a leading role inEurope’s energy transition and in the development of a sustainable and future-proof Europeanenergy system. Over the past three years, E.ON has nearly doubled its investment plan, tomore than 40 billion Euros until 2028. The lion share of that commitment goes into expansion,modernization and digitalization of grids.”
“There is an urgent need for action to meet Net Zero targets and limit global warming to 1.5degree Celsius. As a founding member of UNEZA, Hitachi Energy is proud to support theCOP29 Global Energy Storage and Grids Pledge. The expansion and modernization of powergrids and deployment of energy storage, alongside other key technologies, are now critical forthe global energy system.” said Andreas Schierenbeck, CEO Hitachi Energy.
During COP29, UNEZA welcomed Brazilian utility CEMIG as a new member as Brazilprepares to host COP30 in 2025. UNEZA members collectively serve more than 340 millioncustomers worldwide and have a combined market cap nearing USD 1 trillion. UNEZA’sinvestment commitments are significant and growing. Only 60 countries have a GDP largerthan the USD 117 billion invested annually by the Alliance in the energy transition¹.
“CEMIG is pleased to join UNEZA and commit to a net zero power sector. We are proud tobe 100% renewable and to embark on our largest investment plan, focused primarily on gridand energy storage – key enablers supported by UNEZA. We believe utilities shouldexemplify decarbonization through private investments in innovation and efficient resourceuse. Joining UNEZA enables us to achieve this goal through cooperation and knowledge-sharing with leading global utilities,” said Mr. Reynaldo Passanezi Filho, CEO.
On the back of the Alliance’s ambitious investment commitments, UNEZA published a high-level statement on supply chain resilience calling for policymakers to help alleviate supplychain constraints that threaten to slow the speed of the transition.
According to IRENA (2024), aligning with a 1.5°C-compatible pathway requires triplingrenewable energy capacity and doubling energy efficiency by 2030. Achieving this would meantripling renewable power capacity to 11.2 TW, with average annual additions of 1,044 GW from2024 to 2030. Meeting the UAE Consensus goals will demand a cumulative investment ofUSD 31.5 trillion across renewables, grids, flexibility, efficiency, and conservation by 2030.
Investments in grids and flexibility measures need to nearly double from current levels,requiring an average of USD 717 billion per year is needed in grids and flexibility between2024 and 2030. Global Energy Storage and Grids targets require a six-fold increase in energystorage capacity over 2022 levels, aiming for 1,500 GW by 2030.
UNEZA invites companies to join the common vision of accelerating the energy transition. TheMembership is open to utilities, developers, power system technology companies andknowledge partners determined to expedite the transition towards a net zero future by 2050.
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