Global utilities set out $1 trillion investment plans at COP30
Global utilities have announced upgraded annual investment plans that will see their energy transition spend rise to $148 billion per year, up from previously stated ambitions of $117 billion. The plans, revealed by members of the Utilities for Net Zero Alliance (UNEZA) at COP30, will see a group of the world’s leading utilities mobilise more than $1 trillion in energy transition investments to 2030.
The investment commitments include a significant shift towards power grids and networks, with the world’s leading utilities set to spend around $1.24 on grids and storage for every dollar spent on renewable generation. The group will deliver tens of thousands of kilometres of new and upgraded grid infrastructure, and battery storage, while more than tripling their combined renewable energy capacity by 2030 compared with 2023 levels. Members will invest $66 billion per year in renewables, and $82 billion in grids and storage.
New principles
The announcement was made at a high-level ministerial meeting on grids in Belem, Brazil, where governments and multilateral development banks (MDBs) also backed new grid financing principles endorsed by the COP30 Presidency, and presented by the Green Grids Initiative and supported by UNEZA. Developed through consultation with leading banks, the principles are designed to increase the pool of capital available to grids in emerging economies, from climate and development finance institutions.
Earlier this week, 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 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.”
Jasim Husain Thabet, Group Chief Executive Officer of TAQA, founder and co-chair of UNEZA, said: “UNEZA was established at COP28 as a platform for cooperation and decisive energy transition action from the global utilities community. This announcement reflects the fact that we deliver against our promises and underscores the magnitude of our intent. Utilities worldwide are mobilising with investments that are tangible, substantial and aligned with the need for a more resilient and sustainable energy system. 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."
Delivery mechanisms
UNEZA also announced a series of initiatives to further accelerate investment in grid modernisation and address system bottlenecks such as supply chain challenges and capital flows. These include:
- Pooled Procurement: Aggregating demand across utilities to achieve economies of scale, lower equipment costs, and strengthen supply chains, starting with small island developing states (SIDS)
- Unlocking Stranded Gigawatts: Implementing data-driven planning, flexible grid access agreements, and new regulatory frameworks to reduce congestion and connect renewable capacity currently stalled by infrastructure gaps
- Investment Trust Fund: Launching consultations on a global fund to mobilise long-term capital for grid and renewable-energy infrastructure, leveraging UNEZA’s robust project pipeline to lower the cost of capital and attract institutional investors.
UNEZA was established under the UAE’s COP28 Presidency to address bottlenecks in power system transformation. The alliance is co-chaired by founding member TAQA headquartered in Abu Dhabi, and the UK’s SSE, and operates under the guidance of the International Renewable Energy Agency (IRENA) and the Climate High-Level Champions.
