During New York Climate Week, members of the Utilities for Net Zero Alliance (UNEZA) announced plans to invest more than US$116 billion annually in clean energy generation and grid infrastructure worldwide. The alliance, comprising 39 of the world’s largest utility companies, including SSE, TAQA, and Hitachi Energy, serves over 327 million customers globally and aims to accelerate the decarbonization of the power sector.

By 2030, UNEZA members intend to scale up their renewable energy portfolios by 2.6 times and focus on modernizing transmission and distribution infrastructure, with 48% of the committed investments going toward grid enhancements. This announcement follows UNEZA’s roadmap set at COP28, which targets 849GW of new renewable energy capacity by 2030.

Francesco La Camera, Director-General of IRENA, stressed the importance of private sector involvement in closing the financing gap for renewable energy infrastructure, estimated at US$720 billion annually by 2030. H.E. Razan Al Mubarak, UN Climate Change High-Level Champion, emphasized the collaborative nature of this initiative, stating that today’s commitments reflect the collective ambition to meet global climate targets.

In addition to investment commitments, UNEZA published a set of supply chain recommendations for policymakers, including calls for harmonized equipment standards, long-term planning, and regulatory innovation to address supply chain constraints.

Source: irena.org