Utilities for Net Zero Alliance (UNEZA) members step up massive investment commitments in support for global ambitions to increase storage capacity six-fold by 2030 and add or refurbish 80 million kilometers of grids by 2040

Baku, Azerbaijan, 15 November 2024 – Today, the world’s leading utilities and power sector companies endorsed commitments of governments and international stakeholders made at COP29 to increase power system storage capacity six-fold by 2030 and add or refurbish 80 million kilometers of grids by 2040. This pledge, announced in Baku and endorsed by multiple governments, civil society organizations, and industry players including UNEZA, will support global efforts to triple renewable energy capacity by 2030 and transition to 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 COP28 under the guidance of the International Renewable Energy Agency (IRENA) and the UN Climate Change High-Level Champions reinforced their commitment to annual grids and renewables investment of more than USD$117bn. Around 48% of the planned and committed investment will go into grid infrastructure, underpinning the ambitions outlined by governments to add or refurbish 80 million kilometres of grids by 2040.

UNEZA has nearly doubled its membership, growing from 25 partners and members last year to 45, with members’ operations expanding across five continents. This growth reflects the increasing global commitment to advancing the transition to net zero, as members work together to drive impactful investments in grid infrastructure and renewable energy.

“We welcome the ambitious COP29 grids and storage pledge announced today and stand with our governments in working toward realizing these goals,” said Dr. Afif Al Yafei, CEO of TAQA Transmission and co-Chair of UNEZA. “This will be one of the most significant infrastructure programs of a generation. For success, we must streamline grid infrastructure permitting, establish regulatory environments that encourage proactive, long-term grid investments, and reinforce supply chains through collaboration and partnership.”

Mr. Martin Pibworth, Chief Commercial Officer at SSE plc, co-Chair of UNEZA, said: “It simply won’t be possible for the world to succeed in efforts to treble up renewables deployment by 2030 unless there is an equivalent effort to build the enabling grid infrastructure and, critically, sources of flexibility like electricity storage and green hydrogen to balance a more intermittent, renewables-led system. There hasn’t been enough focus on these vital enablers to date and we are therefore delighted, as utilities responsible for delivering these investments on the ground, to add our support to that of governments around the word for the COP29 Global Storage and Grids Pledge.”

IRENA Director-General Francesco La Camera said, “The adoption of political pledges on green energy corridors, storage and grids at COP29 is more than a step, it’s a leap forward for the energy transition. To meet the ambitious target of tripling renewable energy capacity by 2030, we must transform existing infrastructure and build power systems that are both interconnected and resilient. UNEZA, with its coalition of global utilities, is uniquely positioned to drive this transformation and ensure our energy systems are prepared for a transforming energy landscape.”

Her Excellency Razan Khalifa Al Mubarak, UN Climate Change High-Level Champion for COP28, said: “This ambitious pledge for grids and storage underlines the critical role of infrastructure investment in our shared pursuit of net zero. By aligning resources and focusing on resilience, UNEZA members are making a tangible commitment to meeting our global climate goals. Such partnerships demonstrate the power of collaborative action in transforming the energy landscape and ensuring that the promise of a sustainable future is within reach.”

Mr. Thomas Birr, Chief Strategy & Innovation Officer at E.ON SE said “We support UNEZA's efforts to push ahead with the expansion of energy networks. E.ON plays a leading role in Europe’s energy transition and in the development of a sustainable and future-proof European energy system. Over the past three years, E.ON has nearly doubled its investment plan, to more 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 1.5 degree Celsius. As a founding member of UNEZA, Hitachi Energy is proud to support the COP29 Global Energy Storage and Grids Pledge. The expansion and modernization of power grids and deployment of energy storage, alongside other key technologies, are now critical for the global energy system.” said Andreas Schierenbeck, CEO Hitachi Energy.

During COP29, UNEZA welcomed Brazilian utility CEMIG as a new member as Brazil prepares to host COP30 in 2025. UNEZA members collectively serve more than 340 million customers worldwide and have a combined market cap nearing USD 1 trillion. UNEZA’s investment commitments are significant and growing. Only 60 countries have a GDP larger than 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 to be 100% renewable and to embark on our largest investment plan, focused primarily on grid and energy storage – key enablers supported by UNEZA. We believe utilities should exemplify decarbonization through private investments in innovation and efficient resource use. 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 supply chain constraints that threaten to slow the speed of the transition.

According to IRENA (2024), aligning with a 1.5^°C-compatible pathway requires tripling renewable energy capacity and doubling energy efficiency by 2030. Achieving this would mean tripling renewable power capacity to 11.2 TW, with average annual additions of 1,044 GW from 2024 to 2030. Meeting the UAE Consensus goals will demand a cumulative investment of USD 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 between 2024 and 2030. Global Energy Storage and Grids targets require a six-fold increase in energy storage capacity over 2022 levels, aiming for 1,500 GW by 2030.

UNEZA invites companies to join the common vision of accelerating the energy transition. The Membership is open to utilities, developers, power system technology companies and knowledge partners determined to expedite the transition towards a net zero future by 2050.

UNEZA will host a panel event titled: Enabling the COP29 Grids and Storage Pledge: from target setting to practical delivery – Utilities for Net Zero Alliance (UNEZA) in partnership with IRENA and the Global Renewables Alliance. The event will take place on 14 November 2024 from 15:00 to 16:15 pm at the COP29 Global Renewables Hub (Blue Zone) – Joint IRENA / GRA pavilion. Building on the UNEZA’s publication of its high-level statement on building a resilient and diverse clean energy technology supply chain at GRA’s Global Renewables Summit at New York Climate Action Week, this panel event at COP29 will explore the steps that must now be taken to unlock much faster investment into energy storage and grids, taking perspectives from leading global utilities at the forefront of these investments.

UNEZA will also host a CEO Leadership event during COP29, titled: Transforming Power to 2030 and beyond CEO Leadership – Utilities for Net Zero Alliance. The event will take place on 15 November 2024, from 16:00 to 17:30 pm at the Energy Conference Room in the Green Zone. The CEO Leadership event will provide strategic directions to realizing UNEZA Roadmap to 2030 and announce new Key Targets towards Net Zero. UNEZA will present High Level Statement on building a resilient and diverse clean energy technology supply chain and announce collective, medium term demand signal to encourage capacity expansion. UNEZA members have committed investments of more than 117 bn USD per year, including more than 60 bn USD per year in renewables and over 57 bn USD in grids for the coming years as a collective grid infrastructure capex plan to 2030 that will serve as a basis to equipment manufacturers to scale up production in support of grid development.

New York, United States of America, 23-24 September 2025 – The Utilities for Net Zero Alliance (UNEZA) hosted two successful events during NYC Climate Week 2024, focusing on the critical role of grid infrastructure in accelerating the global energy transition and the supply chain needs for enhancing clean energy deployment. The first event, held at Accenture headquarters, brought together key stakeholders from the utility sector, government, and finance to address the challenges and opportunities in scaling up large grid infrastructure projects. The event on clean energy supply chains took place at the recent Global Renewables Summit in New York, and convened messages from the public and private sectors to address central issues around global supply chains for advancing the global energy transition.

The Leadership Panel: Industry Leadership on the Road to 2030 and Beyond (UNEZA) under World Utilities Congress 2024 brought together senior executives from key energy sectors to discuss the critical role that utilities, energy companies, and industry leaders play in driving the global energy transition. The session explored the challenges, opportunities, and strategic actions required to decarbonize the energy system.

Mr. Jasim Thabet, CEO of TAQA Group, opened the discussion by emphasizing the need to build or refurbish 80 million kilometers of power grids by 2040 to meet climate targets and highlighted that TAQA aims for renewables to account for 65% of its power generation capacity by 2030. He stressed the role of UNEZA as a collaborative framework to achieve climate targets and that partnerships are key to scaling up clean energy initiatives. He highlighted TAQA’s commitment to tripling its renewable energy capacity by 2030, focusing on investments in transmission networks and energy efficiency. He also stressed that cross-sector collaboration and public-private partnerships would be crucial for achieving climate goals, particularly in reducing carbon emissions and promoting the transition to cleaner energy sources.

Mr. Ben Backwell, CEO of the Global Wind Energy Council, highlighted the need for ambitious renewable energy targets and strong policy frameworks to support wind energy growth. He emphasized the importance of building resilient grids, energy storage solutions, and supply chains to meet global decarbonization goals. Mr. Ben also stressed that utilities should take a leading role in driving the clean energy transition and influencing policy.

H.E. Eng. Mohammed Al Hammadi, Managing Director and CEO of the Emirates Nuclear Energy Corporation, emphasized the crucial role of human capital in the energy transition. He highlighted the UAE’s investment in developing skilled talent for operating advanced technologies like nuclear energy, noting that building expertise takes years. He also stressed the global need for energy-related jobs and the importance of green electrons for the energy transition.

Mr. Luc Remont, Chairman and CEO of EDF, emphasized the need for a balanced energy system integrating nuclear, hydro, and renewables to ensure reliable 24/7 power. He highlighted Europe's growing energy demands and praised the UAE-France partnership on projects like large-scale solar and energy storage. Luc also stressed EDF’s role in reducing carbon emissions and the importance of integrating diverse energy sources for a sustainable future.

Mr. Alastair Philips-Davies, CEO of SSE, emphasized the importance of central planning to overcome supply chain challenges and support the rapid scaling of renewable energy infrastructure. He highlighted the need for greater coordination between policymakers, regulators, and industry to ensure that projects are efficiently planned and funded.

Across the panel, a common theme emerged: the need for enhanced collaboration across industries, governments, and financial institutions. The speakers emphasized that the energy transition requires more than technological innovation; it demands a concerted effort to align policy, finance, and infrastructure development. With the global demand for energy expected to continue rising, especially in developing regions, the transition to a net-zero future must balance the need for clean energy with reliable, secure power systems.

At the close of the panel, the speakers emphasized moving from targets to action, accelerating efforts to meet growing clean energy demands, and overcoming supply chain and governance challenges. They highlighted the need for integrated energy systems, expanded alliances, and increased collaboration with policymakers to achieve ambitious goals. Practical steps and collective action were deemed essential for advancing the energy transition.

Strategic discussions continued over another session “Utility CEO Roundtable: Joint Roadmap To Address Supply Chain Constraints” under Utilities Club.

The session emphasized that remaining within a 1.5°C scenario requires considerable investment into grids and renewable energy generation capacity, the bulk of which will need to be mobilised from the private sector. Delivering this buildout will place extreme pressure on clean energy technology supply chains globally.

Participants identified practical measures to alleviate supply constraints and support an accelerated energy transition including but not limited to the availability of critical minerals and materials, the need to scale up manufacturing capacity, and development of a skilled workforce.

The participants noted that to succeed in delivering a net zero future, decision makers must remain agile, forward-thinking and innovative. Yet with each challenge comes the opportunity for new investment, new value chains, and newly created skilled jobs.

In-depth discussions and shared experiences served as the basis for a joint high-level statement on supply chain from the Utilities for Net Zero Alliance members and partners that will be presented at New York Climate Week.

On June 14, 2024, the Utilities for Net Zero Alliance (UNEZA) participated in the session "Industry-Driven Partnerships for Accelerated Energy Transition” within IRENA 27^th Council meeting. The session facilitated exchange among the IRENA Members and private sector on how the net zero and decarbonization goals set at the national level could be practically supported by the power sector for an accelerated energy transition.