Key Highlights:

• Francesco La Camera, Director-General, IRENA: highlighted the urgent need for regional grid interconnectivity and battery energy storage systems to reduce fossil fuel dependency and enhance energy security. He emphasized the role of UNEZA and utilities in the energy transition, stating, "By sharing best practices and identifying actionable pathways, this session will empower the Caribbean to unlock its renewable energy potential and build a resilient, low-carbon future."
• Mr. Delano Scantlebury, Programme Director, Ministry of Energy and Business, Barbados: presented on the critical role of government policy, regulations, and frameworks in shaping the pace and scale of the energy transition. He highlighted the potential economic impacts as the energy sector evolves, emphasizing the importance of clear policies to drive investment and innovation in renewable energy.
• Mr. Roger Blackman, Managing Director, Barbados Light & Power Co.: showcased Barbados' pioneering deployment of utility-scale solar PV, which generates 10MW daily. He discussed the technical achievements, integration strategies, and lessons learned in scaling up solar PV while maintaining grid stability, offering valuable insights for other Caribbean nations.
• Mr. Jason Lee, Senior Investment Officer, International Finance Corporation (IFC): highlighted the IFC's role in supporting Barbados' energy transition, particularly through the country's first competitive procurement of battery energy storage systems (BESS). He emphasized the importance of clear government policy and frameworks in accelerating the transition and attracting investment.

Key Themes:

• Regional Grid Integration and BESS Deployment: highlighted the Caribbean Regional Grid Interconnection and Renewable Energy Scaling (CREGI-RES) initiative led by CDB, and its role in advancing regional energy integration, alongside the importance of BESS. Barbados' experience with BESS procurement supported by GEAPP and grid modernization offered valuable lessons for scaling renewable energy across the Caribbean.
• Policy Innovation and Strategic Partnerships: emphasized the need for technical and policy innovation to drive the energy transition. Strengthening collaboration between Caribbean nations, utilities from UNEZA and CARILEC, and development partners was identified as key to supporting grid modernization and renewable energy deployment.
• Social, Economic, and Investment Impacts: the session addressed the social and economic impacts of the energy transition on communities and workers, while also focusing on investment mobilization to identify bankable projects and leverage international resources for scalable solutions.
• Scalability and Knowledge Transfer: emphasized the documentation of best practices from Barbados' BESS procurement and other regional renewable energy projects, creating replicable models for the Caribbean. Practical insights on policy frameworks, technical solutions, and implementation strategies were shared to ensure adaptability across different Caribbean contexts, enabling a smoother and more effective energy transition.

Conclusion:

The session reinforced the need for regional cooperation, policy innovation, and investment mobilization to drive the Caribbean's energy transition. Key takeaways included strengthening partnerships between UNEZA and utilities in the region, development banks, and international organizations, as well as leveraging technical and financial support for scalable renewable energy projects. The discussions underscored the commitment to aligning with global climate goals and ensuring a just and equitable energy future for the region.

Key Highlights:

• Dr. Afif Saif Al Yafei, TAQA’s Group CEO and UNEZA Co-Chair: emphasized the urgent need for increased grid investment, highlighting that $21 trillion is required by 2050, yet financing remains limited due to challenges in proving grids as “green”. He called for MDBs to play a greater role in addressing this gap and stressed the importance of clear financing criteria. “The Climate Finance Principles for Green Grids aim to foster trust among stakeholders and facilitate the scaling of investments required to modernize, expand, and refurbish the infrastructure, particularly in emerging markets,” he stated, reaffirming UNEZA’s commitment through the Grids and Storage Pledge at COP29 to drive necessary climate finance reforms.
• Glenn Barber, Director of Corporate Affairs of SSE and UNEZA Co-Chair: highlighted the critical need for long-term strategic investment in grid infrastructure, citing Scotland’s potential to supply 20% of the UK's clean power by 2030 as an example of what is possible with the right regulatory and financial support. He stressed that a fundamental mindset shift is required. “There is no transition without transmission,” he stated, emphasizing the importance of global collaboration and initiatives like the Green Grids Initiative to drive essential funding solutions.
• Gurbuz Gonul, Director, Country Engagement and Partnerships, IRENA: underscored the urgent need for increased grid investments to support the global renewable energy transition, noting that current annual investments of $391 billion fall significantly short of the required $717 billion. He highlighted that grid underinvestment leads to project delays, higher costs, and inefficiencies, particularly in Latin America, Africa, and Asia-Pacific, where insufficient infrastructure limits renewable energy expansion.
• Marcus Stewart, Lead, Green Grids Initiative, Department of Energy Security and Net Zero, UK: emphasized the critical role of grid infrastructure in the global energy transition, pointing out the need for accelerated investment to meet climate goals. He highlighted the challenge that over 60% of current grid investments are excluded from climate finance due to varying definitions of "green" grids, particularly in coal-intensive and developing regions.

Key Themes of the Roundtable Discussion:

• Urgency of Grid Investment and Financial Barriers: achieving global climate goals and transitioning to renewable energy requires a significant scale-up in grid investments. However, financial challenges continue to hinder progress, particularly due to the absence of a clear and unified definition of “Green Grids.” This uncertainty makes it difficult to secure climate financing and attract private sector investment. Currently, grid infrastructure development depends heavily on public funding, and without stronger engagement from private investors and the implementation of innovative financial mechanisms, efforts to expand and modernize grids may face delays.
• Policy & Regulatory Support: unclear regulations, slow permitting processes, and fragmented policy frameworks hinder the development of modern and flexible grids. Experts emphasized that governments and regulators play a critical role in aligning national energy transition plans with investment strategies. Countries need long-term grid development roadmaps, clear tariff structures, and policies that support public-private partnerships to reduce investment risks and attract large-scale financing. Special attention is needed for island nations like the Maldives, where grid interconnectivity challenges create additional barriers to securing investment.
• Innovation & Digitalization: the integration of artificial intelligence (AI), smart grids, and energy storage solutions is essential for improving grid flexibility and efficiency. Digitalization can enhance real-time demand response, optimize energy distribution, and reduce reliance on fossil fuel-based backup power. Innovative grid technologies, such as long-duration energy storage (LDES), undersea interconnectors, and AI-driven predictive maintenance, are key enablers for a resilient and future-ready energy system. Experts stressed that accelerating the adoption of these technologies is crucial to unlocking the full potential of renewable energy.

The session highlighted the pressing need to accelerate grid investments to support the global energy transition. A key takeaway underscored the role of MDBs, private investors, and policymakers in creating an enabling environment for sustainable grid development. As a next step, UNEZA and the GGI will issue a joint Open Letter to MDBs and call to adopt the Climate Finance Principles for Green Grids which will form the basis for a harmonized definition for what constitutes a “green grid”.

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.

The members of UNEZA have individual plans that combined altogether aim to invest more than 117 bn USD per year, including more than 60 bn USD in renewables and over 57 bn USD in grids as a collective grid infrastructure capex plan that will serve as a basis to equipment manufacturers to scale up production in support of grid development.

UNEZA High Level Statement called for actions on building a resilient and diverse clean energy technology supply chain and announce collective, medium term demand signal to encourage capacity expansion.

In confronting challenges to build a resilient energy future, UNEZA has identified the future energy system needs for 2030-2050:

• – Grid Constraints: Without sufficient grid infrastructure, renewables remain constrained.
• – Supply Chain Gaps: Global manufacturing capacity for energy transition equipment lags the unprecedented demand, creating vulnerabilities in the clean energy supply chain.
• – Balancing the System: Integrating and balancing renewable power requires significant progress on grid infrastructure, long-duration storage, and clean dispatchable options like CCS or hydrogen.
• – Financing Challenges: While the recent focus has been on deploying renewables, matching investment in the infrastructure needed to support and integrate them has lagged.

UNEZA has endorsed the COP29 Global Energy Storage and Grids Pledge and the COP29 Green Energy Pledge: Green Energy Zones and Corridors.

The Alliance emphasized the opportunity to pursue the clean energy transition in a more strategically planned way, prioritizing investments that help balance the system. Members expressed optimism about the readiness of technology, supply chains supply chain’s ability to respond to our demand signals, and policymaker commitments.

Looking ahead to COP30 in Brazil, UNEZA reaffirmed its dedication to transforming power systems and ensuring that pledges lead to real-world delivery, accelerating progress toward a net-zero future.