UNEZA commits $116bn annually to clean power and grid infrastructure

Members of the Utilities for Net Zero Alliance (UNEZA) have announced plans to invest over $116 billion per year in clean power generation and grid infrastructure globally in the coming years. Nearly 50% of this investment will focus on transmission and distribution infrastructure.

UNEZA, launched at COP28 in 2023, includes 32 major energy companies like Adani Green Energy, Hitachi Energy, and TAQA. The alliance aims to modernise grid infrastructure and drive demand for equipment and materials, addressing barriers to scaling investment.

UNEZA members have also issued recommendations to policymakers, urging harmonisation of equipment standards, support for supply chain flows, long-term system planning, regulatory innovation, and ensuring a skilled workforce to meet future demands. The alliance’s goals align with the global push to triple renewable energy capacity and double energy efficiency by 2030.

International Renewable Energy Agency (IRENA) director-general Francesco La Camera emphasized the need for $720 billion in annual infrastructure investment by 2030, with most of it coming from the private sector. UNEZA members, through their 2030 Roadmap, plan to increase renewable portfolios to 849 GW, a 2.6-fold rise from 2023 levels.