UNEZA Raises Annual Clean Energy Investment Target to USD 148 Billion at COP30

At COP30, the Utilities for Net Zero Alliance (UNEZA) announced expansion of its investment plans for renewable energy transmission and storage systems. The alliance increased its annual target from USD 117 billion to USD 148 billion.

With 73 member utilities and electricity service providers, UNEZA now envisions a project pipeline valued at USD 1 trillion by 2030. The initiative unites leading power and grid companies committed to decarbonisation and the modernisation of global energy networks.

Endorsement of Green Grids Initiative Report

During the event held in the Blue Zone, UNEZA’s efforts received broad institutional support. The governments of Germany and the United Kingdom, along with seven multilateral funds and several international organisations, endorsed the Green Grids Initiative’s report, Climate Finance Principles for Grids.

The document reveals that over 60 percent of global energy transmission and storage projects remain ineligible for existing climate finance mechanisms. It calls for reforms to ensure that grid and storage investments are recognised as central to the clean energy transition, especially in regions dependent on fossil fuels.

Countries and organisations endorsing the report include the United Kingdom, Germany, GIZ, KfW, the African Development Bank, British International Investment, the East African Development Bank, the Inter-American Development Bank, the Climate Bonds Initiative, the Institutional Investors Group on Climate Change, the Asian Investors Group on Climate Change, the Global Renewables Alliance, GridWorks, and UNEZA.

The Investment Gap in Grids and Storage

COP30 High-Level Climate Champion Dan Ioschpe highlighted that while renewable power generation has grown rapidly, grids remain a major bottleneck in the transition. He noted that investments in transmission and storage increased by only 9 percent in 2024, underscoring a widening financing gap.

“If we can align capital, capacity, and collaboration, we can accelerate this transition together - not as an obligation, but as the greatest economic opportunity of our generation,” he stated.

Several experts at the conference echoed this sentiment, stressing that many of the world’s power networks still rely on outdated technology and must be upgraded to handle modern renewable inputs effectively.

International Renewable Energy Agency (IRENA) Director-General Francesco La Camera cautioned against neglecting the transmission and flexibility side of the energy system. “If we do not finance grids and flexibility, the speed and scale of the transition will be compromised,” he warned.

Echoing this concern, Bruna Cerqueira, General Coordinator of the Action Agenda under the COP30 Presidency, urged sustained follow-through on commitments. 

“We appreciate the fact that many have supported these measures, but what we want is to continue this work over time. This cannot be just an event at COP. We need consistency,” she said.

Brazil’s Case for Planning and Resilience

Providing a national perspective, Gustavo Ataíde, Brazil’s National Secretary for Energy Transition and Planning, outlined ongoing efforts to expand and modernise Brazil’s grid infrastructure. 

The country is implementing one of its most ambitious transmission development cycles, including a 2,500 km High-Voltage Direct Current (HVDC) line with a 3 GW capacity and several new international interconnections.

“These initiatives demonstrate that building modern, resilient grids ready for renewable energy is possible when planning, institutions, and financing are aligned. The world must move from political momentum to concrete progress, particularly in expanding storage solutions and doubling grid investments by 2030,” he emphasised.