UNEZA Launches Ambitious Renewable Energy and Grid Modernization Plan at IRENA Assembly

In a significant development at the 14th Assembly of the International Renewable Energy Agency (IRENA), the Utilities for Net Zero Alliance (UNEZA) unveiled their ambitious UNEZA Roadmap to 2030. This plan targets a major expansion in renewable energy capacity, aiming to achieve a 2.5-fold increase to 749GW by 2030, compared to levels in 2023. This announcement was made at the IRENA Assembly held on April 17, 2024, during the Ministerial Roundtable titled ‘Infrastructure for the Energy Transition: Utilities for Net Zero Alliance’.

Alongside this renewable energy expansion, UNEZA also introduced a comprehensive action plan to enhance grid infrastructure. This initiative addresses the urgent need for a modernized, robust grid system capable of supporting the projected tripling of renewable energy resources by the decade’s end. The action plan emphasizes three critical areas: de-risking supply chains, facilitating supportive policy and regulatory environments, and mobilizing necessary capital.

During the event, CEOs of alliance members highlighted the crucial role of advanced grid infrastructure in achieving net-zero targets and called for increased collaboration between industry stakeholders and regulatory bodies to overcome existing challenges and stimulate investment. These efforts are crucial, as IRENA projects that an annual investment of approximately US$720 billion in grid infrastructure is necessary to keep global warming within 1.5°C.

IRENA Director-General Francesco La Camera commended the alliance’s initiative, noting that the global shift towards renewable energy, reinforced by a commitment to triple renewable capacity made at COP28, requires significant upgrades to existing infrastructure originally designed for fossil-fuel use.