Global Utilities Boost Annual Clean Energy Investment To USD 148 Billion, Targeting Over USD 1 Trillion By 2030 To Triple Renewable Capacity And Expand Grids & Storage

Global utility companies have increased their annual investment plans for the clean energy transition to USD 148 billion, up from USD 117 billion. These updated commitments were announced by the Utilities for Net Zero Alliance (UNEZA) at COP30. With this increase, UNEZA members expect to mobilise more than USD 1 trillion in energy transition investments by 2030. A significant portion of the funding will go toward strengthening power grids and expanding energy storage. For every dollar invested in renewable energy generation, utilities will invest about USD 1.24 in grids and storage.

By 2030, UNEZA members plan to more than triple their renewable energy capacity compared with 2023, supported by yearly investments of USD 66 billion in renewables and USD 82 billion in grid and storage infrastructure. The announcement was made at a ministerial meeting in Belém, where governments and major development banks backed new Climate Finance Principles for Green Grids. These principles aim to unlock more financing for grid development in emerging economies. Institutions supporting the principles include the African Development Bank, British International Investment, Inter-American Development Bank, GIZ, and the UK Government.

COP30 leaders stressed that achieving global energy goals—such as tripling renewable energy capacity by 2030—will only be possible with strong, modern power grids. UNEZA, formed at COP28 and co-chaired by TAQA and SSE under the guidance of IRENA, plays a key role in helping overcome grid-related challenges. IRENA estimates that around USD 670 billion per year is needed globally to upgrade and expand electricity grids this decade. UNEZA leaders highlighted that while global commitments are high, real progress depends on delivering infrastructure at scale. The alliance reported major progress last year, including construction of grid lines equivalent to the distance from Belém to New Zealand and significant additions in renewable capacity.

UNEZA also introduced new initiatives to accelerate grid development. These include pooled procurement to reduce equipment costs, strategies to connect renewable projects stalled by grid congestion, and consultations for a global Investment Trust Fund to attract long-term capital. Additionally, UNEZA has partnered with the Global Clean Power Alliance, led by the UK government, to address supply chain challenges in the power sector. This partnership brings together 12 governments and 70 major utilities and energy companies to strengthen global supply chains and support faster energy transition progress.