Abu Dhabi, UAE: Today, the Utilities for Net Zero Alliance (UNEZA) unveiled a bold initiative at the 14th Assembly of the International Renewable Energy Agency (IRENA), aiming to significantly scale up renewable energy capacity. The alliance, comprising leading global utilities, announced their joint intent to increase renewable energy capacity within their portfolios to 749 GW by 2030, marking a substantial 2.5-fold increase from 2023 levels.
The UNEZA Roadmap to 2030, adopted during the IRENA Assembly, outlines a comprehensive plan to accelerate the transition to clean power and modernize global grid infrastructure. This strategic move aligns with global efforts to limit global warming to 1.5°C, requiring approximately USD 720 billion per year in power grid investments and flexibility.
In a high-level statement, alliance CEOs emphasized the crucial role of enabling grid infrastructure and called upon policymakers and regulators to collaborate with the industry to address barriers and facilitate capital flows.
The UNEZA action plan targets three critical areas:
De-risking supply chains.
Facilitating policy and regulatory support.
Mobilizing capital.
Francesco La Camera, Director-General of IRENA, hailed the alliance’s initiative as a significant step towards achieving the goal of tripling renewable power capacity by 2030. He underscored the vital role of utilities in transforming energy systems and achieving net-zero targets.
H.E. Razan Khalifa Al Mubarak, UN Climate Change High-Level Champion, highlighted the importance of utilities in delivering mitigation measures for a net-zero future and urged global utilities to join the initiative.
Jasim Husain Thabet, Co-Chair of UNEZA and CEO of TAQA, emphasized the critical nature of grid infrastructure development in enabling the energy transition and expanding clean power capacity.
Martin Pibworth, Co-Chair of UNEZA and Chief Commercial Officer at SSE plc, emphasized the need for resilient supply chains and bold policy mechanisms to support the acceleration of renewables deployment.
UNEZA, launched at COP28, welcomes utilities, developers, power system technology companies, and knowledge partners to join in accelerating the energy transition towards a net-zero future by 2050.
