Major Global Utilities Announce Joint Intent to Scale Renewable Capacity by 2.5 times to 2030
Energy
The plan, revealed at the 14th Assembly of the International Renewable Energy Agency (IRENA), addresses the pressing need to scale and modernise global grid infrastructure to support clean power development and the tripling of renewables by 2030.
According to IRENA, around US$720 billion per year of investment in power grids and flexibility is needed, to limit global warming to 1.5°C.
In a joint, high-level statement, Alliance CEOs stressed the centrality of enabling grid infrastructure and urged the policy and regulatory community to engage industry to address bottlenecks and unlock capital flows.
The UNEZA action plan focuses on three key critical areas:
- De-risking supply chains.
- Facilitating policy & regulatory support.
- Mobilizing capital.
The joint statement and action plan were announced on the 17 April 2024, at the 14th IRENA Assembly Ministerial Roundtable ‘Infrastructure for the Energy Transition: Utilities for Net Zero Alliance’.