IRENA, UNEZA seek more investment in electricity grid 

The International Renewable Energy Agency (IRENA) and the Utilities for Net Zero Alliance (UNEZA) have emphasised the urgent need for massive investments in power grids and flexibility to limit global warming to 1.5°C.

The alliance roadmap to 2030 of the group had targeted a total increase of renewable energy capacity within their portfolios to 749 gigawatts (GW).

The call was made at the 14th IRENA Assembly Ministerial roundtable on ‘Infrastructure for the Energy Transition: Utilities for Net Zero Alliance’, which addresses the pressing need to scale and modernise global grid infrastructure to support clean power development and the tripling of renewables by 2030.

In a joint, high-level statement, Alliance 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 focused on de-risking supply chains, facilitating policy, regulatory support and mobilizing capital.
IRENA’sDirector-General, Francesco La Camera, stated that the transition to renewable energy systems is speeding up, especially with the expected adoption of a global target to triple renewable power capacity by 2030 at COP28, which will further accelerate this trend.

He emphasised that IRENA’s WETO indicated that achieving the goal would require the modernization of infrastructure, which means shifting from systems designed for the fossil fuel era to more interconnected and flexible systems that can support renewable.

“The announcement of a grid infrastructure action plan by the Utilities for Net Zero Alliance is a significant step to addressing this urgent need, showcasing the central role that utilities can play in transforming our energy systems and realising net zero targets,” he said.

UN Climate Change High-Level Champion, Razan Khalifa Al Mubarak, emphasised the vital role of utilities in implementing mitigation measures that align global development with a net-zero future. She highlighted that utilities are central to creating a future energy system that is in harmony with nature and the environment.

“Building on the momentum from COP28, we are advancing the design and implementation of our action plan and call on utilities around the world to join this initiative, showcasing their ongoing commitment to meaningful action,” she said.

Chief Commercial Officer at SSE plc and Co-Chair of UNEZA, Martin Pibworth, mentioned that their collective plans to speed up renewable deployment will significantly contribute to achieving their 2030 goal. He emphasized the understanding that utilities cannot achieve this goal alone.

“We also need to build resilient supply chains that can meet this surge in demand, and we need bold enabling policy and regulatory mechanisms to underpin investments and accelerate the speed at which we can build.

That is why we are coming together today to demonstrate our intent to the global supply chain and offer practical, actionable recommendations to policymakers which, we hope will help unlock real delivery on the ground and keep us on a pathway to trebling renewables this decade,” he said.