Transformers, substations + the grid
Global utilities set out USD 1 trillion grid investment plans Following COP30 in Belém, Brazil, in November last year, IRENA (the International Renewable Energy Agency) noted five key takeaways – all geared to accelerate progress towards tripling renewable output and doubling energy eiciency globally by 2030, in line with the UAE Consensus. It further highlighted the announcement by global utilities, members of the Utilities for Net Zero Alliance (UNEZA), on their increased energy transition investment commitments, by more than 25% to almost USD 150 billion annually, with a major focus on grids.
Supply-chain resilience gained recognition Renewable-energy supply chains, spanning manufacturing, critical minerals, components and logis- tics, are increasingly recognised as central to the success of the global energy transition. Persistent vulnerabilities and concentration risks need to be addressed to support a secure and sustainable scale up of renewables. Skills and workforce develop- ment remain key enablers of a just transition The COP30 outcome reairms equity, intergenerational fairness
In Belém, global utilities announced upgraded energy transition investment plans that reflect a shift towards power grids and networks and an intention to increase capital available to support power system development in emerging economies.
I RENA noted the following as key takeaways from COP30. Implementation took centre stage, but ambition gaps persist At COP30, implementation was front and centre, with a strong focus on how to advance existing commitments. Parties rea irmed the central role of Nationally Determined Contributions (NDCs) in guiding the transition. The trends in energy sector commitments in NDC 3.0s reflect a growing alignment with the UAE Consensus goals, which countries are increasingly integrating into national plans, emphasising renewable deployment and low-carbon technologies. Grids and flexibility were recognised as essential pillars of the transition With the aim to translate commitments into action, COP30 witnessed a strong push of the Climate Action Agenda, inspired to foster engagement by businesses, investors, and civil society through scaling the many initiatives already in motion. The importance of building enabling infrastructure for the energy transition gained further prominence, with discussions underscoring the need for expanded, modernised and flexible grids to accommodate and encourage higher shares of renewable power generation. The global financing gap remains wide Discussions at COP30 repeatedly highlighted the persistent misalignment between the pace of renewable deployment and the scale of finance available, particularly in emerging markets and developing economies where investment flows remain well below the levels required for a 1.5°C-consistent pathway.
and international cooperation as core principles and calls on countries, subnational authorities, civil society and the private sector to accelerate action. These references are consistent with IRENA’s recognition that workforce development, skills, social protection and inclusive policy frameworks are key enablers of a just and equitable energy transition that leaves no one behind. Investing in grids, storage and new transmission corridors Looking specifically at grids and flexibility, IRENA states that substantial additional investment will be required, with USD 791 to 912 billion needed per year to 2030, including around USD 670 billion annually to strengthen electricity grids so new cost-e ective renewable capacity can be e ectively used while secure and reliable system operation is maintained. In this context, in Belém, global utilities announced upgraded annual investment plans that will see their energy transition spend rise to USD 148 billion per year, up from previously stated ambitions of USD 117 billion. The plans revealed by members of the Utilities for Net Zero Alliance (UNEZA) [1] at COP30, will see a group of the world’s leading utilities mobilise more than USD 1 trillion in energy transition investments to 2030. The investment commitments include a significant shi towards power grids and networks, with the world’s leading utilities set to spend around USD 1.24 on grids and storage for every dollar spent on renewable generation. The group will deliver tens of thousands of kilometres of new and upgraded grid infrastructure, and battery storage, as they aim to more than triple their combined renewable energy capacity by 2030 compared with 2023 levels. Members will invest USD 66 billion per year in renewables, and USD 82 billion in grids and storage. The announcement was made at a high-level ministerial meeting on grids in Belém, where governments and multilateral
22 Electricity + Control MARCH 2026
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