Thirty-one partners have announced a joint commitment to advance electrification, renewables-ready grids, and clean energy deployment in line with 2030 Breakthrough goals and a net zero future by 2050.
These industry giants, regional utilities, developers, and power system technology leaders, include 25 global utilities and power companies that together serve more than 250 million customers.
The companies formed the Utilities for Net Zero Alliance (UNEZA) as a vehicle for implementation and requested the International Renewable Energy Agency (IRENA) to lead the secretariat, it was shared.
UNEZA’s plan will reportedly involve:
• Capital mobilisation,
• Supply chain de-risking,
• Capabilities and talent building, and
• Facilitating policy and regulatory support.
Its primary focus is on promoting the accelerated adoption of renewables and building the necessary infrastructure, while also offering a platform for joint efforts to address supply chain bottlenecks, support the flow of capital to the power sector transformation in the global south, and engage with policymakers and regulators.
Led by the UAE’s Abu Dhabi National Energy Company (TAQA), founding entities also include Bui Power Authority, DEWA, DLO Energy, EDF, EDP, E.ON, Enel, Engie, Etihad Water and Electricity, Hitachi Energy, Iberdrola, Jinko Power, KEGOC, KenGen, Masdar, National Grid, Octopus Energy, RWE, Schneider Electric, Siemens, SSE, Tenaga, Uniper and Xlinks.
The Alliance will be facilitated by strategic partners IRENA and the UN Climate Change High-Level Champions.
The World Economic Forum (WEF), International Electrotechnical Commission (IEC), Global Renewables Alliance and Coordinador Eléctrico Nacional, will support as ecosystem partners.
H.E. Razan Al Mubarak, UN Climate Change High-Level Champion for COP28, said: “Utilities play a crucial role in delivering mitigation measures that align global development with a net zero future and are central to a future energy system that is in harmony with nature and the environment. At the same time, utilities can help deliver a more just and inclusive energy future for all, improving access to energy, reducing inequalities, and strengthening climate resilience and adaptive capacity. The High-Level Champions are proud to partner with IRENA. TAQA and the founding members of Utilities for Net Zero Alliance to deliver ambitious decarbonization efforts and increase the resilience of the energy system. We look forward to working on the design and delivery of the action plan during COP28 and beyond and invite utilities worldwide to join this community and demonstrate a commitment to action.”
IRENA Director-General, Francesco La Camera said: “IRENA’s World Energy Transitions Outlook makes it clear that tripling renewable power capacity by 2030 is the most realistic way to keep 1.5°C alive. To accelerate the deployment of renewables, we need concerted action to overcome existing infrastructure barriers through the modernization and upgrade of power grids, as well as transmission and distribution lines that enable the fast electrification of the system. The utilities sector is at the frontline of this modernization. Utilities will have to significantly invest and leverage collaboration to ensure the interconnectivity, flexibility, and balancing of the distribution system in pursuit of Paris Agreement climate goals. Without a doubt, there is a pressing need to reshape the global financial landscape for infrastructure investment overall. A significant increase in funding from multilateral development banks and the leverage of private finance will be imperative to build the infrastructure of the new energy system that runs on renewables.”