The Utilities for Net Zero Alliance (UNEZA), including some of the largest utility and energy companies in the Middle East, will invest more than $116 billion annually in clean power generation and power system grid infrastructure globally in the coming years.

Regional companies, such as Abu Dhabi National Energy Company (TAQA), Abu Dhabi Future Energy Company (Masdar), Dubai Electricity and Water Authority (DEWA), Etihad Water and Electricity, Abu Dhabi Power Authority, ACWA Power and Dubai Cable Company (Ducab), are members of UNEZA, which was launched at COP28 in Dubai last year.

UNEZA, which includes 32 of the world's largest utilities and energy companies, will expand and modernise grid infrastructure. At least 48% of the total investment planned and committed in the coming years will target transmission and distribution infrastructure.

In April,  UNEZA members adopted the UNEZA Roadmap to 2030, which targets to reach 849 gigawatts (GW) by 2030, an increase of 2.6 times relative to 2023. 

According to IRENA, annual investment in renewable capacity must more than double grid investment between now and 2030, reaching $1,550 billion per year, compared to the $720 billion needed annually for grid infrastructure.  This investment targets tripling renewable energy capacity by 2030.

(Editing by Anoop Menon) (anoop.menon@lseg.com)

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