Global utilities commit $1t investment for energy transition

The commitments include grid upgrades.

Global utilities are set to mobilise more than $1t in energy transition investments to 2030, which will see their energy transition spend rising to $148b per year from $117b.

“The investment commitments include a significant shift towards power grids and networks, with the world’s leading utilities set to spend around $1.24 on grids and storage for every dollar spent on renewable generation,” the International Renewable Energy Agency (IRENA) said.

The group will deliver tens of thousands of kilometres of new and upgraded grid infrastructure and battery storage, whilst more than tripling its combined renewable energy capacity by 2030 compared with 2023 levels.

Members will invest $66b per year in renewables, and $82b in grids and storage.

The governments, institutions and banks that have confirmed their backing for the Climate Finance Principles for Green Grids, include African Development Bank, British International Investment, East African Development Bank, Inter-American Development Bank, Climate Bonds Initiative, Institutional Investors Group for Climate Change, Asia Investor Group on Climate Change, German Agency for International Cooperation (GIZ), Global Renewables Alliance, Grid Works, Climate High-Level Champions and the UK Government.