Global Power Utilities Declare Joint Action Plan to Drive Energy Transition at COP28

Global Power Utilities Declare Joint Action Plan to Drive Energy Transition at COP28

25 leading utility companies from across the globe join forces with IRENA and the UN Climate Change High-Level Champions to launch Utilities for Net Zero Alliance

Today, 31 partners, including 25 global utilities and power companies that collectively serve more than 250 million customers, united for a landmark 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.

Global industry giants, regional utilities, developers, and power system technology leaders from across the world reinforced their support for the energy transition at COP28 in Dubai, aligning a significant share of the global electricity community with the COP28 Action Agenda objective of fast-tracking a just and orderly energy transition.

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.

The utility companies will work to address impediments to the net zero pathway framed within IRENA’s World Energy Transitions Outlook and reflected in the 2030 Breakthroughs led by the UN Climate Change High-Level Champions.

The announcement represents a significant new framework for global cooperation among the entities within the power system value chain.

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 engagement with policymakers and regulators.

Led by the UAE’s Abu Dhabi National Energy Company (TAQA), one of the largest listed integrated utilities in Europe, Middle East and Africa, 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."

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 Alliance invites companies to join the common vision of accelerating the energy transition. The Membership is open to utilities, developers, power system technology companies and knowledge partners determined to expedite the transition towards a net zero future by 2050.

Sustainability Middle East News