The Utilities for Net Zero Alliance (UNEZA) is uniquely positioned to modernize and expand infrastructure, said Francesco La Camera, Director General of the International Renewable Energy Agency (IRENA), Report informs.
La Camera made the announcement at the Chief Executive Officers of Utilities event organized as part of COP29.
"UNEZA has set ambitious targets for 2030 and has committed to allocating $170 billion annually to achieve 850 gigawatts of new renewable energy production capacity," La Camera stated.
The director general further noted that the leaders' meeting will provide strategic direction for the implementation of UNEZA's roadmap until 2030, including the development of a sustainable supply chain: “Today UNEZA will consider announcing the approval of global energy storage and green energy zones and corridors at COP29,”
Moreover, the IRENA official mentioned that the agency estimates a need for agility, efficiency, and savings to meet the UAE consensus on renewable energy and energy efficiency targets for 2030, assuming total investments in renewable energy sources reach $31.5 trillion. “However, the overall situation varies regionally, with some areas experiencing more severe challenges than others, necessitating specific strategies in such regions.”
"IRENA envisions UNEZA not only as a platform for global cooperation but also as a facilitator of targeted regional solutions," La Camera emphasized.