COP30: Global Investments Project $1 Trillion for Grids, Storage by 2035
Global investments in clean energy are projected to reach $1 trillion for grids and storage by 2035, aiming to quadruple sustainable fuels. This ambitious goal is outlined in the executive summary of the Global Climate Action Agenda report, presented at the 30th Conference of Parties (COP30) in Belem, Brazil.
The report highlights a remarkable trend: developing countries are leading the charge in industrial decarbonization. They are implementing tens of thousands of electric vehicles, thousands of gigawatts of renewable energy, and hundreds of clean industrial projects. Additionally, they are embracing novel carbon removal technologies, showcasing their commitment to a sustainable future.
The Green Grids Initiative, launched at COP26, and the Utilities for Net Zero Alliance (UNEZA), introduced at COP28, have united with the Clean Energy Ministerial, IRENA, the IEA, and other organizations to create a comprehensive global plan. This plan aims to accelerate the expansion and resilience of power grids and invest $1 trillion to triple their collective renewable capacity by 2030.
According to the report, this investment is crucial for transitioning energy, transport, and industry sectors away from fossil fuels, ensuring increased energy access. The report also emphasizes the protection and restoration of hundreds of millions of hectares of forests, land, and ocean, while millions of farmers embrace regenerative agriculture practices.
Furthermore, it highlights the empowerment of traditional communities and Afro-descendant groups in securing land rights for millions of Indigenous peoples. The report also mentions a $9 billion investment commitment, covering over 210 million hectares of land, and the involvement of 12 million farmers across 90 agricultural and food commodities, building resilience across entire value chains in over 110 countries by 2030.
In terms of climate action, the report reveals that 437.7 million people have become more resilient through the Race to Resilience campaign. Additionally, 162 companies, cities, and regions, encompassing 25,000 buildings and $400 billion in annual turnover, reduced over 850,000 tonnes of CO₂ in 2024, surpassing the one million tonne reduction mark.
The CHAMP coalition, launched at COP28, played a significant role in delivering two-thirds of new nationally determined contributions, with stronger subnational and urban content among its 78 members. This coalition has also created millions of jobs and developed new skills to build resilience for cities, infrastructure, and water, while fostering human and social development.
The report underscores the pivotal role of trillions of dollars in transitioning the economy towards sustainability. It emphasizes the establishment of new partnerships and innovations to scale finance from the private sector, governments, and financial institutions, including adaptation finance. By doing so, climate action begins to function as a thriving economic sector, unleashing finance, technology, and capacity-building to protect and ensure long-term stability.
This comprehensive report, authored by Gabriel Agbeja, provides a compelling narrative of global efforts to combat climate change, showcasing the potential for a sustainable and resilient future.
