Brussels: The COP29 Global Energy Storage and Grids Pledge has gained the support of 58 countries, including major players from all continents like Brazil, Kenya, the US, Ukraine, numerous European countries, and dozens of organisations.
These signatories are taking the lead in implementing the ambitious target of tripling renewables agreed at COP28, with action-oriented goals for grids and storage set by the COP29 Presidency: deploying 1,500 GW of energy storage, doubling global grid investments, and developing 25 million kilometres of grid infrastructure by 2030.
This marks the first time that energy storage and grids have been officially acknowledged as vital components for a successful energy transition.
They are essential for providing the flexibility needed to achieve the tripling of renewables targets, turning ambition into action.
While the support of the pledge is a significant step toward delivering the global commitment to tripling renewables, wider participation is required to fully unlock the potential of renewable energy and ensure energy security for all.
With COP30 on the horizon, industry leaders are calling for further endorsements and translation of these targets into actionable national plans.
Bruce Douglas, CEO of the Global Renewables Alliance, welcomed the global pledge but emphasised the need for concrete action to implement the targets: “Having grids and storage in the international spotlight for the first time is a monumental step forward. It’s a sign that the world is recognising the critical role of flexibility in delivering energy security for future generations. The over 100 countries and organisations that have signed this pledge are setting the standard as leaders and champions of this vital agenda, and their commitment should inspire others to step up, endorse the pledge, and take decisive action to meet these targets.”
Douglas also highlighted the importance of finance in developing economies to deliver on the targets: “Mobilising public and concessional finance is crucial to unlocking private investment in the regions that hold the greatest potential and the largest needs. Without this, the world risks falling short of its commitments and leaving developing economies behind.”
Marcus Stewart, Head of the Secretariat at the Green Grids Initiative, praised the leadership of the signatories: “These countries are setting the pace for ensuring clean energy access for all. Their commitment to expanding grids is fundamental to delivering the energy transition and sends a clear signal for others to step up, as there is ‘No Transition Without Transmission’. The Green Grids Initiative stands ready to support these leaders and collaborate with those bold enough to aim high, as only by working together will we get the job done.”
(IANS)
