Support for COP29 Global Energy Storage and Grids Initiative Expands to 58 Nations

Brussels, Dec 11 (NationPress) The COP29 Global Energy Storage and Grids Initiative has successfully garnered support from 58 nations, including significant contributors from every continent, such as Brazil, Kenya, the US, Ukraine, a multitude of European countries, and many organizations.

These signatories are taking the initiative in achieving the ambitious goal of tripling renewable energy as agreed upon at COP28. The actionable objectives for grids and storage, defined by the COP29 Presidency, include the deployment of 1,500 GW of energy storage, a doubling of global grid investments, and the development of 25 million kilometers of grid infrastructure by 2030.

This signifies the first occasion where energy storage and grids are formally recognized as crucial elements for a successful energy transition.

They are essential in providing the necessary flexibility to meet the objective of tripling renewable energy, transforming ambition into tangible action.

While this pledge's support is a major stride toward fulfilling the worldwide commitment to tripling renewable energy, broader participation is essential to fully realize the potential of renewable resources and ensure energy security for everyone.

With COP30 approaching, industry leaders are advocating for additional endorsements and the translation of these targets into practical national strategies.

Bruce Douglas, CEO of the Global Renewables Alliance, expressed his approval of the global pledge but stressed the necessity for concrete actions to realize 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 recognizing the critical role of flexibility in delivering energy security for future generations. The over 100 countries and organizations that have signed this pledge are establishing the benchmark as leaders and champions of this essential agenda, and their commitment should inspire others to step up, endorse the pledge, and take decisive action to meet these objectives."

Douglas also pointed out the significance of financing in developing economies to achieve these goals: "Mobilizing public and concessional finance is crucial to unlocking private investment in the regions with the greatest potential and highest 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, commended the leadership of the signatories: "These nations are setting the pace for ensuring clean energy access for all. Their dedication to expanding grids is fundamental to facilitating the energy transition and sends a clear message for others to take action, as there is 'No Transition Without Transmission'. The Green Grids Initiative is prepared to support these leaders and collaborate with those daring enough to aim high, for only through collective efforts can we accomplish our goals."