COP30 has proven to be an extraordinary one for the Green Grids Initiative (GGI), for which CCG provides Secretariat Technical support from the University of Loughborough. The decisions made there will bring significant benefits to countries in the Global South whose people CCG is working to support.
At COP30 in Belem, Brazil, GGI received a ringing endorsement from COP30 CEO Ana Toni, whose open letter said: “Current investment flows remain below what is required, particularly in developing economies, leaving many regions unable to integrate new renewable generation or strengthen power reliability. Addressing this financing gap is now one of the most urgent challenges for the global energy transition.”
Recognising the efforts of GGI, Ms Toni added: “To help meet this challenge, the Green Grids Initiative, supported by the Utilities for Net Zero Alliance and a working group of development banks, financial institutions and investors, has developed the Climate Finance Principles for Green Grids. The Principles harmonize taxonomies, define quantitative eligibility criteria, and provide common guidance for how financial institutions assess and support grid investments. By creating a more transparent and coordinated approach to financing, they seek to unlock the capital needed to build the grids that will support the expansion of renewable energy.”
The letter concludes: “The COP30 Presidency is pleased to support this initiative as part of its Action Agenda, which is aimed at turning global commitments into practical delivery. The Principles will be spotlighted during COP30 through a global announcement and a High-Level Ministerial Dialogue on Grids in Belém, bringing together governments, financial institutions, and investors to accelerate progress on clean and resilient power systems.”
GGI also received a high level endorsement from Brazil’s Ministry of Mines and Energy, signed by Mariana Espécie, Special advisor to the Minister, Ministry of Mines and Energy on behalf of COP30 Presidency and Dan Ioschpe, Climate High-Level Champion for COP 30: “As the Ministry of Mines and Energy of Brazil and as guided by the COP30 Presidency and the Climate High-Level Champion for COP30, we confirm that the Green Grids Initiative (GGI) has our mandate to take forward the COP30 “Plan to Accelerate the Expansion and Resilience of Power Grids”, developed under Activation Group 1 of the COP30 Action Agenda.”
The Principles were presented in draft form at COP29 last year, written by a team including CCG colleagues Will Blyth, and Vivien Foster. Annex 1 of the finalised Principles – a Case study of the Dominican Republic was written by CCG colleagues Simone Osei-Owusu, Jairo Quiros-Tortos (University of Loughborough), Will Blyth (FCDO) and Vivien Foster (Imperial College, London).
A delighted Marcus Stewart, Head of Secretariat at GGI, commented: “GGI was established to release global investment to fund new grid infrastructure across countries in the Global South. This is to ensure that the clean energy that is now being produced in greater quantities can actually reach the people who need it most. As we have said all along, there is “no transition without transmission”. This means that we cannot transition to sustainable growth based on clean energy, without the means of distributing the electricity to those who have not previously had it. electricity. According to the IEA around 750m people still did not have access to electricity in 2023 – most of these are in Sub-Saharan Africa.
We are honoured that the COP Presidency has recognised our work and now entrusted us to carry the baton forward for Green Grid investment. They understand that with our track record, connections, expertise and the momentum we have already built up, we are the organisation best placed to take this project forward to a successful conclusion.
We are very satisfied that the financing regulations that previously blocked many applications for Grid finance have now been resolved. We welcome the understanding among potential investors that during this period of transition, there is a need for more flexibility in the short term so that we can achieve the long term benefits of brining clean energy to everyone.”