ESG Today writes that, according to IEA's report, around 80 million kilometers of new power lines will have to be added or replaced by 2040, with investments reaching 600 billion USD per year by 2030, in order for the entire planet to reach its climate-related goals.

IEA Executive Director Fatih Birol said that "the recent clean energy progress we have seen in many countries is unprecedented and cause for optimism, but it could be put in jeopardy if governments and businesses do not come together to ensure the world’s electricity grids are ready for the new global energy economy that is rapidly emerging."

Researchers also suggest that, while investments in renewable energy generation, EVs and heat pumps have increased significantly over the past years, financing new or supplemental power infrastructure to support all of them hasn't seen as much interest. Thus, it stayed at around the same 300 billion USD per year globally.

Due to the lack of extra grid support, there are quite a number of renewable energy projects waiting to go online, amounting to some 3.000 GW capacity, that can't currently be operated.

"Ensuring the developing world has the resources it needs to build and modernize electricity grids is an essential task for the international community. By mobilizing financing, providing access to technology and sharing best practices on policies, leading economies can help improve people’s lives, strengthen sustainable development and reduce the risks of climate change", Birol added.