Electricity is powering a global transformation. From rapid urbanisation and industrial expansion to electric vehicles lining our roads and the rise of AI-driven data centres, the demand for clean, reliable power is surging – and with it, the urgency to accelerate the energy transition. Yet, while renewable energy deployment is scaling at an unprecedented pace, driven in large part by cost advantages, one critical component remains significantly underdeveloped: our electricity grids.
The energy transition is no longer constrained by our ability to generate enough clean power. The challenge now lies in delivering it to where it is needed swiftly, reliably and at scale.
Global electricity consumption grew by nearly 1,100 terawatt hours in 2024 alone – more than triple the UK's annual consumption. This increase is not confined to fast-growing economies; even mature markets are seeing spikes in demand due to factors such as industrial electrification, electric vehicles and data-driven industries like AI.
However, the grid infrastructure that underpins this revolution is struggling to keep pace. More than 1,650 gigawatts of wind and solar projects in advanced stages of development are waiting for grid connections – this is equivalent to about six times Germany’s total installed power capacity. Ageing infrastructure, extended permitting timelines and equipment bottlenecks are holding back progress.
The result is that clean energy capacity is growing rapidly but the required expansion and modernisation of critical grid infrastructure to deliver this clean power reliably is falling behind. This gridlock is not a future threat – it is a current and very real risk. Last month, a power failure across Portugal, Spain and parts of France demonstrated how even well-established systems are vulnerable.
What is required is a fundamental reimagining of our grids. Beyond just expanding capacity, we need to develop intelligent, dynamic systems that can respond in real time to supply and demand fluctuations.
AI, while adding to electricity demand, can also be part of the solution. It can balance loads, predict surges and identify faults in the grid before they escalate into outages.
But none of this can happen without an enabling policy environment.
The most pressing challenge is not technical – it is regulatory. Technologies are proven and capital is available. What investors and energy developers require is clarity, speed and confidence. It is imperative that planning rules, permitting procedures and regulatory environments are modernised and energy companies are incentivised to proceed with critical grid projects.
Enabling this transformation requires close co-ordination between regulators, utilities, investors and technology providers – a key priority of the World Utilities Congress being held in Abu Dhabi until May 29. Global grid investment needs to reach an estimated $717 billion annually between now and 2030. For capital to flow where it is most needed, governments must provide a stable, predictable regulatory environment that rewards long-term investment in infrastructure.
This is where collaboration plays a pivotal role. Initiatives like the Utilities for Net Zero Alliance (Uneza), a global coalition of more than 55 utilities and partners, are helping accelerate this effort. By uniting utilities across markets, Uneza aims to overcome shared grid challenges, align investments and scale impact. With more than $117 billion in annual energy transition commitments, the alliance represents a powerful force for change.
This spirit of collaboration must also extend to supply chain resilience. Supply chains must be diversified and de-risked to avoid delays in critical grid components such as transformers, conductors and control systems. Governments and industry must work together to streamline procurement processes, promote domestic manufacturing and reduce dependency on single-source suppliers.
Equally important is the role of public engagement. As utilities push ahead with grid expansion projects, community support will become increasingly important. Building public trust through transparency, inclusion and a clear articulation of benefits – such as job creation, improved reliability and reduced emissions – will be essential to securing social licence and accelerating delivery timelines.
The age of electrification is here. But without bold action on grids, the energy transition will stall. Now is the time to act with conviction, with capital and with clear policy leadership. The net-zero future is still within reach. Let’s build the infrastructure to deliver it.
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
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Read part two: how climate change drove the race for an alternative
Read part one: how cars came to the UAE
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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Favourite place to go to: Dubai Mall because it has lots of sports shops.
Her motivation: My performance because I know that whatever I do, if I put the effort in, I’ll get results
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4. Change passwords periodically as a precautionary measure
5. Never share authentication data such as passwords, card PINs and OTPs (one-time passwords) with third parties
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EMERGENCY PHONE NUMBERS
Estijaba – 8001717 – number to call to request coronavirus testing
Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
Emirates airline – 600555555
Etihad Airways – 600555666
Ambulance – 998
Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
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Countries offering golden visas
UK
Innovator Founder Visa is aimed at those who can demonstrate relevant experience in business and sufficient investment funds to set up and scale up a new business in the UK. It offers permanent residence after three years.
Germany
Investing or establishing a business in Germany offers you a residence permit, which eventually leads to citizenship. The investment must meet an economic need and you have to have lived in Germany for five years to become a citizen.
Italy
The scheme is designed for foreign investors committed to making a significant contribution to the economy. Requires a minimum investment of €250,000 which can rise to €2 million.
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Residence Programme offers residence to applicants and their families through economic contributions. The applicant must agree to pay an annual lump sum in tax.
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Start-Up Visa Programme allows foreign entrepreneurs the opportunity to create a business in Canada and apply for permanent residence.
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