The Regulatory Energy Transition Accelerator has been launched by UK regulator Ofgem, the International Renewable Energy Agency (IRENA), the International Energy Agency (IEA) and the World Bank to accelerate the global transition to low-carbon energy technologies.
The initiative will bring together energy regulators and stakeholders in developing mechanisms that can be used to simplify the electrification of electricity generation, buildings heating and cooling, transport and industrial systems.
The aim is to ensure the use of secure, reliable, climate-friendly and affordable energy resources in the fight against climate change and to deliver a cost-effective energy transition.
Some 20 energy regulators across the globe have joined the Regulatory Energy Transition Accelerator and will work together to address pressing energy market challenges including the lack of adequate funding, rising energy demand and rapid increases in renewable energy. The initiative will support measures to address various challenges to drive the use of flexible energy, interconnecting grid systems and electrifying transport systems, according to a statement.
The initiative will also use collective knowledge and experience to ensure the energy transition across the globe equitable.
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Jonathan Brearley, chief executive of Ofgem, said: “Climate change is a global problem – and we need global solutions to the challenges we share as we build clean, secure energy systems to deliver our Paris climate commitments.
The initiative will leverage funding provided for the UK government to support its activities for the first year.
“The Accelerator will help regulators to learn from each other’s experiences and develop new approaches for the systems of the future. We are keen to see as many regulators as possible join the accelerator, particularly those from developing countries.
“We must think entirely differently to power the global economy without fossil fuels. It’s clear that the future for all of us lies in flexible energy systems powered by clean electricity, paid for fairly. In the long term this will better shield consumers from commodity price shocks as well as protecting the planet we all share.”
Francesco La Camera, Director-General of IRENA, added: “IRENA’s World Energy Transitions Outlook clearly sees electricity becoming the main energy carrier of the future, with renewables providing 90 per cent of total global power by 2050. This initiative will help overcome the challenges in power sector decarbonisation and electrification of end-use and will support energy regulators across the world in the management of an accelerated energy transition.”
Fatih Birol, Executive Director of the IEA, reiterated: “Regulators around the world have a unique role in the development of the clean, affordable and secure energy systems of the future. Through collaboration and sharing best practices, this initiative can help step up the pace of change, which will be crucial to achieving global climate goals.”