Ofgem Chief Executive
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Through the Regulatory Energy Transition Accelerator (RETA), we hope to enable energy regulators from around the world to turn climate ambitions into collective real-world action.
Climate change is a global problem – and we need global solutions to keep in reach the collective ambitions of the Paris climate goals.
Achieving net zero means thinking entirely differently about how we power the planet we all share. And how we approach this challenge together - acting at pace to switch away from fossil fuels completely while maintaining secure supplies and keeping the costs of the transition fair and affordable.
Which is why I’m pleased to be launching during the UK's COP26 Presidency Programme a global Regulatory Accelerator initiative, together with the International Energy Agency (IEA), International Renewable Energy Agency (IRENA) and World Bank, to help chart a course for a faster energy transition delivered at the least cost.
Collaboration for climate
Through this accelerator programme, we hope to enable energy regulators from around the world to learn from each others’ experiences, bring forward new thinking and turn climate ambitions into collective real-world action. The programme is open to all regulators from interested countries.
It is clear the future for all of us will lie in flexible energy systems that can support more sustainable ways we can generate electricity, heat and cool homes and power transport in our everyday living. In the long-term this will also better shield us from the unprecedented commodity price shocks we are seeing today, as well as protect our planet.
We are already witnessing a global movement. In many countries it is now cheaper to generate electricity from renewables – for example solar power is now 20% cheaper than coal power. When the UK was confirmed host of the COP26 summit, less than 30% of global GDP was signed up to net zero or carbon neutrality targets. Today, that figure is now over 80% and rising.
Energy regulators working closely with industry, governments and NGOs have an important role in supporting this momentum.
Learn more about joining the Regulatory Energy Transition Accelerator and view the Joint Statement of Energy Regulators and Partners.
Although there are different circumstances around the world, we face common challenges. In energy, we need to support:
- more low-carbon power sources, especially from renewables and end coal generation
- switching away from fossil fuels in other sectors, such as transport with a major roll out of electric vehicles
- making our power systems more flexible, so they can draw from more variable renewable energy sources while maintaining secure supplies and cut costs
- delivering the above while continuing to reduce energy poverty by connecting more people with secure energy.
COP26 will be a critical dial on our actions in the next decade.
Focus and funding
The Accelerator aims to deliver cooperation at the regulatory level and is open all regulators around the world. Around 20 regulators, from every continent, have already committed so far.
The programme ties with the Green Grids Initiative launched by the UK COP26 Presidency with India among others, under One Sun, One World, One Grid.
Through the programme, members will identify priority areas for knowledge sharing, co-development and capacity building to make a real impact on the ground, and will seek alignment with wider global programmes. In particular, we look forward to working with existing programmes on the clean power transition.
The UK government has committed to provide seed funding to set up and co-ordinate the initiative for the first year.
I want to thank the UK government for this funding, and look forward to collaborating with many of you in continuing the momentum of COP26 in the actions of the next decade.
Our path to a greener, fairer future lies in how we work together - not just regulators but everyone who shares in the zero carbon emissions vision to keep our climate ambitions within reach; for our people and the planet.