What is the mission of the global “Regulatory Accelerator”?
Governments all over the world have now pledged to become completely carbon neutral by or before 2050. If we’re to deliver on our targets, we need to be proactive in developing cleaner ways to power, heat and cool our homes, and power our vehicles and industries.
The mission of the global “Regulatory Accelerator” is to assist energy regulators around the world in overcoming stumbling blocks on the way to carbon neutrality and delivering “clean, secure energy systems to deliver our Paris climate commitments”. With a shared bank of global knowledge and experience, the regulatory bodies of different countries can come together to solve global energy problems on a global scale.
Ofgem’s chief executive Jonathan Brearley states:
“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”.
The goals of the regulatory consortium are directly aligned with the biggest issues our global energy market currently faces. These include:
- Supporting a rapid increase in renewable energy with more flexible and globally connected new systems
- Meeting the challenge of a rising demand for electricity as industry and transportation transition away from fossil fuels
