Ofgem is one of the founding members of a new global coalition that will facilitate collaboration between regulators to speed up decarbonisation across the world.
In particular, the Regulatory Energy Transition Accelerator aims to help countries with less developed energy systems to leapfrog the carbon-intensive paths other countries have previously taken.
The UK regulator is launching the initiative alongside the International Energy Agency, the International Renewable Energy Agency and World Bank at COP26 today (3 November).
Its chief executive Jonathan Brearley 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 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.”
Around 15 countries, including regulators from every continent, have already committed to participating in the Accelerator with more expected to follow after the summit.
The Accelerator will be governed by a steering committee made up of representatives from the delivery partners, and a selection of representative regulators, and chaired or co-chaired by regulators on a rotating basis.
The project links to the Green Grids Initiative, which was launched yesterday.