Ofgem has joined forces with the International Energy Agency (IEA), the International Renewable Energy Agency (IRENA) and the World Bank to develop a global initiative to speed up the clean energy transition.
The Regulatory Accelerator has been set up to help global energy regulators transition from fossil fuels to clean energy efficiently and at the lowest cost.
Ofgem has also stated that the initiative will help developing countries with less modern energy systems bypass the carbon-intensive paths that many other countries have already taken – preventing the same mistakes being made twice.
Close to 20 regulators worldwide have already committed to taking part in the initiative, with more expected to follow suit after COP26.
Ofgem has flagged adapting to the rise in electricity demand as more transport is electrified and greater system flexibility as two main points regulators need to be aware of.
Jonathan Brearley, CEO of Ofgem, said: “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.”