The 26th UN Climate Change Conference of the Parties (COP26) hosted in Glasgow, UK, is currently seeing a series of initiatives brought to the table to combat climate change. One such initiative is the launch of a new Global Regulatory Accelerator for Energy Transition which is intended to enhance knowledge sharing between energy regulators on the common challenges posed by the fast pace of decarbonisation needed to meet climate change goals. As such, Cayman’s utilities regulator, OfReg has accepted an invitation from Ofgem, the UK’s energy regulator, to join this new knowledge sharing platform.
The Regulatory Energy Transition Accelerator is a project run by Ofgem, in conjunction with the International Energy Agency, the International Renewable Energy Agency and the World Bank. Because energy regulators have key role to play in hitting global climate goals, the initiative will help regulators from around the world accelerate the transition from fossil fuels to clean energy at the lowest cost.
Ofgem took advantage of the opportunity to increase international action on climate change, and invited the Cayman Islands, and other energy regulators across the globe to join this initiative. The objective is to move rapidly to decarbonise energy systems across the globe. The Accelerator was launched at COP26 last week.
OfReg as regulator, has the principal role and function of translating the goals of the National Energy Policy into reality, in particular, by ensuring efficient and timely electricity generation and transmission planning and investments, design of energy programmes, as well as ensuring the energy system is operated at economic cost to consumers.
A key function of the Accelerator for energy regulators will be to work alongside or in partnership with each other, leveraging the global diversity of regulatory skills, knowledge, and expertise in a meaningful way that bodes well for collective efforts to overcome the barriers to transition Cayman’s energy systems from fossil fuels to green technology energy sources. The Accelerator will facilitate thought leadership, knowledge sharing, analysis & research, and technical assistance to regulators.
OfReg CEO, Mr Malike Cummings, said: “We are optimistic that the Regulatory Accelerator will provide OfReg and the Cayman Islands the opportunity to leverage the expertise, experiences, and networking with fellow regulators across the globe, in this concerted effort to address the existential threat of global warming, and, in particular, to help the Cayman Islands accelerate the adoption of renewable technologies to attain the aspirational goal of 70% by the year 2037.”