A group of the world’s largest electricity suppliers want to work with finance institutions to achieve the goals of the Paris Agreement.
In an open letter, the Global Sustainable Electricity Partnership (GSEP) is calling on banks to jointly identify the best investments to deliver a low carbon future.
The group is made up of 10 international companies – RWE, EDF, American Electric Power, Tokyo Electric Power Company, ENEL, EuroSibEnergo, Hydro-Québec, Kansai Electric Power Company, RusHydro and the State Grid Corporation of China.
They currently deliver a third of the world’s energy, of which around 60% is said to be generated with no direct carbon emissions.
GSEP suggests governments need to establish clear policies, suppliers need to develop a systemic approach to energy infrastructure and private stakeholders must develop and deploy new technologies.
The utilities believe finance firms can streamline these stages by directing money to where it is needed the most and where it can be used most effectively.
In the letter, GSEP states: “Organisations like ours are uniquely placed to collaborate with development finance institutions to help identify the most effective electricity technology investments in the right mix, amount, time and place.
“This is in order to deliver lower or zero carbon emissions while taking into account the respective contexts of the countries and the resources available. We are at an opportune moment to work together to build, collaborate and innovate for a low carbon future.”