The International Energy Agency (IEA) and business community group Business 20 (B20), have called on 20 of the largest economies of the world to accelerate the clean energy transition.
In a joint statement, the bodies recommend a string of policy options that could potentially boost investments and encourage the green recovery.
These include accelerating the deployment of existing low carbon technologies and boosting innovation around hydrogen, carbon capture, utilisation and storage.
Measures also involve the increase of energy market stability by improving global energy data transparency and evaluating risks.
Steps to securing energy systems and providing access to an affordable flow of clean energy for all should also be taken by governments, according to the statement.
IEA and B20 also call on implementing energy pricing and tax reforms to use the revenues to finance the transition.
Yousef Al-Benyan, Chair of B20, said: “The Covid-19 pandemic with historically low energy prices is a unique opportunity for governments to enact policies that steer their clean energy transitions at a low financial, political and social cost.”
Dr Fatih Birol, Executive Director of the IEA, added: “Mobilising the critical investments for meeting international energy and climate goals requires a grand coalition spanning governments, companies, investors and citizens.”