Ofgem has today launched a global initiative that will see energy market regulators work together to accelerate the energy transition.

The energy regulator in collaboration with the International Energy Agency (IEA) and the International Renewable Energy Agency (IRENA) and the World Bank has unveiled more details of the scheme which is designed to provide clean energy affordable supplies to everyone.

The ‘Regulatory Accelerator’ initiative could help countries with less developed energy systems to avoid the carbon-intensive paths other countries have previously taken.

It could also provide a sustainable path and help energy systems meet the increasing electricity demand.

The UK energy regulator said that around 15 countries, including regulators have already joined the initiative.

Jonathan Brearley, Chief Executive of Ofgem, 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.”

Francesco La Camera, Director-General of IRENA, said: “This initiative will help overcome the challenges in power sector decarbonisation and electrification of end-use and will support energy regulators across the world in the management of an accelerated energy transition.”