Electricity Giants Offer Support To Development Finance Orgs To Meet Paris Agreement Goals

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Electricity Giants Offer Support To Development Finance Orgs To Meet Paris Agreement Goals

The Global Sustainable Electricity Partnership (GSEP) has invested in renewable energy projects around the world, including these turbines in Argentina (Image credit: Global Sustainable Electricity Partnership/YouTube)

An association of global electricity companies, the Global Sustainable Electricity Partnership (GSEP), is offering their expertise to development finance institutions and other international organizations to jointly identify electricity technology investments that can help countries reduce their carbon emissions on schedule in accordance with the Paris Agreement goals.

In an open letter, the organization said its ten member firms offer unique insight and collaboration capabilities, and encouraged development finance organizations to contact GSEP. The members collectively produce nearly a third of the electricity consumed in the world, of which about 60 percent is with no direct carbon emissions. They include American Electric Power (AEP), Électricité de France (EDF), ENEL, EuroSibEnergo, Hydro-Québec, Kansai Electric Power, RusHydro, RWE, State Grid Corporation of China, and Tokyo Electric Power Company (TEPCO).

“We believe that the electricity sector has a special role to play in the successful implementation of the Paris Agreement on climate change,” the letter says.

“Organizations 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, 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.”

Further, the GSEP members communicate that they are convinced that countries will be able to reduce their carbon emissions on schedule if they optimize existing technologies and deploy advanced and innovative technologies as they become commercially available. They acknowledge that there is an increasing need for electricity in today’s world, with more than 2 billion people still do not have access to any electricity or reliable power networks. The members suggest that these needs can be met and that economic growth can continue with the implementation and delivery of lower-carbon electricity.

“The challenge that remains is to define and implement public policies and investment plans that will channel technology investments and help countries deliver their nationally determined contributions,” the letter adds. “To overcome this challenge, we call for joining forces with development finance institutions and other international organizations to help identify technology investments that will achieve the ambitious goals of the Paris Agreement. Together, we can make it happen.”

The GSEP also made four recommendations last year that are aligned with the Paris Agreement, intended to help secure a low-carbon future:

  • Establish stable, long-term policy frameworks;
  • Develop a systemic approach to electricity systems;
  • Promote and engage in public-private partnerships; and
  • Make urgent progress with innovative research and development.

For its part, the association has worked closely with governments in the past to develop and commission nine renewable energy projects in support of their respective national energy strategies, as well as delivered over 70 capacity-building initiatives with international partners on sustainable electricity technologies, generation, and enabling institutional environments, most notably on public-private partnerships in the electricity sector, that have reached over 110 countries. The letter suggests that they wish to continue to partner with the public sector and lead the energy transition.

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