The Global Renewables Alliance (‘GRA’) has launched a five-step Renewables Action Plan urging governments to accelerate renewable energy deployment in response to global energy price shocks.
The organisation said the plan calls for urgent policy action to reduce dependence on volatile fossil fuel markets and strengthen long-term energy security.
The statement is endorsed by the Global Wind Energy Council, Global Solar Council, Green Hydrogen Organisation, Long Duration Energy Storage Council, International Hydropower Association and International Geothermal Association.
GRA warned that renewed tensions in the Middle East highlight the fragility of a fossil fuel dependent global energy system and urged governments to accelerate the transition to renewable energy.
The alliance argued that fast-tracking deployment of wind, solar, hydropower, geothermal and energy storage would protect countries from price volatility and energy market disruption.
“Energy crises keep recurring because the global energy system remains stuck in the past,” said Bruce Douglas, chief executive of the Global Renewables Alliance.
“The fastest and cheapest way to protect economies and households from price shocks is to accelerate the deployment of renewables, energy efficiency and storage, strengthen grids and electrify end use sectors.”
The plan identifies five priority actions for governments including fast-tracking permitting, removing grid and storage bottlenecks, mobilising financing, accelerating electrification and scaling renewable supply chains.
“As well as the terrible impact on human lives, renewed military conflict in the Middle East is causing energy prices to surge, exposing consumers to higher power prices and creating massive uncertainty for the global economy,” said Ben Backwell, chief executive of Global Wind Energy Council and chair of the Global Renewables Alliance.
“Once again, the vulnerability of regions such as Europe and Asia to volatile fossil fuel imports is being exposed.”
“Imagine a world in which the global economy was not being strangled by the Strait of Hormuz,” said Eddie Rich, chief executive of International Hydropower Association and vice-chair of the Global Renewables Alliance.
“Accelerating sustainable hydropower as part of a wider and urgent strategic transition to renewables is not only an energy strategy, it is risk reduction.”