08 Dec 2023 13:00—14:15 Paris Time Event — Dubai, United Arab Emirates

IEA at COP28: Championing rapid energy transitions through effective regulation

Background information

Dubai time: 8 December 2023, 16:00-17:15

Power sector regulators have an increasingly important role in ensuring the successful implementation of energy transition objectives to limit global warming to 1.5 C. This includes tripling renewable energy capacity, doubling energy efficiency, phasing out fossil fuels and increasing the electricity system's share of total final consumption to more than 50% by 2050. As the power system transforms, so must policy and regulatory frameworks to ensure resilience, efficiency, and equity. The Renewable Energy Transition Accelerator (RETA), an initiative launched at COP26, founded by Ofgem, IRENA, the IEA and the World Bank, brings together more than 40 regulators from across the world speed up the transition to sustainable, secure and affordable energy systems through knowledge sharing and peer-to-peer learning.

This session will showcase the progress of its flagship projects to date and highlight the importance of considering regulatory processes at the heart of successful energy transition objectives. By focusing on the findings of the RETA flagship project on “Decarbonisation Mandates for Energy Regulators”, the discussion will highlight the challenges faced by regulators in assessing emerging topics in the international policy agenda, such as energy system decarbonisation. Bridging the gap between policy objectives and regulatory implementation, decision makers should also consider key aspects such as energy access disparities and resilience-building mechanisms that account for the disproportionate effect of climate change on vulnerable populations. Drawing from the experiences of participants from various regulatory bodies worldwide, the event aims to crystallise a shared vision for energy regulation that aligns with the ambitious targets of COP28.

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