The Global Renewables Alliance (GRA) today (March 12) issued a statement launching a five-step Renewables Action Plan, calling on governments to urgently accelerate renewable energy deployment in response to renewed global energy price shocks.
The statement is endorsed by GRA's six member associations representing the global renewable energy industry: Global Wind Energy Council, Global Solar Council, Green Hydrogen Organisation, Long Duration Energy Storage Council, International Hydropower Association and International Geothermal Association.
The alliance warns that the latest crisis in the Middle East once again exposes the fragility of a fossil fuel dependent global energy system, urging governments to "treat the oil and gas price shocks reverberating through the world economy as a pivotal turning point and urgently accelerate the transition to renewable energy."
Renewable energy is the fastest and most cost competitive solution to long-term energy security, resilience and prosperity. Fast-tracking the deployment of wind, solar, hydro, geothermal and storage projects will protect countries from price volatility and energy market failure.
"Energy crises keep recurring because the global energy system remains stuck in the past," said Bruce Douglas, CEO of GRA.
"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 Renewables Action Plan identifies five priority actions for governments to break the cycle of energy crises: fast track permitting, remove grid and storage bottlenecks, mobilise financing, accelerate electrification, and scale renewable supply chains.
- Fast-track emergency permitting: Accelerate regulatory approvals by urgently streamlining permitting and consenting procedures for renewables and short- and long-duration storage projects to deliver a major expansion of capacity within the next 36 months.
- Address grid and storage blockers: Expand, modernise and optimise electricity grids and storage systems to integrate new renewable capacity, provide reliability and maximise consumer access to low-cost renewables. Significantly shorten lengthy grid connection queues and accelerate grid access by guaranteeing priority dispatch for renewables.
- Mobilise financing now: Unlock and de-risk public and private investment for renewable energy and storage projects and associated infrastructure, by introducing preferential interest rates and financing, decreasing financial institution lending limits, creating renewable lending windows, and redirecting capital away from carbon intensive industries.
- Move swiftly to electrification: Introduce and implement national strategies to accelerate end-use electrification and system integration across transport, heating and industry, supported by flexibility markets, demand response and short- and long-duration energy storage. For sectors which cannot be electrified directly with renewables, green hydrogen is the solution.
- Scale up supply chains: Develop robust industrial strategies for supply chain development with clear milestones to expand renewable, grid and storage deployment and stockpiling. Create clear demand signals and offtake frameworks, increase pipeline visibility, and generate long-term revenue certainty, to promote necessary investments in critical manufacturing and labour force capacity.
Energy crises have repeatedly exposed the vulnerability of fossil fuel dependent energy systems, from the oil shocks of the 1970s to the gas crisis following Russia's invasion of Ukraine and the current tensions in the Middle East. Accelerating the deployment of domestic renewable energy alongside grids and storage can reduce exposure to volatile fossil fuel markets while strengthening economic resilience and energy security.
Ben Backwell, CEO of Global Wind Energy Council and Chair of GRA, said: "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."
"Once again, the vulnerability of regions such as Europe and Asia to volatile fossil fuel imports is being exposed. The implications are clear: policy makers need to move faster to reduce reliance on fossil fuels that can be interrupted or weaponised by other countries, and move to energy systems powered by clean, efficient, homegrown renewable energy like wind power."
"Countries need to be laser focussed on removing this major obstacle to achieving energy security: dependence on unstable fossil fuel markets. The writing was already on the wall after the Russian invasion of Ukraine - how many wake-up calls are needed?"
Eddie Rich, CEO of International Hydropower Association and Vice-Chair of GRA, said: "Imagine a world in which the global economy was not being strangled by the Strait of Hormuz. Sustainable hydropower does not rely on complex international supply chains. If you have water and elevation - you have energy potential. If you have wind and sun, hydropower provides the backbone to make it reliable and resilient and pumped storage ensures none of it is wasted. Accelerating sustainable hydropower as part of a wider and urgent strategic transition to renewables is not only an energy strategy, it is risk reduction. It is price reduction. It is economic stability. It is long-term national security."
Read the full statement and action plan
Other publications
- How to harness the Electrotech Revolution
- Actions to deliver 3xRenewables
- Financing 3xRenewables by 2030: Mapping global capital needs
About the Global Renewables Alliance
The Global Renewables Alliance (GRA) represents the leading international industry players and provides a unified renewable energy voice. Comprised of founding members the Global Wind Energy Council, the Global Solar Council, the International Hydropower Association, the International Geothermal Association, the Long Duration Energy Storage Council and the Green Hydrogen Organisation, the Alliance aims to increase ambition and accelerate the uptake of renewable energy across the world. #3xRenewables.
Contact: Saga Henriksdotter, Head of Communications, saga@globalrenewablesalliance.org
