9 December 2014: The Global Electricity Initiative (GEI) has published a report identifying potential, yet untapped, opportunities for electricity utilities to contribute to achieving a low-carbon economy. GEI’s 2014 Report, released during the UN Climate Change Conference in Lima, Peru, in December 2014, underscores the importance of a joint adaptation and mitigation approach, new energy storage technologies, stable policies and a carbon price in order to provide universal access to electricity while reducing emissions.

The report: brings together views of CEOs from utility companies in countries that, combined, account for around 80% of global installed generating capacity; and calls for a “meaningful” carbon price in order to transform the global electricity sector’s fuel mix. The report further calls for “urgent action” to help sustain the increasing role of renewables and other carbon-free technologies in helping to meet growing energy demand. However, the report states that fossil fuels will continue to supply between 59% and 77% of the world’s energy in 2050.

Philippe Joubert, GEI Executive Chairman, highlighted the finding that, despite contradictory signals and differing regulator and customer priorities, utilities are focused on decreasing emissions and minimizing environmental impacts. He stressed, however, that making sound investment choices in the electricity sector depends on long-term stability in policies and regulation.

Commenting on the report, Kandeh Yumkella, UN Under-Secretary-General and Special Representative of the Secretary General and Chief Executive Officer for Sustainable Energy for All (SE4ALL), said that transforming the “current inequitable and unsustainable global energy system” will require political will and participation by all relevant stakeholders.

The GEI report concludes that: 100% of the utilities surveyed believe climate change is a reality, security of supply is the priority and adaptation is as important as mitigation; change in the energy mix is possible but long-term thinking, stable and clear regulation, strong collective commitment and a meaningful carbon price are critical for determining how to redirect investment; 96% of utilities view advanced energy storage technologies as critical for increasing the renewable energy share; and utility companies support SE4ALL’s 2030 goal of energy access for all.

Launched in 2011, the GEI is driven by: the World Energy Council (also host of the GEI Secretariat), the World Business Council for Sustainable Development (WBCSD) and the Global Sustainable Electricity Partnership (GSEP). [World Energy Council Press Release] [Publication: GEI 2014 Report]