Renewable energy is increasingly reliable and cost-competitive compared to conventional sources. Through REscale we bring together leading energy and technology companies to accelerate the deployment of renewables and the transition to a low-carbon electricity system. The speed at which the electricity sector can be decarbonized and grow to satisfy increasing demand will critically influence our ability to limit the rise in global temperatures to under 2°C.

The Challenge

While renewable generation accounted for 22.8% of global electricity production in 2015, considerable acceleration is needed to keep the rise in global temperatures under 2°C. The main challenges are accessing new finance instruments, ensuring bankability, and improving the integration of growing levels of renewables into grids and electricity markets.

The Business Case

The costs of renewable technologies are decreasing to competitive levels while new technological and market advances are helping to overcome variable generation patterns. This makes renewables a profitable investment opportunity. As global energy demand grows, building and operating renewable projects is a prosperous and sustainable business model for developers, IPPs and many utilities alike.

The Business Solution

REscale's energy and technology company members share the ambition to scale up renewable deployment in line with the International Energy Agency's scenario for a 2°C world: producing an additional 1.5 terawatts by 2025. REscale  has four action plans:

  1. Facilitating the significant scale-up of innovative renewable energy finance instruments;
  2. Working with corporates to scale-up renewable electricity procurement via power purchase agreements and increasing direct demand for renewable electricity;
  3. Promoting sustainable electrification of remote areas via accelerated deployment of low-carbon microgrids;
  4. Facilitating the reliable and commercially viable integration of renewable energy into grids and electricity markets.

Effective communication with governments to support suitable regulatory and market structures is important to all action areas.