The European Bank for Reconstruction and Development (EBRD) has called for a step change in investment in renewable energy. It said competition had resulted in cost reductions that meant it was often the cheapest option.

Harry Boyd-Carpenter, EBRD director, head of power and energy utilities, was due to tell the FT’s Climate Finance Summit “The EBRD believes that two key steps to reduce greenhouse gas emissions are to increase the use of electricity and to produce most of this electricity from renewable sources. The Bank believes that renewable energy markets in many of the countries where it invests have reached a stage where the introduction of competitive auctions will lead both to a steep drop in electricity prices and an increase in investment.”

He and other EBRD speakers will highlight the need to deliver the necessary regulatory reforms and network infrastructure to accommodate a renewables-driven electricity sector that has doubled in size, as well as other investments needed to complement intermittent renewables.

They will also showcase the practical guidelines for implementing renewable auctions that the EBRD has developed together with the Energy Community Secretariat.