ATHENS, Greece – With the Copenhagen climate change debate inching closer, the world’s energy regulators have advanced commitments binding them at taking eight concrete steps that shall bring the energy sector forward into meeting the challenge.

At the concluding sessions at the World Forum on Energy Regulation here, European Energy Regulators chairman Lord Mogg stressed “climate change requires a global response. For the first time, energy regulators from across the globe have jointly committed to play their role in overseeing efficient and climate responsible energy markets.”

As regulators of a major sector with links to climate change elements, he noted that the steps being taken are “much more than simply adding our voice in supporting a global agreement on climate change in Copenhagen.”

The proposed action plans include: 1) creating a new International Confederation of Energy Regulators; 2) supporting the delivery of energy to all in developing markets within the context of rising energy costs and environmental constraints; 3) promoting energy efficiency; and, 4) conducting a review of renewable energy distributed generation initiatives and draw out some best practices via case studies.

The others are focused on: 5) sharing of best practices on energy regulation; 6) building closer cooperation and network interconnection of regional markets; 7) reinforcing their engagements in the international climate change process; and 8) the promotion of reliable energy supply and reasonable energy costs for all consumers.

Regulators from various parts of the world agreed that they must be in the frontline of helping “manage the transition to a low carbon economy”; and this can be achieved in several ways such as promoting energy saving measures; as well as instituting viable policies in their “core job of regulating electricity and gas grids.”

In a joint statement at the WFER IV conference, they set out commitment “to a set of substantive actions within our areas of responsibility”; and such steps are anchored at abating the adversarial impact of climate change.

“In view of the United Nations Climate Change Convention in Copenhagen this December 2009, we encourage all parties to cooperate in reaching a comprehensive agreement that provides a clear framework for all to deliver greenhouse gas (GHG) reductions,” the regulators noted.

They also acknowledged that “investors need clarity and certainty in the energy sector in the long-term not least because of the long lead-times for investments.’

Beyond the milieu of the global financial crisis, the world regulators opined that “major investments will be required to deliver new resources and energy efficiency measures and to implement the necessary structural changes.”

These would include instituting in the energy systems technology advancements, such as smart grids “which are crucial in energy markets and energy infrastructure.”