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Andris Piebalgs, Christopher Jones, Piero Carlo Dos Reis, Golnoush Soroush and Jean-Michel Glachant
Toby D. Couture, David Jacobs, Owen Zinaman and Jaquelin Cochran
Th is article presents a novel framework to help understand the evolution of renewable energy policy. In the process, it outlines a number of potential pathways to adapt to the rise of lowcost renewable energy technologies. For decades one of the primary aims of renewable energy policy has been to bridge the cost gap between conventional and renewable energy sources. With this cost gap narrowing and even disappearing in certain cases, the role of renewable energy policy is changing, away from traditional subsidies and toward providing a set of framework conditions that reduce key investment risks and provide investment certainty. Th is article provides a new lens through which to understand this transition: even in a world where renewable energy technologies are the least-cost sources of new power supply, they will still need a stable policy framework, one that supports project bankability, encourages investment in more system flexibility, and that establishes a clear long-term vision for the energy system.