Octopus: COP26 success is opening up global markets

An Octopus Energy director has called for COP26 to pave the way for global energy markets to open up to investment as she revealed the company has ambitions to enter the Indian market.

Octopus has been in what it describes as its “global expansion phase” in recent years, moving into markets in Germany, Australia and Spain.

Speaking at a fringe event at the Conservative Party Conference earlier this week, Clementine Cowton, the company’s director of external affairs, was among panellists who were asked what they thought success would look like at next month’s global climate summit.

She said: “This is actually a live discussion for Octopus at the moment because we are thinking of entering the Indian market. But it’s very difficult for us to do that because the energy market in India is not liberalised and so it’s actually very difficult for businesses to invest and to innovate there.

“So I’d say success at COP looks like helping other countries and by the way, Britain as well, but we have been leading the way, to open up their economies to investment from greener energy providers to renewables in general and to decarbonisation.”

Additionally, Cowton said she believed the sector has reached a “tipping point” where economies run by renewable power will be stronger.

She added: “When you talk about a last gasp chance, this is also the last COP I believe where it really matters what governments do because business is taking over from here. We have reached that tipping point now where clean, renewable power is cheaper and therefore economies run by renewable power are going to be stronger than those that aren’t.

“It is inevitable. It’s just about the pace of change and how governments can act to speed it up but it doesn’t have to be about massive investment of budget. Actually, it can just be about how we regulate our markets better to enable that investment.”