The U.S. government has proposed to the International Monetary Fund (IMF) to establish a global tidal energy auction, in a bid to curb climate change and increase international energy supply.
The proposal, which was first reported by Bloomberg News, would establish a “temporary global auction system” to encourage bidding on tidal energy projects, with the aim of curbing global greenhouse gas emissions.
It would also help ease financial risks, Bloomberg reported, citing sources familiar with the proposal.
A global tidal auction would include all nations that currently have a tidal energy project on the books, but would require all nations to submit bids.
In total, it would allow for the “largest tidal energy auctions ever conducted,” the report said.
The auction would be overseen by the International Renewable Energy Agency, the group that manages the U.N. Framework Convention on Climate Change.
In a statement, the IAEA said the auction would help “to foster international cooperation in the energy sector, and support the development of renewable energy technologies and technologies to power the world’s population.”Bloomberg