Why we need innovation?
Because without a major acceleration in clean energy innovation, net-zero emissions targets will not be achievable. Innovation is the key to fostering new technologies and advancing existing ones. Energy efficiency and renewables are fundamental for achieving climate goals, but there are large portions of emissions that will require the use of other technologies.
If governments and companies want to move more quickly towards net-zero emissions, progress on early stage technologies needs to be accelerated.
So, the IEA proposes five key innovation principles
For governments seeking to achieve zero-emission targets while maintaining energy security, these principles primarily address national policy issues in the context of global needs, but are relevant to all policymakers and strategists dealing with energy technologies and transitions:
- Prioritize, track and adjust.
Review the processes for selecting technology portfolios for public support to ensure that they are rigorous, collective, flexible and aligned with local advantages.
- Rise public R&D and market-led private innovation.
Use a range of tools – from public research and development to market incentives – to expand funding according to the different technologies.
- Address all links in the value chain.
Look at the bigger picture to ensure that all components of key value chains are advancing evenly towards the next market application and exploiting spillovers.
- Build enabling infrastructure.
Mobilise private finance to help bridge the “valley of death” by sharing the investment risks of network enhancements and commercial-scale demonstrators.
- Work globally for regional success.
Co-operate to share best practices, experiences and resources to tackle urgent and global technology challenges, including via existing multilateral platforms.
As countries around the world pursue a more secure and sustainable energy future, the IEA will continue to support governments, industry, investors and other stakeholders in advancing energy innovation with the aim of accelerating transitions to cleaner and more resilient energy systems.
Details: https://www.iea.org/reports/clean-energy-innovation
