Developing a framework for international collaboration on clean energy innovation
At the Carbon Trust our team has a huge wealth of experience in low carbon technology innovation, providing insight into policy and markets, as well as supporting its practical application. In advance of COP21 in Paris the UK government’s Foreign and Commonwealth Office asked us to undertake a major study into the value of collaboration on innovation.
This was used to support the announcement of Mission Innovation, an initiative where 20 national governments and the European Union have committed to double their spending on clean energy research and development.
We engaged with industry experts around the world to understand the innovation opportunities across a range of clean energy technologies, taking a more in depth look at five key areas: carbon capture and storage; energy storage; offshore wind; smart grids and electricity networks; and marine energy.
We were also able to develop a model to understand which countries around the world are better placed to focus on the research, development and deployment for different technologies. This can avoid duplicated efforts and wasted resources, creating huge economic opportunity for countries willing to work together in a strategic manner.
Low carbon energies will need global investment of $5 trillion between 2015 and 2025 in order to bring down costs and accelerate deployment.
Taking a collaborative approach internationally can reduce the costs of this investment, saving over $550 billion.
View the infographic: Collaboration cuts costs (PDF)
Read the full report here: United Innovations: Cost-competitive clean energy through global collaboration