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G20 R&I WG 2024 Deliverable

Release time:

2024-12-04

Outline: The cultivation of clean energy technologies is critical to local economic prosperity and a major global market opportunity. Energy innovation is critical to achieving emissions reduction targets. Countries around the world are striving to be leaders in clean energy technology innovation. To facilitate international exchanges, the G20 has developed a compilation of energy innovation policies. Innovation can accelerate technological change and help countries reach the tipping point where clean energy benefits become apparent more quickly. However, designing and evaluating these policy measures remains a challenge. The evaluation of clean energy innovation policy has become a top priority for the government.

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Nurturing new technologies to maturity can create local economic prosperity, and clean energy transitions will be a major market opportunity for all economies during the 21st century. Countries around the world are striving to be the home of the next breakthrough clean energy technology company or host world-class clean energy supply chains, with good reason. Given the role of new and improved energy technologies in underpinning the transition to cleaner energy, energy innovation is critical for meeting the ambitious objectives for reducing greenhouse gas emissions that nearly all countries have in place. Without enhanced energy innovation, energy and climate goals will be out of reach.

While advanced economies have a leading and central role to play in the clean energy transition that is the mainstay of climate action, emerging and developing economies (EMDEs) are also integral to achieving this transition as they enlarge their economies and energy supplies to meet their developmental aspirations. In recognition of this, the Research and Innovation Working Group (RIWG) of the G20, established in 2024, requested the creation of a compendium of energy innovation policies that would facilitate the sharing of institutional experiences and knowledge between countries and, above all, provide information and inspiration to EMDE governments as they seek to develop effective policy support for innovators operating in their countries. Many of these countries do not possess a strong legacy of institutional and funding support to energy technology innovation and can greatly benefit from a resource that summarises different policy design options and where they have been tested.

As well as accelerating the global pace of technological change, innovation can speed up that rate at which countries reach tipping points where the advantages of clean energy to the domestic economy clearly outweigh the benefits of continuing along a higher-emissions pathway.

These include higher rates of R&D tax incentives for clean energy technologies, laboratory vouchers, equity funds, workforce training and inducement prizes. In some cases, it is still too early to judge how best to design these tools or the scale of their impact, which highlights the importance of evaluating impacts and widely sharing the findings.

Evaluation of clean energy innovation policies has risen to the top of many governments’ agendas. A key impetus for this renewed interest is the global focus on more ambitious targets for emissions reduction and the recognition that clean energy innovation is critical for reaching the Paris Agreement goals. The urgency means the process of energy innovation needs to be accelerated, without cutting corners on safety or the reliability of the energy system.

The news comes from: https://www.iea.org/reports/tracking-clean-energy-innovation-policies/a-deliverable-for-the-2024-research-and-innovation-working-group-of-the-g20