Nations failing to keep their promises on clean-energy innovation

Jun 04, 2019, 7:43 AM EDT
(Source: Linh Do/flickr)
(Source: Linh Do/flickr)

The more than two dozen nations, which pledged to double public and private investment to give a fillip to clean-energy innovation on the sidelines of the Paris climate negotiations in 2015, have thus far proved to be laggards.

As per “The Mission Innovation” pact, these nations were eyeing around $15 billion investment in “bold new projects,” but managed to invest just a third of it, with $5 billion collectively since 2015, writes MIT Technology Review.

As pointed out by Colin Cunliff, a senior policy analyst at the Information Technology and Innovation Foundation, the world is “woefully under-investing” in clean energy research, development and deployment — a trend that significantly jeopardizes our chances of curbing carbon emissions from a growing fossil fuel consumption.

An analysis last year by Cunliff estimated that R&D funding would require reaching $30 billion by 2021, but nations are struggling to reach their target by a deficit of as high as 50 percent.