India Launches Global Initiative For Clean Energy Innovation

On Wednesday, India launched the Innovation CleanTech Exchange Mission, a global initiative to create a incubators network across member countries to boost clean energy innovation.

The network was launched at the Innovating to Net Zero Summit, Chile to offer market insights and expertise access to help new technologies access new markets globally.

among 23 governments, India jointly launched innovative plans to prepare action to push global investment in clean energy research and development.

The goal is to boost Paris Agreement progress and net zero pathways and make clean energy affordable, attractive and accessible for all.

Mission Innovation 2.0 is the second phase of the global Mission Innovation initiative, launched in conjunction with the Paris Agreement (2015). The members of the mission are accountable for > 90% of public investment in clean energy innovations globally and dedicated to boost investment and cooperation to provide the technologies required to meet the need of world’s climate challenges.

Technology plays a significant role in reducing the global emissions required to accomplish nationwide and global climate targets by 2050.

Mission Innovation 2.0 aims to boost public-private alliances and investment to quicken the development of clean energy solutions in critical areas, while making the clean energy affordable.

The goal is to make clean energy accessible to all countries and provide governments the trust to set aspiring clean energy pathways.

The key stakeholders have highlighted the importance of technology and innovation in achieving ambitious climate goals.

In the statement, the ministers dedicated to design a joint target and alliance; organise and link global research and development to expand the impact of these investments; build trust in clean energy solutions; and design deployment roadmaps.

They also dedicated to design a National Innovation Pathways to enhance determination to clean energy technologies and/or sectors to meet their climate and energy goals by 2030.

 

Mr. Sebastian Pinera, President of Chile, said: “Chile is proud to host the Mission Innovation in this critical time of climate action. Through innovation, collaboration and most notably, action, we have the instruments to fight climate change and meet Paris Agreement goals.”

 

Mr. John Kerry, US Special Presidential Envoy for Climate, said: “The Mission Innovation 2.0 launch is a significant step towards achieving our collective climate goals. Clean energy technologies deployment is vital to reach net-zero emissions by 2050.”

Mr. Alok Sharma, COP26 President for the UK, said: “Speed Up the transition to clean energy is essential to keep the 1.5 degree goal within reach. To achieve this, global alliance on innovation in sectors like power, transport and industry will be vital.”

Mr. Harsh Vardhan, Minister of Science and Technology, said: “Mission Innovation (MI) has played a commendable role in organizing bigger public and private investments and alliances, thereby accelerating clean energy innovation.

“MI 2.0 emphasizes the significance of joint scientific efforts to achieve the vision of an affordable and consistent clean energy system and shall help countries echo a sustainable future through innovations.”

Since 2015, Mission Innovation representative governments have amplified clean energy innovation investments by a cumulative total of US$ 18 billion.

At present, investment stands at US$ 5.8 billion per year higher than in 2015.

Countries who have doubled their investments include the UK, the Republic of Korea, Chile, Canada, Finland, Norway, Japan, the Netherlands. Countries who have increased investment by 75% or more against the 2015 baselines include Sweden, Germany, Denmark, and the European Commission.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.