Innovation is of
paramount importance to increase energy-efficiency and to enable the
cost-effective use of low carbon energy sources, ensuring their
large-scale market penetration. In this context investing in research
and development (R&D), demonstration and early deployment of
technologies is vital for sustainable development, conditioning the
ability of the World to limit the concentration of greenhouse gases
in the atmosphere and the increase of the global average temperature.
It is interesting to
note that several emerging economies are allocating significant
shares of their GDP to research and development (R&D) of new
technologies. In 2009, China allocated 48% of its GDP, India 35%, and
Korea 26%. These investments have the potential to enable these
developing countries to leapfrog towards a more competitive,
energy-efficient, and “low carbon intensity” Economy.
In the European Union,
the overall current investment in R&D represented 19% of GDP in
2009.
Full implementation of
the Strategic Energy Technology (SET) plan requires an additional
investment in R&D and demonstration of € 50 billion over the
next 10 years.
The “Stern Review”
recognizes the private sector as the major driver of innovation and
of the diffusion of technologies around the world. Nevertheless it
stresses the role that governments can play to promote international
collaboration to overcome barriers in this area, namely through
co-ordination of priorities, and shared risks and rewards.
According to the
“Roadmap for moving to a competitive low carbon economy in 2050”,
for the EU SET plan to completely fulfill its role on the identified
pathway, on average, over the coming 40 years, an additional
investment of around 1.5% of EU GDP per year on top of the overall
current investment is needed.
Sources:
- "A Roadmap for moving to
a competitive low carbon economy in 2050", European Commission, 2011;
- Stern Review: The
Economics of Climate Change.
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