20 countries have launched Mission Innovation in Paris today, committing to double their governmental and/or state-directed clean energy research and development investment over five years and make clean energy widely affordable.
The countries participating in the new initiative include: Australia, Brazil, Canada, Chile, China, Denmark, France, Germany, India, Indonesia, Italy, Japan, Mexico, Norway, Republic of Korea, Saudi Arabia, Sweden, the United Kingdom of Great Britain and Northern Ireland, the United Arab Emirates, and the United States of America. Additional countries will be encouraged to join in the future.
New investments would be focused on transformational clean energy technology innovations that can be scalable to varying economic and energy market conditions that exist in participating countries and in the broader world. Research and development projects would be designed and managed to attract private investors willing to advance commercialization.
The participating countries have also pledged to work closely with the private sector as it increases its investment in the earlier-stage clean energy companies that emerge from government research and development programs.
”Working with existing international institutions, participating countries will cooperate and collaborate to help governments, private investors, and technology innovators to make available data, technology expertise, and analysis in order to promote commercialization and dissemination of clean energy technologies so they reach global market penetration,” a joint statement said.
”Participating countries will build and improve technology innovation roadmaps and other tools to help in our innovation efforts, to understand where research and development is already happening, and to identify gaps and opportunities for new kinds of innovation. Participating countries may also pursue joint research efforts through public-private partnerships as well as joint research among participating countries.”
The first implementation meeting for Mission Innovation is scheduled for early 2016.
In conjunction with Mission Innovation, a group of private investors led by Bill Gates has launched the Breakthrough Energy Coalition in Paris today.
The coalition, made up of more than 25 investors from 10 countries, will invest in companies that have the best chance to make reliable zero-carbon energy available to everyone at an affordable price.
”These investors from 10 countries and representing leadership from many key economic sectors are prepared to drive innovation from the laboratory to the market through the investment of patient capital at unprecedented levels into early-stage technology development into participating countries. This commitment, as stated in the Coalition’s principles, will be focused on investment opportunities sourced from the countries participating in Mission Innovation,” the statement said.