India on Wednesday launched the Mission Innovation CleanTech Exchange, a global initiative, that will create a network of incubators across member countries to accelerate clean energy innovation.
The network, launched virtually at the Innovating to Net Zero Summit hosted by Chile, will provide access to the expertise and market insights needed to support new technologies to access new markets globally.
India among 23 governments collectively launched bold new plans to catalyse action and spearheaded a decade of innovation to drive global investment in clean energy research, development and demonstrations.
The goal is to make clean energy affordable, attractive and accessible for all this decade, to accelerate action towards the Paris Agreement and net zero pathways.
Mission Innovation 2.0 is the second phase of the global Mission Innovation initiative, launched alongside the Paris Agreement at the 2015 UN climate conference. Its members -- collectively responsible for over 90 per cent of global public investment in clean energy innovation -- are committed to increase investment and collaboration to deliver the technologies needed to overcome the world's most difficult climate challenges.
Achieving the Paris Agreement goals of limiting global warming to well below two degrees Celsius, compared to pre-industrial levels, requires huge leaps in energy innovation this decade.
Half of the global emissions reductions required to achieve national and global climate targets by 2050 depend on technologies that exist today, but are only at demonstration or prototype phase. These technologies are not yet sufficiently effective or affordable to be deployed at scale, such as clean hydrogen, advanced battery storage or zero emission fuels.
Mission Innovation 2.0 will catalyse public-private action and investment through sector-specific missions that accelerate the development of clean energy solutions in critical areas, to reach tipping points this decade in their affordability.
The goal is to make them attractive and accessible to all countries and give governments worldwide the confidence to set ambitious clean energy pathways.
In a joint statement launching Mission Innovation 2.0, energy, research and science ministers representing 22 countries and the European Commission (on behalf of the European Union) stated: "As many governments and businesses around the world continue to commit to ambitious climate goals and to reach net zero emissions, the need for innovation has never been greater or more urgent.
"To achieve the Paris Agreement goals, all sectors of the economy need access to cost competitive clean energy solutions this decade."
In the statement, the ministers committed to step up their collective ambition and cooperation; mobilise and connect global research, development and demonstration efforts to maximise the impact of these investments; build confidence in clean energy solutions; and develop pathways to deployment.
They also committed to develop National Innovation Pathways that describe how they will enhance ambition to pioneer clean energy technologies and/or sectors to meet their climate and energy goals up to 2030.
Mission Innovation 2.0 was officially launched at the Innovating to Net Zero Summit, hosted by Chile.
Speaking at the launch, Sebastian Pinera, President of Chile, said: "Chile is proud to kick off this exciting next chapter of Mission Innovation in this vital year of climate action. Through innovation, collaboration and most importantly, action, we have the tools we need to fight climate change and meet the goals of the Paris Agreement."
John Kerry, U.S. Special Presidential Envoy for Climate, said: "The launch of Mission Innovation 2.0 is an important step forward to reach our collective climate goals. Reaching net-zero emissions by 2050 will require urgent action by 2030, both to deploy the clean energy technologies we already have as well as to develop, demonstrate, and scale the innovations we'll need to fully decarbonise the global economy.
"The United States is reinvigorating its leadership in this exciting new phase, in which the Mission Innovation community will advance the technologies we need for slashing emissions across challenging applications, including zero-carbon hydrogen, clean long-distance transportation, and carbon dioxide removal."
The launch of Mission Innovation 2.0 is a key milestone in the build-up to the COP26 climate conference in Glasgow, UK, in November.
Alok Sharma, COP26 President for the UK, said: "Accelerating the transition to clean energy will be essential if we are to keep the 1.5 degree goal within reach. To achieve this, international collaboration on innovation in sectors like power, transport and industry will be crucial."
Speaking on Mission Innovation, Minister of Science and Technology Harsh Vardhan said: "Mission Innovation (MI) has played an exemplary role in mobilizing greater public and private investments and partnerships to move the innovation needle, thereby accelerating clean energy innovation.
"MI 2.0 highlights the importance of collaborative scientific efforts to realize the vision of an affordable and reliable clean energy system and shall help countries reiterate their pledge to pursue a sustainable future through research-led innovations."
Since 2015, Mission Innovation member governments have increased clean energy innovation investments by a cumulative total of $18bn.
Investment is now $5.8bn per year higher than in 2015. Canada, Chile, Finland, Japan, the Netherlands, Norway, the Republic of Korea and the UK have doubled their levels of investment and Denmark, Germany, Sweden and the European Commission have increased investment by 75 per cent or more against their 2015 baselines.
