The EU-backed ‘Mission Innovation consortia’ has launched new project to identify 100 large scale investment opportunities that can play a key role in moving the world onto a 1.5°C warming trajectory.
Known as the ‘Countdown to 100 low-carbon solutions’, the new programme aims encourage governments to identify 100 investments with the potential to reduce carbon dioxide emissions by 10 million tonnes of CO2e or more by 2030 and/or be able to present a compelling argument for delivering wider positive impacts.
The solutions will be a mix of technologies and system solutions and will include both start-ups and large companies.
As part of the initiative, participating countries will also seek to double their governments’ clean energy R&D investments over five years, while encouraging greater levels of private sector investment in transformative clean energy technologies.
Dr Kirsten Dunlop, CEO of the EU’s EIT Climate-KIC, said that in the wake of IPCC report warning the world needs to deliver a net zero economy by 2050 to avoid more than 1.5C of warming it was critical that investment in innovative new low carbon technologies increases.
“Divestment can get us only so far,” she said. “We now need to identify 1.5 compatible solutions and drive investment and uptake much more quickly. We need the financial system to drive structural and behavioural change.”
The new initiative will be led by the Swedish government. Ibrahim Baylan, Minister for Policy Coordination and Energy in Sweden, said there was a need for a step change in clean tech investment. “To be able to reach long-term energy and climate objectives we need disruptive solutions,” he said. “Solutions that help us avoid as much emissions as possible while promoting innovation and growth in our societies.”
Dennis Pamlin, senior advisor of the Swedish group RISE, which has been appointed to lead the MI consortia, said the new framework “aims to open new doors to investors to encourage their focus to move from avoiding investing in companies with high emissions, to supporting companies that produce the solutions that help reduce emissions in society”.
The group said the 100 solutions will be selected from an open nomination process, as well as being sourced from organisations already working to identify and support low-carbon solutions including EIT Climate-KIC, the Clean Energy International Incubation Centre, WWF Climate Solvers, Breakthrough Energy and World Alliance for Efficient Solutions.
Mission Innovation (MI) is a global initiative of 23 countries and the European Union to dramatically accelerate global clean energy innovation. As part of the initiative, participating countries have committed to seek to double their governments’ clean energy research and development (R&D) investments over five years, while encouraging greater levels of private sector investment in transformative clean energy technologies. These additional resources will dramatically accelerate the availability of the advanced technologies that will define a future global energy mix that is clean, affordable, and reliable.