The EU has joined the Mission Innovation initiative, confirming it will double investment in clean energy research and innovation to €2 billion per year by 2020.
On behalf of the EU, the European Commission joined the 20 original members – including the US, China and India, as well as six EU countries – at the group’s inaugural ministerial meeting in California this week (1-2 June).
Members of the initiative all promise to double their clean energy research and innovation budgets over the next five years, focussing on breakthrough technologies and projects that are likely to attract private investors.
The EU funds clean energy and climate change mitigation and adaptation initiatives like Climate-KIC under its research and innovation programme Horizon 2020. EU funding for clean energy innovation is already planned to double from €1 to €2 billion annually.
Scaling up Clean Energy Innovation
Members also commit to provide transparent and easily-accessible information on their clean energy research and development efforts.
“Scaling up clean energy innovation […] represents a major global economic and industrial opportunity,” EU Commission vice president Maroš Šefčovič said in a statement, calling it key to the success of the implementation of the Paris Agreement on climate change.
— Maroš Šefčovič (@MarosSefcovic) June 3, 2016
€10 Billion EU Investment
Around €10 billion funding is expected to be allocated to clean energy under Horizon 2020 for the period 2014-2020. The European Union is set to progressively increase its clean energy research budget each year from 2015 to 2020.
Ultimately, the annual budget will have grown from a little under €1 billion per year in 2015 to almost €2 billion per year in 2020.
— Mission Innovation (@MICleanEnergyRD) June 2, 2016
This Mission Innovation initiative was launched at the UN climate summit (COP21) in Paris with the aim of reinvigorating and accelerating public and private global clean energy innovation.
Following Paris summit, the Commission already signalled the EU’s intention to join Mission Innovation. So far six EU Member States – Denmark, France, Germany, Italy, Sweden, U.K. – and Norway have joined the initiative, alongside 13 other participants from around the world.
— Maroš Šefčovič (@MarosSefcovic) June 2, 2016
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