Mission Innovation members increased their investments by $0.75 billion in clean energy innovations: IEA
Mission Innovation members (23 countries and the European Commission) have increased their investments in priority areas of clean energy innovation by $0.75 billion or 7% in the first year of MI 2.0 (2021-22) suggests International Energy Agency (IEA) Analytics.
The announcement came on the sidelines of the 14th Clean Energy Ministerial and the 8th Mission Innovation Meeting (CEM14/MI-8) currently underway in Goa.
"The increased spending on clean energy research and development by Mission Innovation members highlights the growing momentum behind the new energy economy." said Dr. Fatih Birol, Executive Director of the International Energy Agency (IEA).
"But much more still needs to be done to move the global energy sector towards net zero emissions and limit global warming to 1.5 °C."
As of 2022, MI members have invested $10.6 billion in some of the highest priority areas for clean energy innovation. The increase in investments is symbolic of the importance placed by member countries on decarbonizing hard-to-abate sectors and driving innovation in those areas.
The missions' public-private innovation alliances is also working on stimulating more investments and advance innovations in key areas including renewable energy, power technologies, hydrogen, industrial decarbonization, biofuels and biorefineries, shipping, carbon dioxide removal, and clean energy solutions for urban environments.
At the ongoing 8th Ministerial Meeting (MI8) in Goa, MI is demonstrating progress with its flagship initiatives and new projects:
- The Green Powered Future Mission identified 80 ongoing and planned pilot projects that use up to 80% variable renewable energy and announced a multilateral research programme with the European Union's Clean Energy Transition Partnership.
- The Clean Hydrogen Mission reported they are over 80% of the way to meeting their target of identifying 100 hydrogen valley projects by 2024 that can be implemented by 2030.
- The Urban Transitions Mission brokered over 25 new pilot projects to test sustainable energy solutions in urban environments.
- The Net-Zero Industries Mission announced the inaugural Net-Zero Industries Award, to recognize outstanding projects and individuals in the effort to decarbonize industry.
- The Carbon Dioxide Removal Mission released a beta version of the CDR Mapping Initiative, a first step in enhancing geospatial data for CDR.
- The Integrated Biorefineries Mission announced plans to deliver joint funding programs, beginning with a new collaboration between India and the European Union to advance bio-refineries, biofuels, bio-chemicals, and biomaterials.
MI also launched the MI Think Tank to initiate knowledge sharing and dissemination on high-impact clean energy RD&D topics among the MI community and beyond.
Through a programme of member-driven events, the Think Tank will accelerate collaboration and best-practice, outcomes and learning exchange between members and partners on successful design and implementation of clean energy innovation policies and programs.
The CEM14/MI-8, this year is a four-day (July19-July 22) program and has witnessed a gathering of key stakeholders from governments, international organizations, private sector, academia, innovators, civil society, and early career researchers and policymakers for a high-level dialogue across the themes of clean energy transition. The theme of CEM14/MI-8 is "Advancing Clean Energy Together".