Five key principles for energy innovation policies in response to the current situation

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More than 120 governments around the world have formally discussed implementing net-zero emissions targets by 2050, of which around 20% have formalized these ambitions in policy documents, legislation, or laws.

Prioritize, track, and adjust. Review the processes for selecting technology portfolios for public support to ensure that they are rigorous, collective, flexible, and aligned with local advantages.

Raise public R&D and market-led private innovation. Use a range of tools – from public research and development to market incentives – to expand funding according to the different technologies.

Address all links in the value chain. Look at the bigger picture to ensure that all components of key-value chains are advancing evenly towards the next market application and exploiting spillovers.

Build enabling infrastructure. Mobilize private finance to help bridge the “valley of death” by sharing the investment risks of network enhancements and commercial-scale demonstrators.

Work globally for regional success. Co-operate to share best practices, experiences, and resources to tackle urgent and global technology challenges, including via existing multilateral platforms.

Many companies across the energy sector and beyond made similar pledges. For those governments aiming to achieve net-zero emissions goals, and others seeking to boost clean energy technology development in general.