Why Does the Government Invest in Clean Energy Innovation?

The study also found that current levels of funding are insufficient to help meet climate goals.The study indicates that the primary drivers behind governmental investment in energy innovation are international collaboration and technological competition with China.Some European nations have started to reduce their use of oil and natural gas as the ongoing Russian invasion of Ukraine continues to put pressure on the world’s energy supplies. However, some nations have sought to increase domestic fossil fuel production in order to reduce costs and alleviate their current fuel shortage.That strategy is incompatible with the emissions reductions required to achieve the Paris Agreement’s 2-degree climate goal. In order to meet climate targets, we must fundamentally transform how we supply and use energy, which is a challenge that can only be solved through energy innovation.A new…

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