Sustaining Investment in Climate Innovation
Limiting global warming to 1.5°C, the target under the Paris Agreement, will require massive investments in low-carbon innovation.
After two decades of growth, patent filings for low-carbon technologies, and public research and development (R&D) expenditures on climate innovation, have both decreased in recent years. Higher and more stable carbon prices than exist today are necessary for sustained investment in low-carbon technologies.
This report suggests that greater public support for climate-related R&D is needed at all stages of innovation. Indeed, support for technologies further away from market must increase substantially to achieve climate targets.