By Arman Kazemi
December 3, 2015
Canada has joined a 20-nation coalition that aims to double investment in clean energy research and development over the next five years.
Mission Innovation is an alliance announced at the Paris climate summit of countries that represent 80 per cent of the global budget for clean energy research, including the U.S., China, Germany, Australia and Saudi Arabia. Their aim is to spur innovation and bring new clean energy technology to scale, according to a joint statement.
To fuel this drive, Mission Innovation countries are teaming with close to 30 of the world’s wealthiest investors.
Spearheaded by Bill Gates and representing a who’s-who of global business leaders including Mark Zuckerberg, Jeff Bezos and Virgin founder Richard Branson, the Breakthrough Energy Coalition is aimed at bringing a “different kind of private investor” to the research phase of clean tech.
The Breakthrough Energy Coalition will liaise between government organizations, private backers and research institutions to help basic and applied research initiatives “on the path to commercialization.”
“The existing system of basic research, clean energy investment, regulatory frameworks, and subsidies fails to sufficiently mobilize investment in truly transformative energy solutions for the future,” the coalition website claims. “We are committed to doing our part and filling this capital need.”
So far, Canada’s commitment to Mission Innovation includes $300 million in clean energy investment as well as the development of a Canada Infrastructure Bank that will sell green bonds for national renewable energy efforts such as electric vehicle charging networks, renewable energy transmission lines and clean storage.
Canada’s contribution to the international coalition in Paris will “ensure that the energy sector remains a source of jobs, prosperity and opportunity within the context of a world that increasingly values sustainable practices and low carbon processes,” according to Canada’s Mission Innovation statement.
Photo Credit: Dan McKay