Efficiency Savings of 550 Billions in Efficiency and Emission Control Possible
Efficiency has become a must have for policy makers and energy engineering experts - Now, a new collaborative approach could help to reduce cost of clean energy by US $ 550 billion by 2025, new figures by the Carbon Trust indicate.
London/United Kingdom – The world can save an estimated US $ 550 billion on the cost of deploying clean energy technologies over the next decade if countries work together to accelerate innovation by unlocking global collaboration. This is one of the key findings in a new report, United Innovations: cost-competitive clean energy through global collaboration, published today by the Carbon Trust, with funding from the UK Foreign and Commonwealth Office Prosperity Fund.
Most technologies needed for the transition to a low carbon energy system already exist, but costs need to be reduced and deployment accelerated to have any chance of meeting 2050 climate targets. Global collaboration can help, but it has proven extremely difficult to generate real momentum for action.
Over the past two decades there have been hundreds of bilateral and multilateral commitments on low carbon technology innovation. Some have delivered success but the overall impact has been less than expected. In many cases the original intentions behind agreements have been lost and implementation has been limited.
Investments of Five Trillion at Stake
Carbon Trust analysis estimates that investments of US $ 5 trillion will be needed to deploy low carbon energy technologies by 2025. This could be reduced by over US $ 550 billion through collaborative innovation.
While competition in the private sector remains essential, a lack of collaboration between national programmes runs the risk of duplicating efforts. More significantly, a lack of effective coordination has resulted in the emergence of a number of barriers, such as misaligned incentives and contradicting regulatory regimes, which prevent private sector involvement at scale.