Support for innovation on climate solutions
The world can go a very long way to decarbonizing the economy with existing technologies that are already cost-effective—and those technologies will continue to get better and cheaper. However, we also need R&D to develop solutions in areas where we don’t yet have cost-effective solutions—such as grid-scale energy storage, carbon removal, and zero-carbon cement. Investment is needed across the full chain of innovation, from basic science, to early-stage start-ups, to deployment of first of-its-kind projects, to scaling up. Beyond support for very early stage R&D, we need policies that can accelerate technologies along their experience curves. The right policy depends on the technology, its stage of development, and the competition it faces in the market, in addition to a number of other factors.
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