India launches global initiative for clean energy innovation at Net Zero Summit

India on June 2 launched the Mission Innovation CleanTech Exchange a global initiative that will create a network of incubators across member countries to accelerate clean energy innovation The network launched virtually at the Innovating to Net Zero Summit hosted by Chile will provide access to the expertise and market insights needed to support new technologies to access new markets globally India among 23 governments collectively launched bold new plans to catalyse action and spearheaded a decade of innovation to drive global investment in clean energy research development and demonstrations The goal is to make clean energy affordable attractive and accessible for all this decade to accelerate action towards the Paris Agreement and net zero pathwaysMission Innovation 20 is the second phase of the global Mission Innovation initiative launched alongside the Paris Agreement at the 2015 UN climate conference Its members collectively responsible for over 90 per cent of global public investment in clean energy innovation are committed to increase investment and collaboration to deliver the technologies needed to overcome the worlds most difficult climate challenges Achieving the Paris Agreement goals of limiting global warming to well below two degrees Celsius compared to preindustrial levels requires huge leaps in energy innovation this decade Half of the global emissions reductions required to achieve national and global climate targets by 2050 depend on technologies that exist today but are only at demonstration or prototype phase These technologies are not yet sufficiently effective or affordable to be deployed at scale such as clean hydrogen advanced battery storage or zero emission fuels Mission Innovation 20 will catalyse publicprivate action and investment through sectorspecific missions that accelerate the development of clean energy solutions in critical areas to reach tipping points this decade in their affordability The goal is to make them attractive and accessible to all countries and give governments worldwide the confidence to set ambitious clean energy pathways In a joint statement launching Mission Innovation 20 energy research and science ministers representing 22 countries and the European Commission on behalf of the European Union stated As many governments and businesses around the world continue to commit to ambitious climate goals and to reach net zero emissions the need for innovation has never been greater or more urgent To achieve the Paris Agreement goals all sectors of the economy need access to cost competitive clean energy solutions this decade In the statement the ministers committed to step up their collective ambition and cooperation mobilise and connect global research development and demonstration efforts to maximise the impact of these investments build confidence in clean energy solutions and develop pathways to deployment They also committed to develop National Innovation Pathways that describe how they will enhance ambition to pioneer clean energy technologies andor sectors to meet their climate and energy goals up to 2030Mission Innovation 20 was officially launched at the Innovating to Net Zero Summit hosted by Chile Speaking at the launch Sebastian Pinera President of Chile said Chile is proud to kick off this exciting next chapter of Mission Innovation in this vital year of climate action Through innovation collaboration and most importantly action we have the tools we need to fight climate change and meet the goals of the Paris Agreement John Kerry US Special Presidential Envoy for Climate said The launch of Mission Innovation 20 is an important step forward to reach our collective climate goals Reaching netzero emissions by 2050 will require urgent action by 2030 both to deploy the clean energy technologies we already have as well as to develop demonstrate and scale the innovations well need to fully decarbonize the global economy The United States is reinvigorating its leadership in this exciting new phase in which the Mission Innovation community will advance the technologies we need for slashing emissions across challenging applications including zerocarbon hydrogen clean longdistance transportation and carbon dioxide removal The launch of Mission Innovation 20 is a key milestone in the buildup to the COP26 climate conference in Glasgow UK in November Alok Sharma COP26 President for the UK said Accelerating the transition to clean energy will be essential if we are to keep the 15degree goal within reach To achieve this international collaboration on innovation in sectors like power transport and industry will be crucial Speaking on Mission Innovation Minister of Science and Technology Harsh Vardhan said Mission Innovation MI has played an exemplary role in mobilising greater public and private investments and partnerships to move the innovation needle thereby accelerating clean energy innovationMI 20 highlights the importance of collaborative scientific efforts to realize the vision of an affordable and reliable clean energy system and shall help countries reiterate their pledge to pursue a sustainable future through researchled innovationsSince 2015 Mission Innovation member governments have increased clean energy innovation investments by a cumulative total of 18 billion Investment is now 58 billion per year higher than in 2015 Canada Chile Finland Japan the Netherlands Norway the Republic of Korea and the UK have doubled their levels of investment and Denmark Germany Sweden and the European Commission have increased investment by 75 per cent or more against their 2015 baselinesAlso Read Migratory bird tagged in Mumbai sighted 4500km away in ChinaThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice 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