Frontier (Europe) and the Grantham Institute at Imperial College London have assessed the costs and benefits associated with increasing global investment in low carbon innovation. This work looks particularly at the proposals made by the Global Apollo Program for countries to devote at least 0.02% of GDP to public expenditure on renewables RD&D over a 10-year period from 2016.
The report, published today, finds that the Global Apollo Program could reduce the cost of meeting a 2OC climate target by $0.7-4.0 trillion out to 2040 and that there is a strong economic case for increasing global spending on low carbon innovation.
Following on from the proposals made by the Global Apollo Program, a coalition of 20 countries has now signed up to “Mission Innovation” at the UN climate talks in Paris. Those joining have pledged to double their expenditure on clean energy innovation over the next 5 years.
Frontier (Europe) regularly advises clients on issues relating to renewables and innovation policy.
For more information, please contact Goran Serdarevic on [email protected], or call +44 (0)20 7031 7000.