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EU and US clean energy innovation policy: EU-US Explainer

29-11-2021

Achieving climate neutrality may depend on a few technologies: The International Energy Agency scenario for net zero by 2070 predicts that half of the emissions reductions depend on low-carbon hydrogen, carbon capture, utilisation and storage (CCUS), bioenergy, and electrification of end-use sectors such as heating and transport. Further investment in research and development (R&D) is essential for helping commercialise these technologies. Yet energy sector R&D spending is stymied by high capital ...

Achieving climate neutrality may depend on a few technologies: The International Energy Agency scenario for net zero by 2070 predicts that half of the emissions reductions depend on low-carbon hydrogen, carbon capture, utilisation and storage (CCUS), bioenergy, and electrification of end-use sectors such as heating and transport. Further investment in research and development (R&D) is essential for helping commercialise these technologies. Yet energy sector R&D spending is stymied by high capital costs, long development timelines, and scarce opportunities for demonstration and de-risking. This drives away venture capital funds, which invested US$1 billion in US energy companies in 2019, compared to US$20 billion in healthcare and US$70 billion in information technology (IT) companies. Moreover, only a small share of private clean energy investment supports innovative companies, with the majority financing mature technologies like wind and solar. In fact, solar is mature today largely thanks to R&D, which was the most important driver of cost reductions from 1980 to 2012, more decisive than economies of scale or 'learning by doing'. As the EU and USA increasingly recognise the potential locked in breakthrough, clean-energy technologies, they are upgrading their innovation journey with a focus on market deployment.

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European Parliament Liaison Office in Washington DC

Plenary round-up – November II 2021

26-11-2021

Due to the deteriorating Covid 19 situation, the November II plenary session in Strasbourg was again organised with the possibility for Members to vote remotely. Parliament debated a number of Council and European Commission statements, including on: coordination of Member States' coronavirus measures; police violence against Roma people; preparation of the 12th World Trade Organization Ministerial Conference; state of the Energy Union; a European action plan against rare diseases; and on international ...

Due to the deteriorating Covid 19 situation, the November II plenary session in Strasbourg was again organised with the possibility for Members to vote remotely. Parliament debated a number of Council and European Commission statements, including on: coordination of Member States' coronavirus measures; police violence against Roma people; preparation of the 12th World Trade Organization Ministerial Conference; state of the Energy Union; a European action plan against rare diseases; and on international port congestion and increased transport costs. Members also debated the conclusions of the European Council meeting of 21 22 October 2021, and heard Council and Commission statements on the situation in Bosnia and Herzegovina. Parliament adopted several resolutions and legislative acts, inter alia on a European strategy for critical raw materials, EU sports policy, and on a pharmaceutical strategy for Europe.