EU vows to scale up clean energy innovation

The European Union (EU) said on Friday it had joined Mission Innovation, a global initiative on clean energy, becoming its 21st member, and vowed to scale up clean energy innovation.

Before the EU joined, Mission Innovation included major world economies such as the United States, China, India, Saudi Arabia, France, Germany, Italy, Sweden, and Britain. Between the members, the group represents 58 percent of the world population and over 80 percent of global clean energy research budgets. They've pledged to double their government investment in clean energy research and innovation over the next five years.

The EU joined Mission Innovation at the group's inaugural ministerial meeting in San Francisco on June 1 and 2, saying the initiative cohered perfectly with its own upcoming research, innovation and competitiveness strategy.

"The European Commission is honored to be part of Mission Innovation. Scaling up clean energy innovation is key to the success of the European Energy Union and to the implementation of the Paris Agreement on climate change," said Maros Sefcovic, European Commission vice-president responsible for the Energy Union.

The EU funds clean energy under the EU research and innovation program Horizon 2020, under which around 10 billion euros (11.3 billion U.S. dollars) funding is expected to be allocated to clean energy.

Countries joining Mission Innovation agreed to step up coordination on research and innovation projects focusing on breakthrough technologies.

Priority is given to technologies that can be flexibly adapted to varying economic and energy market conditions in the participating countries and the broader world.

Projects covered by the initiative will be designed and managed in a way to attract private investors who would help bring the new technologies to the market. Endit