Published Date : Dec 01, 2015
Yesterday, President Obama joined other world leaders to declare Mission Innovation, which aims to aggressively drive clean energy innovation worldwide to address climate change. This initiative involves 20 countries that are committing to increase their respective clean energy R&D investment by double in the coming five years. Some of the countries involved in this initiative involve the top five most populated countries such as India, China, the United States, Brazil, and Indonesia. These 20 countries are spread across five different continents.
In order to penetrate clean energy technologies on a large scale, smart investments by governments and private sector are required. Hence, Mission Innovation is complimented by a separate private sector driven effort that has pledged to invest massively to focus on early stage innovations. In this initiative, Bill Gates, the Microsoft founder will be spearheading a push to inspire investors to support clean energy technology at the UN climate talks held in Paris.
So far, Bill Gates has been able to corral more than 20 wealthy investors to participate in a new investment fund called the Breakthrough Energy Coalition, which is part of the Mission Innovation. According to Gates, this is a global private investment that will take risks but will also allow companies to get innovation out of the lab and into the market. He further said that this initiative will focus on early stage companies that have the potential to scale up for major carbon solutions. He also added that they need to pursue many more paths of R&D and each of them will have tough issues; however, if they back more than 50 different breakthrough approaches, many of these will give away the solution that is required.
According to the Chief Operating Officer of the Australian Center for Advanced Photovoltaic, Dr. Richard Corkish, such investment can open up the door to considerable steps forward for Australian solar energy.