Mission Innovation CleanTech Exchange: India’s global energy initiative

India has launched a global Initiative, Mission Innovation CleanTech Exchange, that aims to create a network of incubators across member countries to boost clean energy innovation. The virtually launched network at the Innovating to Net Zero Summit, organised by Chile, will provide access to expertise and market insights required to support new technologies to access the new markets worldwide. Among 23 governments, India has launched new plans to prompt action and spearheaded a decade of innovation to navigate worldwide investment in clean energy research, development, and demonstrations. The motive is to make clean energy affordable, attractive, and accessible throughout the decade, to escalate action towards the Paris Agreement and net-zero pathways. The second phase of the global initiative is Mission Innovation 2.0, launched along with the Paris Agreement at the UN climate conference 2015. The members as a whole are responsible for over 90% of global public investment and collaboration to provide the technologies needed to overcome the toughest global climate challenge. The Paris Agreement achieved its goals to limit global warming to below two-degree Celsius as compared to the pre-industrial stage, which needs huge leaps in energy innovation this decade. About half of the global emissions reductions are needed to achieve national and global climate targets by the year 2050, depending on technologies available today but only at the demonstrative or prototype phase. The available technologies are not sufficiently effective and affordable to be utilised at large scales like clean hydrogen, advanced battery storage, and zero-emission fuels. The public-private action and investment through sector-specific missions will be catalysed by Mission Innovation 2.0, which will accelerate the development of clean energy innovation in critical regions to reach the tipping points this decade under their keenness. The Mission Innovation 2.0 is a key achievement in the build up of the COP26 climate conference, UK, in November last year. The Mission Innovation member governments have increased the clean energy innovation investments since 2015 by $18 billion in total. Its investment now is $5.8 billion per year, which is higher than in 2015. Countries like Canada, Chile, Finland, Japan, Norway, the Netherlands, Korea, and the UK have doubled their investments. Other countries like Germany, Denmark, Sweden, and the European Commission have increased their investment by 75% or higher than in 2015. Image SourceAlso read: Climate Summit: Amid pledges, India, US to partner on energy, climate Also read: Facebook partners with CleanMax to supply RE to India’s grid