This month, 23 governments worldwide have launched ambitious new plans under Mission Innovation 2.0 to stimulate increased investment over a decade of innovation in clean energy research, development and demonstrations, with the ultimate goal of delivering affordable, clean energy solutions by 2030.
Mission Innovation initiative was set-up in 2015 alongside the Paris Agreement, a legally binding, international treaty on climate change. Adopted by 196 parties, the goal of the Paris Agreement is to limit global warming to well below 2 degrees Celsius (preferably 1.5 degrees), working on 5-year cycles of increasingly ambitious climate action to achieve the ultimate goal of net-zero by 2050.
Mission Innovation 2.0 is the second phase of the global Mission Innovation initiative, a commitment to increased investment and collaboration to deliver the technologies needed to overcome the world’s most difficult climate challenges. Technologies available today, including those in demonstration or prototype phase, are vital to achieving at least half of the global emissions reductions required to achieve the 2050 targets.
Technologies including clean hydrogen, advanced battery storage or zero emission fuels are not yet sufficiently effective or affordable to be deployed at scale. Mission Innovation 2.0 will help accelerate investment towards the research and development in making these technologies ready for market, collaborating with a network of partners worldwide to catalyse innovation.
Power systems, clean hydrogen and shipping are the initial key ‘missions’ for the latest initiative, as each area is critical to clean energy global transmissions. The missions are led by a coalition of countries, bringing together the governments and private sector to focus innovation efforts.
- Green Powered Future – led by China, Italy and the UK
- Clean Hydrogen – led by Australia, Chile, the US, the UK and the European Union
- Zero Emissions Shipping – led by Denmark, the US, and Norway – together with the Global Maritime Forum and the Maersk McKinney Moller Center for Zero Carbon Shipping
Since 2015, Mission Innovation member governments have increased clean energy innovation investments by a cumulative total of USD$18bn, with investment now USD$5.8bn per year higher than in 2015. Countries including Canada, Chile, Finland, Japan, the Netherlands, Norway, the Republic of Korea and the UK have all doubled their levels of investment and Denmark, Germany, Sweden and the European Commission have increased investment by 75% or more against their 2015 baselines.
B&S Group plays a key role in the UK energy supply chain, working with industry leaders to develop innovative integrated power solutions. For over 30 years our team has been delivering professional design, engineering, manufacturing, installation and maintenance services to a number of significant energy projects across the UK and strives to continue to support and contribute to the wider goal of reducing emissions and creating a greener planet.