Innovation crucial to low-carbon transmission
An ETI report has highlighted that the success of low carbon innovation centres on market confidence, finance, public policy and the capability and skills to innovate. The UK needs innovation to meet its carbon budget.
The report named “Accelerating Low Carbon Energy Innovation in the UK” addresses the innovation challenge. It recommends a model system and highlights that technological advances are key.
The ETI’s Partnership Manager Mike Colechin said:
“The UK needs innovation to meet its carbon targets and that innovation needs to happen rapidly. If we don’t undertake innovation the transition to a low carbon economy will take longer and it will be more expensive.”
“Many low carbon technologies will have to travel a long, expensive and risky innovation journey to get from initial idea to market. The conceptual model in the report provides a framework that can be adapted for different technologies and the innovation pathways or “journeys” they may follow.”
“These journeys can be viewed from the perspective of the innovator, investor, policy maker or end user and the framework can be used to identify the different barriers or issues those stakeholders will face and the interactions that must take place at the different stages of the innovation chain.”
The report encourages collaboration between stakeholders to share knowledge and experience. Colechin continued:
“It is particularly important to encourage collaboration between the academic and business sectors and the government as it’s easier to achieve a transition with a shared understanding of the drivers of new low carbon energy technologies. Most low carbon markets are almost entirely driven by public policy but delivered by the private sector. Policy interventions are often needed and businesses need certainty so policy stability matters.”