Mission Innovation aims to double investment in renewables

(AGI) Rome, June 3 - Mission Innovation has set itself the goal of of doubling public investment in research, development and innovation of clean energy technologies at its first ministerial meeting in San Francisco. The 21 participating countries, 20 including Italy and the European Union, explained Italy's Ministry of Economic Development, account for more than 80 percent of the world's public investment in research, development and innovation in clean energy technologies - around 15 billion dollars a year. The partners are committed to double annual investment by government and publicly controlled companies over the next five years. Italy, represented by the Ministry of Economic Development, will focus on energy efficiency, renewable energy and smart technology. The ministers and heads of delegation also met the leaders of the Breakthrough Energy Coalition, underlining the connection between public innovation and private business to bring affordable clean energy technologies to the market. Recent research has cut technology costs by between 40 to 90 percent, especially for onshore wind energy, solar panels on roofs, electric car batteries and lED lighting. Innovation will contribute to global energy security, improve living conditions through energy services and benefit the climate. Each member country decides on its strategies for innovation in clean technology, based on national energy resources, needs and circumstances. An enabling framework declaration was adopted which provides the basis for this innovative form of cooperation. (AGI) . .