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Research Report / Energy

Public Support for the Financing of RD&D Activities in New Clean Energy Technologies (THINK Topic 1)

Author(s): OLMOS Luis, NEWBERY David, RUESTER Sophia, LIONG Siok-Jen, GLACHANT Jean-Michel

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ABSTRACT

This report was produced as part of the THINK project. Existing demand-pull measures, namely carbon pricing and the Renewables Directive, will be insufficient to deliver an adequate and timely level of private RD&D in new clean energy technologies. Thus, in order to reach the EU 2020 and 2050 climate objectives, there is a need for direct public support to innovation. Public funds need to be spent wisely, given their limited availability. This report contributes a discussion on (i) how to build a balanced portfolio of RD&D projects; (ii) how to choose among financing instruments; and (iii) how to design public support to minimize the risk of ‘funding failure’.

THINK Topic 1 was led by Prof. David Newbery.