Should we be optimistic about our clean energy innovation efforts against climate change? Our new research shows that global government energy RD&D investments between 2000-2018 are decarbonizing. Nuclear has held steady, fossil fuels have decreased, and clean energy has increased. China and India have now joined the United States and Japan in the ranks of the top four countries overall. Energy RD&D by state-owned enterprises remain skewed toward fossil fuels and nuclear.
Read MoreDenmark’s announcement that it will phase out oil and gas production in its waters by 2050 and cancel all future licensing of acreage for oil and gas exploration may be symbolic given the country’s shrinking number of prospective areas but it is significant nonetheless. It is the largest oil and gas producer to set a firm end date for oil and gas development and builds on a trend of developed nations working towards ending oil exploration within their national borders including New Zealand, France, and Belize. The Danish decision will add pressure to other countries like Norway to rethink their oil and gas policies in the wake of commitments to climate change action. Several oil producing countries have failed to generate strong interest in auctions for exploration licenses recently amid flagging oil prices, including notably Brazil whose offering of exploration acreage failed to attract bids from the international oil majors in late 2019.
Read MoreAs China prepares to peak its carbon emission before 2030 and achieve carbon neutrality before 2060 as recently announced by President Xi Jinping and Germany readies its participation in Europe’s plans to become climate neutral by 2050 via $572 billion in stimulus funds, the question of how best to foot the bill to promote new ambitious government targets for renewable energy will be back front and center.
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