Powering the clean energy innovation system

Reinhilde Veugelers

No WP24-5, Working Paper Series from Peterson Institute for International Economics

Abstract: This paper focuses on the innovation angle in green industrial policy design. The innovation system, delivering new and improved technology solutions for the clean energy transition, can be the cornerstone of a successful transition that reconciles decarbonization, competitive value creation and jobs, and strategic autonomy on a global scale. This, however, requires the innovation system to be properly directed. This paper first lays out the principles of a policy design that properly steers the innovation system. It then documents the current performance on clean energy innovations and clean energy policymaking globally, with focus on the Inflation Reduction Act (IRA) and the Net-Zero Industry Act (NZIA) trends in clean tech policymaking in the United States and European Union, respectively. The evidence shows that the innovation system is not at full potential, and there is still ample room to improve the current clean energy policymaking and international policy coordination.

Keywords: climate change; clean tech; innovation; green innovation policy; strategic autonomy (search for similar items in EconPapers)
JEL-codes: O31 O38 Q55 (search for similar items in EconPapers)
Date: 2024-03
New Economics Papers: this item is included in nep-ene, nep-env, nep-ino, nep-sbm and nep-tid
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