Thread by @ThPellerin

👏@IEA for publishing such a great work on #innovation #energy #climate
Here are my 6 takeways from this 400p document #Thread
Full @IEA document here 👉iea.org/reports/energy…

1. We can already cut global emissions by 55% with already commercially available technologies (i.e. early adoption + mature). But we also need to further develop technologies to get to #NetZero

2. Technologies for #buildings renovation and ligh-duty #transport are already largely there

3. #YesWeCan reach #NetZero by 2050 if we choose to go big (i.e. Faster Innovation Case).
BUT #COVID risks to throw us in a ‘reduced innovation case’. Delays for #HeatPumps alone would lead to 3GtCO2 of additional emissions by 2040 (i.e. more than what India emits in 2018).

4. Private sector innovation does not suffice, esp. because #oilandgas companies consistently refuse to invest in research and innovation (<0,5% of their revenues are invested in R&D).
Situation is similar for electric utilities and cement companies.

5. Energy #VentureCapital #VC is struggling since 2011, and getting worse with COVID. We need public policy to step-up big time (for 🇪🇺, we need to invest in @EUeic @InnoEnergyEU @EIF_EU ).

6. Given all this, what should Europeans do ?
6.1. EU should invest MORE in clean energy innovation.
Problem is, @GermanyInTheEu now wants to invest LESS 🇪🇺clean energy innovation spending😩
Read more👉 bit.ly/2F9oqWC

6.2. @EU_Commission must introduce new green lesiglation DURING this crisis to push companies to ensure that this recession creates opportunities for companies to reorient to disruptive clean innovation.

6.3. We need to continue to build social and political support to the #GreenDeal. This will pave the way for the support to/acceptance of new clean energy solutions.

#PostScriptum : my favourite paragraph and favourite illustration in the report

@threadreaderapp unroll please