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Powering the clean energy innovation system

Author

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  • Reinhilde Veugelers

    (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.

Suggested Citation

  • Reinhilde Veugelers, 2024. "Powering the clean energy innovation system," Working Paper Series WP24-5, Peterson Institute for International Economics.
    • Handle: RePEc:iie:wpaper:wp24-5
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    File URL: https://www.piie.com/publications/working-papers/2024/powering-clean-energy-innovation-system
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    More about this item

    Keywords

    climate change; clean tech; innovation; green innovation policy; strategic autonomy;
    All these keywords.

    JEL classification:

    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • O38 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Government Policy
    • Q55 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Technological Innovation

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