The climate change policy with the most potential is the most neglected

Abstract

Public funding for clean energy research and development (R&D) is crucial to mitigating climate change, particularly in emerging economies. By 2040, these nations will account for 75% of global emissions, making their reliance on clean energy paramount. While numerous policies incentivize clean energy innovation, government-funded R&D yields the most significant global technology spillovers. Despite the global consensus on the importance of clean energy R&D, it remains severely underfunded, receiving a paltry $22 billion annually. Increased investment in this area, even unilaterally by individual nations, could significantly accelerate the development and accessibility of affordable clean energy technologies. – AI-generated abstract.