This paper surveys recent progress, evidence and theory around innovation in energy—which has historically been marked by low rates of innovation—and the economic dimensions of a wider transition under way towards low carbon systems. Energy provision is central to economic development, yet it is at the heart of the growing crisis of climate change. Innovation is also intrinsic to economic progress. Energy-related innovation has accelerated due to a wide range of policies targeted at decarbonization, involving many beyond research and development (R&D). Middle-income countries increasingly dominate global emission prospects, and there is no compelling evidence that low-carbon energy systems ultimately need be more expensive than fossil fuel–based systems. However, the transition faces numerous obstacles, particularly in many developing countries, with the cost of capital as a critical factor, alongside political and institutional obstacles.
DETAILS
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Dynamics of the Energy Transition: Innovation, Transition Economics, Path Dependency, and Decision Making
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7/11/2024 03:13:00 PM
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7/11/2024 03:13:00 PM
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Michael Grubb,Alexandra Poncia,Roberto Pasqualino
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Working Paper (WP)
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English
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World
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This paper surveys recent progress, evidence and theory around innovation in energy—which has historically been marked by low rates of innovation—and the economic dimensions of a wider transition under way towards low carbon systems. Energy provision is central to economic development, yet it is at the heart of the growing crisis of climate change. Innovation is also intrinsic to economic progress. Energy-related innovation has accelerated due to a wide range of policies targeted at decarbonization, involving many beyond research and development (R&D). Middle-income countries increasingly dominate global emission prospects, and there is no compelling evidence that low-carbon energy systems ultimately need be more expensive than fossil fuel–based systems. However, the transition faces numerous obstacles, particularly in many developing countries, with the cost of capital as a critical factor, alongside political and institutional obstacles.
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