Invest in Innovation and Technology
Accelerating the development of climate technologies is essential for acheiving net zero by 2050. Companies have a key role to play in catalyzing this through championing and investing in innovation, as well as advocating for public policy that will support the research, development and demonstration of emerging technologies.
Climate technology is one of three primary levers we have to reduce global emissions, along with natural climate solutions and behavior change. The good news is that most of the technologies to reach net zero already exist today. The bad news is that 75% of them are not yet commercially deployed at scale.
Innovation is the process of improving the technological feasibility and commercial viability of technologies. For some companies, there is the opportunity to innovate climate solutions in-house, whereas for others there are opportunities to support innovation efforts in your value chain or through mechanisms like advanced market commitments, incubators and venture capital funds. All companies also have a role to play in advocating for public policies that will support the development of new technologies across the economy.
The following action steps provide more insight in how your company can prioritize and invest in climate innovation.