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A new report from the International Energy Agency finds that governments around the world are falling behind when it comes to developing clean energy technologies, with subsidies for wind and solar power accounting for less than 1% of R&D spending in some countries and less than 1% of R&D spending in others.
In the US, meanwhile, public spending on clean energy research and development has remained flat over the past three decades, while spending on deployment has risen, according to the IEA's "Opportunity for Low-carbon Research and Development" report.
The report finds that subsidies for wind and solar power accounted for just.1% of public R&D spending in the European Union in 2018 and.2% of spending in Japan, while spending on other clean energy technologies like hydrogen and fuel cells accounted for more than half of public R&D spending in the US in 2018 and.7% of spending in Japan.
The IEA estimates that by 2050, half of the global reductions in energy-related CO2 emissions will have to come from technologies that are still in the prototype or demonstration phase.
"The pace of innovation is not aligned with carbon neutrality," the report states, noting that climate-related patenting has slowed down over the past decade, while the deployment of existing Read the Entire Article
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