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Innovation Financing for Climate Action

Innovation Financing for Climate Action

The Global Innovation Needs Assessments (GINAs) quantifies for the first time the benefits of low-carbon innovation, and the public investment levels — from research and development through commercialization — that will unlock these benefits.

About the GINAs project

To date, no assessment has quantified the payoffs, public benefit, or business case for low-carbon innovation, globally. Consequently, highly valuable low- carbon innovation spending remains underfunded by governments and businesses around the world, and net-zero targets may not be met, or be met at unnecessary expense as a result.

The GINAs is a first of a kind platform for assessing the case for low-carbon innovation. The GINAs take a system wide perspective, explicitly modelling the impact of innovations across the global economy.

GINAs project timeline

The analysis is divided into three phases. Phase 1 looks across a broad range of climate mitigation technologies across energy and land-use, ranging from demand response to protein diversification. Outputs of Phase 1 include an energy and land-use synthesis report, thirteen deeper reports on individual technology areas, a report on co-benefits to low-carbon innovation investment, and a methodology annex. Phase 2 extends the analysis to research further innovation needs, particularly for industry and the circular economy. Phase 3 aims to develop downscaled national and regional innovation needs assessments.

Important background on the GINAs project

The analyses do not assess all relevant technologies, nor do they evaluate all relevant factors for policy judgements. Instead, the work is intended to provide a novel evidence base to better inform policy decisions. The Phase 1 analysis looks across a broad range of climate mitigation technologies in energy and land-use to model the economic value of related innovation investment. Later phases expand the research. As with all technologies, there are risks and potential downsides to their adoption, and some remain controversial. Which innovations to invest in is ultimately a policy judgement, and this analysis does not provide policy recommendations to invest in any specific technologies.

The GINAs project is funded by the ClimateWorks Foundation and the UK Foreign, Commonwealth & Development Office. Analysis was conducted by Vivid Economics. The GINAs benefit from consultation with the UK Department for Business, Energy, and Industrial Strategy (BEIS) and Mission Innovation on aspects of the work. They build on the UK’s Energy Innovation Needs Assessments (EINAs) commissioned by BEIS and led by Vivid Economics over the period 2017 — 2019, and used to inform investment priorities for energy innovation in the UK. The EINAs assessments marked the first time a major economy used a whole system approach to prioritize energy innovation spending. The EINAs have underpinned several major recent UK Government announcements including the Prime Minister’s 10 Point Plan.

The findings and views expressed across this project do not reflect the view of ClimateWorks, the Government of the United Kingdom or Mission Innovation.

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Published September 20, 2021

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