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A research and development investment strategy to achieve the Paris climate agreement

Climate stabilization requires the deployment of several low-carbon options, some of which are still not available at large scale or are too costly. Governments will have to make important decisions on how to incentivize Research and Development (R&D). Yet, current assessments of climate neutral...

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Autores principales: Aleluia Reis, Lara, Vrontisi, Zoi, Verdolini, Elena, Fragkiadakis, Kostas, Tavoni, Massimo
Formato: Online Artículo Texto
Lenguaje:English
Publicado: Nature Publishing Group UK 2023
Materias:
Acceso en línea:https://www.ncbi.nlm.nih.gov/pmc/articles/PMC10276053/
https://www.ncbi.nlm.nih.gov/pubmed/37328452
http://dx.doi.org/10.1038/s41467-023-38620-4
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author Aleluia Reis, Lara
Vrontisi, Zoi
Verdolini, Elena
Fragkiadakis, Kostas
Tavoni, Massimo
author_facet Aleluia Reis, Lara
Vrontisi, Zoi
Verdolini, Elena
Fragkiadakis, Kostas
Tavoni, Massimo
author_sort Aleluia Reis, Lara
collection PubMed
description Climate stabilization requires the deployment of several low-carbon options, some of which are still not available at large scale or are too costly. Governments will have to make important decisions on how to incentivize Research and Development (R&D). Yet, current assessments of climate neutrality typically do not include research-driven innovation. Here, we link two integrated assessment models to study R&D investment pathways consistent with climate stabilization and suggest a consistent financing scheme. We focus on five low-carbon technologies and on energy efficiency measures. We find that timely R&D investment in these technologies lowers mitigation costs and induces positive employment effects. Achieving 2 °C (1.5 °C) requires a global 18% (64%) increase in cumulative low-carbon R&D investment relative to the reference scenario by mid-century. We show that carbon revenues are sufficient to both finance the additional R&D investment requirements and generate economic benefits by reducing distortionary taxation, such as payroll taxes, thus enhancing job creation.
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spelling pubmed-102760532023-06-18 A research and development investment strategy to achieve the Paris climate agreement Aleluia Reis, Lara Vrontisi, Zoi Verdolini, Elena Fragkiadakis, Kostas Tavoni, Massimo Nat Commun Article Climate stabilization requires the deployment of several low-carbon options, some of which are still not available at large scale or are too costly. Governments will have to make important decisions on how to incentivize Research and Development (R&D). Yet, current assessments of climate neutrality typically do not include research-driven innovation. Here, we link two integrated assessment models to study R&D investment pathways consistent with climate stabilization and suggest a consistent financing scheme. We focus on five low-carbon technologies and on energy efficiency measures. We find that timely R&D investment in these technologies lowers mitigation costs and induces positive employment effects. Achieving 2 °C (1.5 °C) requires a global 18% (64%) increase in cumulative low-carbon R&D investment relative to the reference scenario by mid-century. We show that carbon revenues are sufficient to both finance the additional R&D investment requirements and generate economic benefits by reducing distortionary taxation, such as payroll taxes, thus enhancing job creation. Nature Publishing Group UK 2023-06-16 /pmc/articles/PMC10276053/ /pubmed/37328452 http://dx.doi.org/10.1038/s41467-023-38620-4 Text en © The Author(s) 2023 https://creativecommons.org/licenses/by/4.0/Open Access This article is licensed under a Creative Commons Attribution 4.0 International License, which permits use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license, and indicate if changes were made. The images or other third party material in this article are included in the article’s Creative Commons license, unless indicated otherwise in a credit line to the material. If material is not included in the article’s Creative Commons license and your intended use is not permitted by statutory regulation or exceeds the permitted use, you will need to obtain permission directly from the copyright holder. To view a copy of this license, visit http://creativecommons.org/licenses/by/4.0/ (https://creativecommons.org/licenses/by/4.0/) .
spellingShingle Article
Aleluia Reis, Lara
Vrontisi, Zoi
Verdolini, Elena
Fragkiadakis, Kostas
Tavoni, Massimo
A research and development investment strategy to achieve the Paris climate agreement
title A research and development investment strategy to achieve the Paris climate agreement
title_full A research and development investment strategy to achieve the Paris climate agreement
title_fullStr A research and development investment strategy to achieve the Paris climate agreement
title_full_unstemmed A research and development investment strategy to achieve the Paris climate agreement
title_short A research and development investment strategy to achieve the Paris climate agreement
title_sort research and development investment strategy to achieve the paris climate agreement
topic Article
url https://www.ncbi.nlm.nih.gov/pmc/articles/PMC10276053/
https://www.ncbi.nlm.nih.gov/pubmed/37328452
http://dx.doi.org/10.1038/s41467-023-38620-4
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