he World Economic Forum and Mission Innovation, a commitment by 22 governments and the European Union to accelerate global clean energy innovation, will collaborate to support Mission Innovation’s goal of doubling governmental investments in clean energy R&D by 2021.

The aim of the collaboration is to encourage public-private partnerships which will have the greatest impact on three areas of investment – or Innovation Challenges – carbon capture; clean energy materials; and affordable heating and cooling of buildings. The Forum will support by driving engagement from industry, investors and its network of Technology Pioneers, a global community of trailblazing companies, to reduce the costs of low carbon energy solutions, making them widely available, affordable and reliable.

“Public-private partnerships are critical to fast-track innovation from early stage design to full scale-up. This is a critical time for energy innovation and we are delighted to be working with major governments in the quest to accelerate access to clean energy for everyone,” said Cheryl Martin, Head of Industries, Member of the Managing Board, World Economic Forum Geneva.

“This partnership allows us to make the most of the clean energy momentum that Mission Innovation has created and collectively enable those participating to reach our aim of accelerating energy innovation in the private sector – which is at the heart of economic growth for many of the countries behind this,” said Leonardo Beltrán Rodríguez, Mexico’s Deputy Secretary for Planning and Energy Transition.

Mission Innovation includes the world’s five most populous countries (Brazil, China, India, Indonesia, and the United States) and represents over 75% of global CO2 emissions from electricity and more than 80% of clean energy R&D budgets. Mission Innovation member governments have pledged to double R&D investment to reach over $30 billion a year by 2021. The announcement was made as ministers from all 22 member countries gathered in Beijing at the Second Mission Innovation Ministerial and Eighth Clean Energy Ministerial.