Meeting the ambitious goal of limiting global warming to 2° Celsius or less will require significant innovation - the improvement of technologies and processes to drive down their cost and improve their performance. Public climate finance is essential to spurring innovation and creating the conditions that attract private investment. Investing in innovation also makes the most efficient use of the limited financial resources available and takes advantage of the developing world’s growth to improve technologies.
Countries like the UAE have an opportunity to play a pioneering role in this expanded international innovation system. Innovation will be underpinned by international cooperation that supports:
Several international forums can fulfill portions of these functions, but each faces its own limitations and risks. In this context the UAE could uncover opportunities to be an innovation leader. For example: