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Policy Department A: Economic and Scientific Policy ____________________________________________________________________________________________ In the case of insufficient steam temperature levels low temperature processes, such as the ORC and the Kalina process, are needed. The industrial supply base for ORC processes is fairly big. Examples for ORC process suppliers are e.g. Cryostar (FR), GMK (DE), Turboden (IT), Ormat (US), UTC (US), etc. Drilling makes up the largest share of overall upfront investments into geothermal power. There are thus high market development barriers due to the exploration risks and attributed financial losses. Initiatives from insurances, funds, and politics are discussing solutions to this stumbling stone. Financial vehicles need to be available to spread / hedge the immanent exploration risks. Systematic analyses of underground thermal potentials are underway in some countries/states as a preparatory step to market developing. 2.2. R&D financing and investment needs 2.2.1. Background on R&D financing and investment in the EU Though the present section focuses on research and innovation in the renewable energy sector, it may be useful to quickly take a step back to look at the bigger picture of R&D in Europe. Doing so will help detect some structural shortcomings that are not specific to the energy sector and that will require structural changes as opposed to sector-specific adjustments. On average, the European Union suffers from a comparatively low R&D investment compared to other developed nations, such as the US or Japan. It should be underlined however that the level of R&D investments within the EU varies substantially between sectors and Member States. But on the whole a trend seems to be emerging: it is mostly private R&D investment that is lagging behind as compared to what is going on in the US or in Japan. A detailed comparative analysis of the situation of R&D in Europe, its Member States, Japan and the US has been performed by [Uppenberg 2009]. The public, private and resulting total spending in R&D are presented on the chart below as a share of GDP (R&D intensity). Interesting to note is that except for Sweden and Finland, all other Member States have a weaker R&D expenditure than the US and Japan. The chart of Figure 15 below confirms that the differences are mostly the result of a much lower R&D intensity in the private sector with regards to what is being done in the US and in Japan. To improve the performance of the EU in R&D it is important to look at the root of the problem and the sectors concerned. Going into the details, it appears that the gap in private R&D concentrates mostly in two areas: the manufacturing of ICT and other non- transportation machinery and equipment on the one hand and commercial services on the other. But in a number of other sectors, such as chemicals and pharmaceuticals, the EU has a similar level of R&D investments. What is more, R&D seems to be concentrated in very few Member States. As we are now at the deadline set by the Lisbon agenda (2010), R&D efforts in Europe over the last decade has admittedly not been up to the expectations. The objective that was set was to dedicate 3% of the European GDP to R&D. This target has just been reaffirmed by the EU 2020 economic strategy proposed by the Commission in March 2010 [European Commission 2010]. Member States should investigate if there are R&D disincentives in place which could and should be removed. This is important for the EU to make sure that structural barriers at Member States level do not prevent the accomplishment of EU R&D target. IP/A/ITRE/ST/2009-11 & 12 46 PE 440.278PDF Image | Policy Department Renewable Technologies
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