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Policy Department A: Economic and Scientific Policy ____________________________________________________________________________________________ Private green innovation is according to their analysis insufficient, and public expenditure on R&D too low despite an increase over the last few years. In fact, the US is clearly ahead in terms of venture capital in green technology by a large factor. Following further their analysis, at world and European level there is also a very low level of patenting activity in green technology. Barriers for innovation in green technology are multiple. One is the fact that benefits of green technology are often public rather than private and not rewarded by the market. The benefits of green technology cannot fully be appropriated by the private operator and many benefits are often realised in the longer term which creates a disincentive to invest. Green innovation also has difficulties to access finance and venture capital due to these reasons, in addition to the risks and uncertainties of the technology. The often slow return rate of adopting the new technologies makes it difficult to get customers and ensure deployment. Dirtier technologies have a clear advantage due to the installed base infrastructure, which puts the renewable clean energy technologies at a clear disadvantage without support. Due to the characteristics of the renewable energy market, [Aghion et al. 2009] thus call for the EU to have an active green technology policy. There are also compelling industrial and commercial reasons to promote R&D in the EU. If the EU manages to keep a lead in green technologies, it may also lead and capture the markets for those technologies in the future due to the first mover advantage. It is now apparent that the US will become an important participant in global efforts and that China wishes to create its own green technologies. If the EU does not show a very strong commitment backed by more than just words, it will miss the opportunity to lead the technological field and this global market. Despite the economic woes facing public resources, there is a good argument to shift EU and other public funding to this priority. It is important to be aware of the economic consequences of losing a leading position in the energy technologies of the future because of underinvestment. This will have a considerable impact in the competitiveness and growth, thus on employment and welfare for the EU economy [Jorge Núñez Ferrer et al. 2009]. It is important also, however, to pursue additional regulatory reforms at EU and member state level. The level of R&D in Europe is especially weak in the private sector and in part this may be due to structural reasons [Uppenberg 2009]. It is also telling that the EU still does not have a Community Patent [European Commission 2009e]. The present system is costly and fragmented; in fact a patent covering ‘only’ six Eu countries costs already four times more than in the rest of the world. If it covers the whole EU, it costs 15 times as much as in the US! [van Pottelsberghe and Danguy 2009]. The EU 2020 startegy mentions the willingnwess of the European Commission to press for a single EU Patent and improve the Eu patenting process. 3.3.5. The SET-Plan’s potential and weaknesses The SET Plan is built on the existing Framework Programme mechanisms and, in fact, officially started this year (2010) despite of the large number of unresolved issues. It will therefore build all its structures at a hectic pace. Making sure the existing mistakes of the Framework Programmes are not reproduced in the SET-Plan is central, as given the large ambitions and central role of EU financing, such mistakes can develop into considerable policy failures. Mistakes done under the FPs were partially covered by the very small size of the EU R&D funding in total EU public funding (5%). However, in the SET-Plan energy priority areas this is already much higher, 7% of total R&D investment and 23% of total EU public expenditure! With EU funding taking a centre stage and growing, weaknesses in the system should be avoided. IP/A/ITRE/ST/2009-11 & 12 92 PE 440.278PDF Image | Policy Department Renewable Technologies
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