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Assessment of Potential and Promotion of New Generation of Renewable Technologies ____________________________________________________________________________________________ 1.2. Drivers and obstacles 1.2.1. Drivers 1.2.1.1. Non-bankable technology The public sector is generally the source of funding for this kind of technology because the private sector deems the financial return it could make from an investment in it too uncertain. At the micro-level, the key driver for the scientists who work on them is most likely to be their intellectual curiosity and the self-motivation that they – or a relatively small team that they work closely with – possess. They might also be motivated by the chance to gain the respect of their peers by reporting their findings in a journal or at a conference. At the macro-level, the driver is a country’s belief that investing in the research and demonstration of renewable energy technologies that are at an early stage will ultimately create an industrial base that makes the country attractive for investment in that area. 1.2.1.2. Bankable technology A bankable technology, by definition, requires an industry to have built up around that technology. Both public sector researchers and those from industry work on the technology, with public sector researchers in general carrying out work with a higher risk of failure than that of their colleagues in industry. The micro-level motivations of public sector researchers were described in 1.2.1.1. Industry researchers, whose know-how could be vital to their company’s strategy and whose insights therefore need to be kept from their competitors, might be incentivised by a financial reward if the idea that they pursue ultimately turns a profit for their employer. At the macro-level, the driver, like before, is “industrial policy”. If a domestic market in the technology requires an element of temporary subsidy, whether from taxpayers or energy consumers, then the hope is that a) this is partially offset by the tax paid by the new companies on their profits, and on the salaries of their staff b) a bigger prize awaits: the chance to create an export industry that will make money across the world. 1.2.2. Obstacles In a well-functioning market economy with a relatively adaptable and skilled workforce, the fundamental constraint on the amount of R&D that can be done and on its quality is the amount of money spent. For non-bankable technologies, no market exists, so quantity and quality are determined by the spending of governments or other bodies. Given the absence of market signals, for non-bankable technology development, governments have to reach top-down decisions by consulting experts. The incomparability of the societal benefit of spending, say, 1 million euros on maintaining architectural monuments, and spending on R&D in technology is an obstacle in the way of making the case for more money. The effect is that the debate on support for the development of energy technologies often has to take place within the confines of an overall amount for “research” and reduces to a battle over shares of the budget. IP/A/ITRE/ST/2009-11 & 12 133 PE 440.278PDF Image | Policy Department Renewable Technologies
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