30 November 2015: Twenty major economies launched an initiative to double their investments in clean energy research and development (R&D), while a group of private major investors announced a coalition pledged to invest in early-stage development of technology coming out of the aforementioned initiative. Both were formally announced at the opening of the Paris Climate Change Conference.

Mission Innovation commits countries representing 80% of global clean energy R&D budgets to double their R&D investments over five years. Given that their current investment levels are estimated at US$10 billion, this will mean approximately US$20 billion invested in clean energy R&D. The 20 countries are: Australia, Brazil, Canada, Chile, China, Denmark, France, Germany, India, Indonesia, Italy, Japan, Mexico, Norway, Republic of Korea, Saudi Arabia, Sweden, UK, United Arab Emirates and the US.

The 20 countries also pledge to work with existing international institutions to help governments, private investors and technology innovators make available data, expertise and analysis to promote commercialization and dissemination of clean energy technologies.

The Breakthrough Energy Coalition at present involves 28 investors from 10 countries, including Bill Gates, Richard Branson, Jeff Bezos, Jack Ma, Mark Zuckerberg, Meg Whitman and George Soros. The Coalition members pledge to make “patient” investments in early-stage technology development guided by a set of five principles: invest early; invest broadly (i.e., across many sectors, including energy efficiency); invest boldly; invest wisely; and invest together (focused on R&D coming out of Mission Innovation countries). [UNFCCC Release] [Mission Innovation launch statement] [Mission Innovation website] [Breakthrough Energy Coalition website] [Breakthrough Energy Coalition Principles]