Investing in new technologies
Investing in new technologies
This chapter explains that new technologies are required and that hence, R&D has to be a major element of climate change strategy. The new and emerging technologies may enable us to address the climate change problem, provided that coal has not wreaked too much damage in the meantime. Technical developments focus on the temperatures for combustion, including so-called super-critical power stations. The coming of new information technologies provides an opportunity to make electricity an active system, thereby allowing the demand side of the market to come into play. In allocating resources to R&D, it is important to design R&D policy such that there is no attempt to overtly pick winners, but that resources are concentrated in promising areas. R&D creates public goods, and these need to be distributed as rapidly as possible around the globe, given that climate change is a global public bad.
Keywords: new technologies, R&D, climate change, emerging technologies, technical developments
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