Scientists to launch $150bn initiative to accelerate renewable energy projects worldwide

Energy Business Review | June 2, 2015 | Staff Report

A group of scientists and economists are preparing to launch a new $150bn global research program to accelerate spending on clean energy projects worldwide over the next decade.

Image: The Global Apollo Program aims to reduce reliance on fossil fuels for power generation. Photo: courtesy of xedos4 / FreeDigitalPhotos.net.

Planned to be launched in November 2015, the Global Apollo Program (GAP) aims to reduce renewable power costs compared to power generated from coal-fired stations.

The initiative will explore ways to store renewable power and develop smart grids to balance supply and demand by 2025. It could help maintain global warming temperatures below 2°C, to prevent climate catastrophes.

In line with this effort, the GAP calls the countries willing to join the program to spend at least 0.02% of gross domestic product on research and development.

GAP is expected to spend $15bn a year on green energy and energy storage projects, which doubles the current R&D funding for clean energy projects to 4%.

The project has drawn interests from countries including the US, EU member states, Japan, South Korea, Mexico, UAE, India and China.

The proponents of the project include former UK government chief scientist David King, BP former CEO Lord Browne, Lord O'Donnell, Lord Nicholas Stern and former Climate Change Committee chairman Lord Turner.

http://wind.energy-business-review.com/news/scientists-to-launch-150bn-initiative-to-accelerate-renewable-energy-projects-worldwide-020615-4590617

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PAUSE works to promote safe, sustainable energy and environmental justice.  We aim to engage the greater public to stop the fossil fuel industry's assault on the people of Albany and our environment.