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Financing university-based technology was high on the summit’s agenda
TAX credits, governmental stimulus, renewable portfolio standards and geopolitical independence are just some of the factors driving the renewables and cleantech sectors onto the venture capitalists’ “ones to watch list”.
Green technology firms garnered the largest share of venture capital in the third quarter, with global investments rising to $1.59bn, according to a CPV Today report.
The recent World Future Energy Summit held in Abu Dhabi highlighted the importance of financing for the industry. Nigel Brandon,panel speak er and Director of the Energy Futures Laboratory at Imperial College, pointed to universities as the powerhouse of innovation in science and technology and that as organisations they “must strive to increase the volume of this discovery pipeline.”
He also spoke of the importance of partnerships, as universities must continue to have access to development capital and markets.
There is a strong correlation between investment in research and development and GDP productivity, according to Dr. Tariq Ali, Vice President of Research & Industry Relations at Masdar Institute of Science and Technology, who highlighted the United States as a specific example, saying that university inventions contribute $20 billion and 150,000 jobs to the US economy each year.
According to a Summit report, he went on to mention another example of technology addressing climate change, talking about a new technology ‘radiant cooling’, which would result in a 70% reduction in the annual Abu Dhabi electricity load and would reduce CO2 emissions by two million tons – the equivalent of taking 55,000 cars off the road.
We are facing a battle of ‘tipping points’, according to Professor Daniel Kammen, Director of the Renewable & Appropriate Energy Lab at UC Berkeley, who continued on to say that developing innovative technical and social ‘tipping points’ is vital in competing with the potential negative climate ‘tipping points’.
He highlighted energy ‘systems research’ as being largely neglected yet vital.
Discussions also tackled the issue of intellectual property as an asset as well as a barrier. Brandon said that often the route to market is through the major energy players and IP therefore needs to be managed appropriately and sympathetically.
The World Future Energy Summit, was hosted by MASDAR in Abu Dhabi under the patronage of HH General Sheikh Mohammed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.
By Katherine Steiner-Dicks
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