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Europe dedicated less money to energy research and development last year. resulting in the US and China outspending the EU and its member states `for the first time`. bizz energy reports. The continent mobilised 7.34 billion dollars for research &. development in the energy sector in 2018. a decrease of 7 percent compared to a year earlier. according to International Energy Agency (IEA) calculations for the specialist publication. In contrast. China and the US ramped up spending by 12 percent each. taking expenses to 8 billion dollars in China. and 8.2 billion dollars in the US.
`Of particular concern is the IEA`s finding that. for the first time. EU research funding for renewable energy has not increased but decreased.` bizz energy writes. adding that both the EU and Germany`s climate strategies depend heavily on innovations. `They fell from 518 million dollars to 500 million – a drop of 3.5 percent. In Germany. the most important research location. they even fell by 10 percent from 398 to 357 million dollars.` The EU commission blamed the decrease on statistical effects. but bizz energy writes that economic troubles in the energy sector are a likely explanation. Climate action is threatening the fossil industries` business model. and the renewables sector has also hit difficult times as the roll-out of wind and solar has almost ground to a halt. `Distressed companies are saving on research and EU funding is doing little to change this.` Maroš Šefčovič. an advisor to the EU`s energy commissioner. told bizz energy. Companies wanting EU R&.D support usually have to pay half of the costs themselves. the publication notes.
