Innovation

• Tripling energy innovation could serve as an economic stimulus for the U.S. economy, creating jobs in industries that will grow exponentially this century.
• Investment in advanced energy and supply chain management will prove increasingly important; US Congress recently included provisions in the 2021 National Defense Authorization Act to boost Department of Defense energy innovation.
• At a global level, WHO will be underscoring the importance of innovation, especially for service delivery systems and workforce, to meet the increasing needs, as numbers of people living with disability, noncommunicable diseases and ageing populations continue to rise globally.
• Issuing one of the first CBDC would also be a step towards China's target of becoming a world leader in science and innovation by 2050 and provide a reserve currency.
• AI will contribute £232bn to the UK economy by 2030 and the AI Foundry will work across 4 key themes: advanced material and manufacturing; clean growth; digital and creative media; and health innovation.
• The USDA will stimulate innovation so that American agriculture can achieve the goal of increasing production by 40% while cutting the environmental footprint of U.S. agriculture in half by 2050.
• The European Commission boasts that it can be a huge opportunity for EU businesses to come to the forefront of green innovation and investment in order to dominate the next two decades in Europe and all over the world, becoming a global leader in a Green economy.
• China, whose AI Innovation Action Plan for Colleges and Universities called for the establishment of 50 new AI institutions by 2020, is expected to overtake the EU within the next four years if current trends continue.
• USDA is working to stimulate innovation so that American agriculture can achieve the goal of increasing production by 40% while cutting the environmental footprint of U.S. agriculture in half by 2050.
• By 2035, China will seek to increase its economic and technological strength to become a global leader in innovation and to basically complete its military modernization.
• Energy innovation offers an opportunity to boost economic activity damaged by the Covid-19 pandemic and at the same time to help with the transition to net-zero emissions.
• UK Research and Innovation (UKRI) has an open call for research and innovation ideas to address COVID-19, as well as an Innovate UK call for business-led innovation in response to global disruption aimed at companies.
• Innovation in age-related products and services can make a significant difference to UK productivity and individuals' wellbeing, and will find a growing global market.
• The improvements in productivity and innovation unlocked by AI are currently unleashing a Fourth Industrial Revolution, which PwC estimates will contribute over $15.7 trillion to the global economy and add at least 9.9% to Northern Europe's GDP by 2030.
• Whereas financial services have seen disruption, competition and innovation grow over the past decade, that has largely not been the case when it comes to financial technology.
• Meeting the challenge of reaching net zero carbon emissions by 2050 will need new ideas and innovation across all sectors.
• SK innovation, a developer and manufacturer of lithium-ion batteries for electric vehicles (EVs), will invest another $940 million to expand their manufacturing plant in Commerce, Georgia, creating 600 jobs.
• Many countries in Latin America have placed legal and political barriers against disruptive innovation, as seen in the experience of Uber, but the benefits of new ideas are dramatic.
• In order to achieve carbon-neutrality goals by 2050 and ensure the EU's technology leadership across the entire hydrogen value chain, the European Commission recognises the need to increase support for research and innovation through existing EU funding programmes.
• IEA has called for governments to triple their innovation spend on clean energy technologies by 2030 if they are to have a chance of meeting their net zero goals by mid-century.
• Thai businesses are increasingly concerned about the scale of digital disruption across industries, with 90% of Thai IT executives pointing out that rapid tech advancement and innovation would disrupt their respective industries.
• In 2020, CFOs will face pressure to weigh sustainability as a leading investment factor and find more opportunities for their businesses to invest in innovation that addresses sustainability challenges.

Last updated: 04 October 2020