Slide in global patents triggers concerns over green innovation
FEARS have been raised that green energy innovation may be stalling after a slide in the number of patents for renewable power products and systems filed globally.
A report published today indicates that such patents have fallen by 42 per cent in the last three years. Manufacturing oversupply in the solar panel market has been cited as a key factor for the sharp fall, along with subsidy cuts and the oil price slide.
The research by commercial law firm EMW shows that there were 20,655 green energy patents filed worldwide in 2014, for solar power, wind, biofuels and waste-generated energy, down from 35,590 in 2012. Solar-related patents accounted for almost two-thirds of the total – or 13,551 patents – last year.
Experts argue that the situation has been exacerbated by subsidy cuts for renewables in many countries, including the UK, as well as the fall in oil prices widening the price differential between low carbon and conventional energy.
James Geary, head of EMW’S waste, renewables and energy team, said: “These figures show that the boom in green energy innovation that we have witnessed in recent years has peaked for now, suggesting that investment in R&D is tailing off across the renewables sector. In terms of solar energy, falling costs of solar panels fuelled by Chinese manufacturers flooding the market have
hurt profitability, disincentivising costly research and development activity.”
“The net result is that, despite international efforts to reduce reliance on fossil fuels and cut carbon emissions by focussing on renewables, the impetus to fund innovation in green energy has taken a knock.
“This is not good news for the green lobby and could well hamper efforts by governments to meet their carbon reduction targets.”