R&D drives down the cost of technologies, improves the business case for private sector investment, reduces cost to government and enables solutions to be delivered at scale.
While not all R&D tax incentives identified as part of this research are specific to green innovation, green projects are eligible for many broad-based R&D incentives and in some cases benefit from preferential treatment.
In addition, R&D incentives specific to the green agenda have become increasingly common in recent years. For example, South Korea’s R&D incentives were updated to focus on a green agenda as part of its 2009 Green Growth Strategy.