Here’s a neat idea: save the planet using the research and development practices used during the space race. The state-lead push for advanced science led to really fun things like cellphones and laser eye surgery. Imagine what we as a species could create if we had the same push into sustainability like we did during the race to the moon.
If markets left to themselves will continue to merely pump out â€œinnovationsâ€ along certain pathways, then it is up to the state toÂ play a more direct roleÂ in starting a â€œgreentechâ€ revolution. Mariana Mazzucato, in her bookÂ The Entrepreneurial State, argues that major advances in tech from the internet to nanotechnology to pharmaceuticals were born either directly from government research or because governments made the risky investments necessary for the private sector to act.
The good news is that not all money is the same, and those behind Mission Innovation and the Breakthrough Energy Coalition seem to have read Mazzucato. They explicitly reference â€œpatient capitalâ€ which can reduce the risk of uncertain technological investments. There is no question this is a major step in the right direction.
Governments certainly need to price carbon, but they should also act as entrepreneurs and market-creators to kickstart innovation for the green growth of the future. If we are underspending on this by orders of magnitude, then doubling is not nearly enough.