Expand chart
Reproduced from IEA; Chart: Axios Visuals

The pace of new patenting for several categories of climate-friendly technologies has seen a "notable drop-off" since 2012, according to a July 11 analysis from the IEA and OECD.

Why it matters: While far wider deployment of existing tech can do a great deal to stem carbon emissions, the steep cuts needed to meet the Paris Agreement temperature goals will likely require substantial innovation.

What they did: The analysts explored the pace of patenting in several groupings of emissions-cutting tech (see chart above). They noted that several other fields — including health and IT — have not seen this drop-off.

  • "Some of this decline could be explained by the increasing 'maturity' of climate change mitigation technologies, and thus lower propensity to patent."

But, but, but: It's not all gloom and doom. Some areas have bucked the trend, such as "enabling" tech for integrating storage into power systems, and cleaner shipping.

The bottom line: The core finding is concerning despite some bright spots, the IEA and OECD analysts say, noting for instance that today's competitive costs for wind and solar are the fruit of R&D in past decades.

  • "The precipitous decline in patented innovation since 2011–2012 is a stark warning since there can be a long lag between innovation and cost reductions."

Go deeper

Jeff Sessions loses Alabama Senate primary runoff

Jeff Sessions. Photo: Michael DeMocker/Getty Images

Former Attorney General Jeff Sessions has lost the Republican nomination for Senate to Tommy Tuberville in Alabama in Tuesday night’s primary runoff, AP reports.

Why it matters: Sessions had been the underdog in the race against former Auburn University head football coach Tommy Tuberville, who had the backing of President Trump. Tuberville will now face off against Sen. Doug Jones (D-Ala.) in November, who is considered to have one of the most vulnerable Democratic Senate seats in the country.

Updated 5 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 9 p.m. ET: 13,273,537 — Total deaths: 577,006 — Total recoveries — 7,367,106Map.
  2. U.S.: Total confirmed cases as of 9 p.m. ET: 3,424,304 — Total deaths: 136,432 — Total recoveries: 1,049,098 — Total tested: 41,764,557Map.
  3. Politics: Biden welcomes Trump wearing mask in public but warns "it’s not enough"
  4. Public health: Four former CDC heads say Trump's undermining of agency puts lives at risk — CDC director: U.S. could get coronavirus "under control" in 4–8 weeks if all wear masks.

Bank CEOs brace for worsening economic scenario

JPMorgan CEO Jamie Dimon. Photo: J. Lawler Duggan/For The Washington Post via Getty Images

Wells Fargo swung to its first loss since the financial crisis — while JPMorgan Chase and Citigroup reported significantly lower profits from a year earlier — as the banks set aside billions of dollars more in the second quarter for loans that may go bad.

Why it matters: The cumulative $28 billion in loan loss provisions that banks have so far announced they’re reserving serves as a signal they’re preparing for a colossal wave of loan defaults as the economy slogs through a coronavirus-driven downturn.