Environmental Policies and Innovation in Renewable Energy

Author: Luca Bettarelli, Davide Furceri, Pietro Pizzuto, and Nadia Shakoor

Volume/Issue: Volume 2023 Issue 180

Publication date: September 2023

ISBN: 9798400251658

$20.00

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Topics covered in this book

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Finance , Economics- Macroeconomics , Economics / General , Environmental Economics , Public Policy- Environmental Policy , green patents , climate change policy , diff-in-diff approach , innovation , effect of Climate Change Policies , CCPS increase , innovation in renewable energy , technology-support instrument , technology-support policy , Environmental policy , Renewable energy , Climate policy , Competition , Climate change , Global

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Summary

This paper investigates the effect of Climate Change Policies (CCPs) on green innovation, for a sample of 40 advanced and emerging market economies and 5 economic sectors, during the period 2000-2021. Our results suggest that CCPs increase green patents, with the effect increasing gradually over time. The effect is larger for non-market-based policies—such as R&D subsidies—and technology-support instruments, in countries with greater competitiveness and during periods of stronger economic activity—that is, higher GDP growth, lower uncertainty and financial stress. The results based on a difference-in-differences approach suggest that the positive effect of stricter CCPs on green innovation is stronger in sectors with limited financial constraints.