IMF Working Papers Volume 2023 Issue 180: Environmental Policies and Innovation in Renewable Energy (2023)

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Environmental Policies and Innovation in Renewable Energy

Author:

Luca Bettarelli

Luca Bettarelli
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Davide Furceri

Davide Furceri https://isni.org/isni/0000000404811396 International Monetary Fund

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Pietro Pizzuto

Pietro Pizzuto
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, and

Nadia Shakoor

Nadia Shakoor
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Series:: IMF Working Papers

Volume/Issue:: Volume 2023: Issue 180

Language:: English

Publication Date:: 01 Sep 2023

DOI:: https://doi.org/10.5089/9798400251658.001

ISBN:: 9798400251658

ISSN:: 1018-5941

Pages:: 55

Keywords:: 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

Legal-disclaimer:: IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.

Series:: IMF Working Papers

Volume/Issue:: Volume 2023: Issue 180

Language:: English

Publication Date:: 01 Sep 2023

DOI:: https://doi.org/10.5089/9798400251658.001

ISBN:: 9798400251658

ISSN:: 1018-5941

Pages:: 55

Keywords:: 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

Legal-disclaimer:: IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.

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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.

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IMF Working Papers

ISSN:: 1018-5941

Publisher:: International Monetary Fund

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