Regional aspects of financial development and renewable energy: A cross-sectional study in 214 countries

Kód výsledku v IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F70883521%3A28120%2F23%3A63562058" target="_blank" >RIV/70883521:28120/23:63562058 - isvavai.cz</a>

Výsledek na webu

<a href="https://www.sciencedirect.com/science/article/pii/S0313592623000942" target="_blank" >https://www.sciencedirect.com/science/article/pii/S0313592623000942</a>

DOI - Digital Object Identifier

<a href="http://dx.doi.org/10.1016/j.eap.2023.05.006" target="_blank" >10.1016/j.eap.2023.05.006</a>

Jazyk výsledku

angličtina

Název v původním jazyce

Regional aspects of financial development and renewable energy: A cross-sectional study in 214 countries

Popis výsledku v původním jazyce

Renewable energy is one of the most promising technologies for developing sustainable energy systems. This paper presents empirical evidence on the finance-green energy nexus. We use an extensive database on financial development (depth, access, efficiency, stability) from 1960 to 2017 for 214 countries, providing the first, to our knowledge, comprehensive empirical investigation on all four dimensions. We show macroeconomic and energy development conditions (public/social awareness and willingness, policy and legal framework, fossil fuels orientation, energy sector competition) are crucial to leverage financing and improve financing conditions for renewable energy entrepreneurs. Our empirical findings show that the financial system in East Asia and the Pacific is a significant constraint for investments in sustainable technologies. The cost of capital and debt, as well as the cost of equity and assets, for green investors, is commonly 30% higher than for non-green investors. Our findings support the crowding-in effect for South Asia. Here we supply empirical knowledge on the policymakers’ and investors (governments, institutions, markets) goals, policies, and instruments targeting green financing and sustainable development.

Název v anglickém jazyce

Regional aspects of financial development and renewable energy: A cross-sectional study in 214 countries

Popis výsledku anglicky

Renewable energy is one of the most promising technologies for developing sustainable energy systems. This paper presents empirical evidence on the finance-green energy nexus. We use an extensive database on financial development (depth, access, efficiency, stability) from 1960 to 2017 for 214 countries, providing the first, to our knowledge, comprehensive empirical investigation on all four dimensions. We show macroeconomic and energy development conditions (public/social awareness and willingness, policy and legal framework, fossil fuels orientation, energy sector competition) are crucial to leverage financing and improve financing conditions for renewable energy entrepreneurs. Our empirical findings show that the financial system in East Asia and the Pacific is a significant constraint for investments in sustainable technologies. The cost of capital and debt, as well as the cost of equity and assets, for green investors, is commonly 30% higher than for non-green investors. Our findings support the crowding-in effect for South Asia. Here we supply empirical knowledge on the policymakers’ and investors (governments, institutions, markets) goals, policies, and instruments targeting green financing and sustainable development.

Druh

J_imp - Článek v periodiku v databázi Web of Science

CEP obor

—

OECD FORD obor

50201 - Economic Theory

Projekt

—

Návaznosti

I - Institucionalni podpora na dlouhodoby koncepcni rozvoj vyzkumne organizace

Rok uplatnění

2023

Kód důvěrnosti údajů

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Název periodika

Economic Analysis and Policy

ISSN

0313-5926

e-ISSN

—

Svazek periodika

78

Číslo periodika v rámci svazku

neuvedeno

Stát vydavatele periodika

NL - Nizozemsko

Počet stran výsledku

16

Strana od-do

1142-1157

Kód UT WoS článku

001001366800001

EID výsledku v databázi Scopus

2-s2.0-85159593478