Financial development and deployment of renewable energy technologies

Using a unique panel data set of 30 countries for the 2000-2013 period, we examine whether financial market development promotes the deployment of renewable energy on a global scale. In particular, we conjecture that countries with well-developed financial markets experience growth in the renewable energy sector due to easier access to external financing. We find that renewable sectors that are relatively more dependent on debt and equity financing grow disproportionately faster in countries with developed financial markets. Our results support the view that financial development leads to a reduction in CO2 emissions by addressing the role of financial markets in deploying renewable energy. (C) 2016 Elsevier B.V. All rights reserved
Publisher
ELSEVIER SCIENCE BV
Issue Date
2016-09
Language
English
Keywords

ECONOMIC-GROWTH; STOCK MARKETS; INNOVATION; COUNTRIES

Citation

ENERGY ECONOMICS, v.59, pp.238 - 250

ISSN
0140-9883
DOI
10.1016/j.eneco.2016.08.012
URI
http://hdl.handle.net/10203/214472
Appears in Collection
MT-Journal Papers(저널논문)
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