What Matters for Private Investment Financing in Renewable Energy Globally and in Asia?

Dina Azhgaliyeva, J. Beirne, Ranjeeta Mishra
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引用次数: 3

Abstract

We examine the drivers of private investment in renewable energy by source of funding for 13 global economies over the period 2008 to 2018, with a focus on a sub-panel of Asian economies. Using a seemingly unrelated regression model, we provide a first quantitative estimate of the effect of government renewable energy policies on private investments across different sources of financing. Our results indicate that feed-in-tariffs (FITs) have the greatest overall effect in Asia on driving private investment in renewable energy, particularly from asset finance compared with other funding sources. The impact of FITs in Asia is also greater than that of the global sample. The impact of FITs is amplified in the presence of lower regulatory quality, which may be related to ease of market entry. We also find an important role in Asia for government expenditure on research and development in stimulating private investment. The magnitudes of the effects in Asia are broadly in line with the overall global sample. Finally, we find that technology costs, are less elastic on private investment in Asia compared with globally in affecting private investment in renewable energy across all funding sources, which may be related to the prevailing strong cost competitiveness of Asian economies in renewable energy provision.
全球和亚洲可再生能源私人投资融资的重要事项?
我们研究了2008年至2018年期间13个全球经济体按资金来源划分的可再生能源私人投资的驱动因素,并重点关注了亚洲经济体的分小组。利用一个看似无关的回归模型,我们首次定量估计了政府可再生能源政策对不同融资来源的私人投资的影响。我们的研究结果表明,与其他资金来源相比,上网电价(fit)在推动亚洲可再生能源私人投资方面的总体影响最大,尤其是资产融资。fit在亚洲的影响也大于全球样本。在监管质量较低的情况下,上网电价补贴的影响被放大,这可能与市场准入的便利性有关。我们还发现,在亚洲,政府在研发方面的支出在刺激私人投资方面发挥着重要作用。亚洲的影响程度与全球总体样本大体一致。最后,我们发现,与全球相比,技术成本对亚洲私人投资在所有资金来源中可再生能源私人投资的影响弹性较小,这可能与亚洲经济体在可再生能源供应方面普遍具有强大的成本竞争力有关。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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