Energy price uncertainty and renewable energy technological innovation: Evidence from listed Chinese firms

IF 16.3 1区工程技术 Q1 ENERGY & FUELS

Renewable and Sustainable Energy Reviews Pub Date : 2025-02-11 DOI:10.1016/j.rser.2025.115447

Tao Lin , Ling Zhang , Jun Wan , Chien-Ming Chen , Jianglong Li

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Abstract

In the context of climate change, there is an urgent need to vigorously promote renewable energy technological innovation (RETI) for the low-carbon energy transition. However, as a key driver of RETI, the mechanism by which energy prices affect it is unclear. Based on matched data of Chinese provinces and listed firms from 2001 to 2021, we assess the impact of energy price uncertainty (EPU) on RETI using the Poisson pseudo-maximum likelihood model. The results show that EPU significantly promotes firms' RETI, and this positive impact lasts for at least three years. Mechanism analysis shows that EPU weakens firm performance by exacerbating business underinvestment and reducing market demand. Firm managers are forced to increase R&D investment in renewable energy technologies to reduce their dependence on fossil energy. Unfortunately, the promoting effect of EPU on RETI is manifested as a crowding out effect on other technological innovations. In addition, the promoting effect of EPU on RETI is more prominent in state-owned firms, energy industries, firms with environmental information disclosure, and firms with superior innovation environments. Further, we find that EPU inhibits fossil energy technological innovation (FETI) of firms and leads the change of energy technology from fossil energy to renewable energy. This study provides new insights for the effects of EPU on firm innovation from the RETI perspective.

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来源期刊

Renewable and Sustainable Energy Reviews 工程技术-能源与燃料

CiteScore

31.20

自引率

5.70%

发文量

1055

审稿时长

62 days

期刊介绍： The mission of Renewable and Sustainable Energy Reviews is to disseminate the most compelling and pertinent critical insights in renewable and sustainable energy, fostering collaboration among the research community, private sector, and policy and decision makers. The journal aims to exchange challenges, solutions, innovative concepts, and technologies, contributing to sustainable development, the transition to a low-carbon future, and the attainment of emissions targets outlined by the United Nations Framework Convention on Climate Change. Renewable and Sustainable Energy Reviews publishes a diverse range of content, including review papers, original research, case studies, and analyses of new technologies, all featuring a substantial review component such as critique, comparison, or analysis. Introducing a distinctive paper type, Expert Insights, the journal presents commissioned mini-reviews authored by field leaders, addressing topics of significant interest. Case studies undergo consideration only if they showcase the work's applicability to other regions or contribute valuable insights to the broader field of renewable and sustainable energy. Notably, a bibliographic or literature review lacking critical analysis is deemed unsuitable for publication.