Renewable energy investment under the market-oriented transition of policies

IF 9.3 2区经济学 Q1 ECONOMICS

Energy Policy Pub Date : 2025-05-15 DOI:10.1016/j.enpol.2025.114683

Mingming Zhang , Qianxi Guo , Liyun Liu , Dequn Zhou

{"title":"Renewable energy investment under the market-oriented transition of policies","authors":"Mingming Zhang , Qianxi Guo , Liyun Liu , Dequn Zhou","doi":"10.1016/j.enpol.2025.114683","DOIUrl":null,"url":null,"abstract":"<div><div>This study develops a renewable energy marketization transition index to assess the policy shift toward market-oriented mechanisms across 30 Chinese provinces (2011–2021), leveraging keyword-based analysis of 2489 policy texts. Then, it explores the influence of the market-oriented transition of renewable energy policies (MTREP) on renewable energy investment by using multiple econometric models. The analysis reveals that MTREP implementation significantly suppresses renewable energy investment overall, though with important nuances. The observed inhibition stems primarily from subsidy withdrawal, while market-oriented trading mechanisms show no statistically significant negative impact. This dampening effect exhibits distinct spatial and technological heterogeneity: it is concentrated in regions with low electricity demand, and while MTREP curtails wind power investment in resource-scarce areas, it conversely stimulates solar PV development. At a high level of renewable energy development, the inhibition effect of MTREP decreased. Geographically, the benefits of marketization become increasingly concentrated in eastern and central China, along with Xinjiang province. Temporally, the policy impact evolves through three distinct phases - an initial stimulative effect gives way to investment suppression before reaching a period where both effects coexist.</div></div>","PeriodicalId":11672,"journal":{"name":"Energy Policy","volume":"204 ","pages":"Article 114683"},"PeriodicalIF":9.3000,"publicationDate":"2025-05-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Energy Policy","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0301421525001909","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"ECONOMICS","Score":null,"Total":0}

引用次数: 0

Abstract

This study develops a renewable energy marketization transition index to assess the policy shift toward market-oriented mechanisms across 30 Chinese provinces (2011–2021), leveraging keyword-based analysis of 2489 policy texts. Then, it explores the influence of the market-oriented transition of renewable energy policies (MTREP) on renewable energy investment by using multiple econometric models. The analysis reveals that MTREP implementation significantly suppresses renewable energy investment overall, though with important nuances. The observed inhibition stems primarily from subsidy withdrawal, while market-oriented trading mechanisms show no statistically significant negative impact. This dampening effect exhibits distinct spatial and technological heterogeneity: it is concentrated in regions with low electricity demand, and while MTREP curtails wind power investment in resource-scarce areas, it conversely stimulates solar PV development. At a high level of renewable energy development, the inhibition effect of MTREP decreased. Geographically, the benefits of marketization become increasingly concentrated in eastern and central China, along with Xinjiang province. Temporally, the policy impact evolves through three distinct phases - an initial stimulative effect gives way to investment suppression before reaching a period where both effects coexist.

查看原文本刊更多论文

市场化转型下的可再生能源投资政策

本研究通过对2489条政策文本的关键词分析，构建了可再生能源市场化转型指数，以评估中国30个省份（2011-2021年）政策向市场化机制的转变。然后，运用多重计量模型探讨了可再生能源政策市场化转型对可再生能源投资的影响。分析表明，MTREP的实施总体上显著抑制了可再生能源投资，尽管存在重要的细微差别。观察到的抑制主要来自补贴退出，而市场导向的贸易机制没有统计学上显著的负面影响。这种抑制效应表现出明显的空间和技术异质性：它集中在电力需求低的地区，而MTREP减少了资源稀缺地区的风电投资，反过来又刺激了太阳能光伏发电的发展。在可再生能源发展水平较高时，MTREP的抑制作用减弱。从地理上看，市场化的好处越来越集中在中国东部和中部，以及新疆省。从时间上看，政策影响的演变经历了三个不同的阶段——最初的刺激效应让位于投资抑制，然后达到两种效应并存的时期。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文求助全文

来源期刊

Energy Policy 管理科学-环境科学

CiteScore

17.30

自引率

5.60%

发文量

540

审稿时长

7.9 months

期刊介绍： Energy policy is the manner in which a given entity (often governmental) has decided to address issues of energy development including energy conversion, distribution and use as well as reduction of greenhouse gas emissions in order to contribute to climate change mitigation. The attributes of energy policy may include legislation, international treaties, incentives to investment, guidelines for energy conservation, taxation and other public policy techniques. Energy policy is closely related to climate change policy because totalled worldwide the energy sector emits more greenhouse gas than other sectors.