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Political Science > Environmental Policy

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Cover IMF Working Papers
Environmental Policies and Innovation in Renewable Energy
Luca Bettarelli, Davide Furceri, Pietro Pizzuto, and Nadia Shakoor
This paper investigates the effect of Climate Change Policies (CCPs) on green innovation, for a sample of 40 advanced and emerging market economies and 5 economic sectors, during the period 2000-2021. Our results suggest that CCPs increase green patents, with the effect increasing gradually over time. The effect is larger for non-market-based policies—such as R&D subsidies—and technology-support instruments, in countries with greater competitiveness and during periods of stronger economic activity—that is, higher GDP growth, lower uncertainty and financial stress. The results based on a difference-in-differences approach suggest that the positive effect of stricter CCPs on green innovation is stronger in sectors with limited financial constraints.
Keywords:
green patents; climate change policy; diff-in-diff approach; innovation; effect of Climate Change Policies; CCPS increase; innovation in renewable energy; technology-support instrument; technology-support policy; Environmental policy; Renewable energy; Climate policy; Competition; Climate change; Global