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Which renewable energy policy is a venture capitalist's best friend? Empirical evidence from a survey of international cleantech investors

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  • Bürer, Mary Jean
  • Wüstenhagen, Rolf
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    Abstract

    Governments around the world have adopted ambitious targets to increase the share of renewable energy and reduce greenhouse gas emissions. They pursue a variety of policy approaches to achieve these targets. It has been a popular theme for contributions in Energy Policy to investigate the effectiveness of such policies. This article adds a new perspective to the debate, namely looking at the policy preferences of private investors in innovative clean energy technology firms. We surveyed 60 investment professionals from European and North American venture capital and private equity funds and asked them to assess the effectiveness of various policies, in terms of stimulating their interest to invest in innovative clean energy technologies. In addition to quantitative rankings, we use qualitative interview data to capture additional information on why investors prefer some policies over others. The combined analysis compensates for the inherent limitations of a quantitative ranking using generic policy types. The results of this exploratory analysis demonstrate that, all other things being equal, investors in our sample perceived feed-in tariffs to be the most effective renewable energy policy. The overall preference for feed-in tariffs is even more pronounced among investors based in Europe and with higher exposure to clean energy.

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    Bibliographic Info

    Article provided by Elsevier in its journal Energy Policy.

    Volume (Year): 37 (2009)
    Issue (Month): 12 (December)
    Pages: 4997-5006

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    Handle: RePEc:eee:enepol:v:37:y:2009:i:12:p:4997-5006

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    Web page: http://www.elsevier.com/locate/enpol

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    Keywords: Feed-in tariffs Policy effectiveness Venture capital;

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    Cited by:
    1. Farrell, Niall & Devine, Mel & Lee, William & Gleeson, James & Lyons, Seán, 2013. "Specifying An Efficient Renewable Energy Feed-in Tariff," MPRA Paper 49777, University Library of Munich, Germany.
    2. Mani, Swaminathan & Dhingra, Tarun, 2013. "Critique of offshore wind energy policies of the UK and Germany—What are the lessons for India," Energy Policy, Elsevier, vol. 63(C), pages 900-909.
    3. Eric R. W. Knight, 2011. "Five Perspectives on an Emerging Market: Challenges with Clean Tech Private Equity," CCEP Working Papers 1110, Centre for Climate Economics & Policy, Crawford School of Public Policy, The Australian National University.
    4. Klinge Jacobsen, Henrik & Hansen, Lise-Lotte P & Schröder, Sascha T & Kitzing, Lena, 2012. "Cooperation mechanisms to achieve EU renewable targets," MPRA Paper 41400, University Library of Munich, Germany.
    5. World Bank, 2011. "Climate Change and Fiscal Policy : A Report for APEC," World Bank Other Operational Studies 2734, The World Bank.
    6. Nicholas Howarth, 2011. "Clean Energy Technology and the Role of Non-Carbon Price-Based Policy: An Evolutionary Economics Perspective," European Planning Studies, Taylor & Francis Journals, vol. 20(5), pages 871-891, October.
    7. Wen, Xiaoqian & Guo, Yanfeng & Wei, Yu & Huang, Dengshi, 2014. "How do the stock prices of new energy and fossil fuel companies correlate? Evidence from China," Energy Economics, Elsevier, vol. 41(C), pages 63-75.
    8. Sadorsky, Perry, 2012. "Correlations and volatility spillovers between oil prices and the stock prices of clean energy and technology companies," Energy Economics, Elsevier, vol. 34(1), pages 248-255.
    9. del Río, Pablo & Cerdá, Emilio, 2014. "The policy implications of the different interpretations of the cost-effectiveness of renewable electricity support," Energy Policy, Elsevier, vol. 64(C), pages 364-372.
    10. Leete, Simeon & Xu, Jingjing & Wheeler, David, 2013. "Investment barriers and incentives for marine renewable energy in the UK: An analysis of investor preferences," Energy Policy, Elsevier, vol. 60(C), pages 866-875.
    11. Nemet, Gregory F., 2010. "Robust incentives and the design of a climate change governance regime," Energy Policy, Elsevier, vol. 38(11), pages 7216-7225, November.
    12. Shrimali, Gireesh & Nelson, David & Goel, Shobhit & Konda, Charith & Kumar, Raj, 2013. "Renewable deployment in India: Financing costs and implications for policy," Energy Policy, Elsevier, vol. 62(C), pages 28-43.

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