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Toward sustainable development: Does the rising oil price stimulate innovation in climate change mitigation technologies?

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  • Wang, Jun-Zhuo
  • Feng, Gen-Fu
  • Yin, Hua-Tang
  • Chang, Chun-Ping

Abstract

Existing research concerning determinants of climate change mitigation technology (CCMT) development mainly focuses on the role of climate policy, environmental awareness, or R&D intensity. What has been rarely noticed is that the oil price, as an indication of primary energy costs, can make countries with high energy intensity lean toward renewable energy consumption and invest more in the innovation activities of CCMT. Employing a panel investigation of 30 economies from 1990 to 2019, We find strong evidence that rising oil prices promote CCMT performance. The positive effect of increased oil prices on CCMT is imposed by lowering energy intensity, increasing renewable energy consumption, and promoting energy-technology R&D. Such an impact is more pronounced for CCMT related to energy generation and efficiency, greenhouse gas emissions, and transportation. To obtain more concrete policy implications, we also explore heterogeneities of this promoting effect across different levels of economic development and oil dependence.

Suggested Citation

  • Wang, Jun-Zhuo & Feng, Gen-Fu & Yin, Hua-Tang & Chang, Chun-Ping, 2023. "Toward sustainable development: Does the rising oil price stimulate innovation in climate change mitigation technologies?," Economic Analysis and Policy, Elsevier, vol. 79(C), pages 569-583.
    • Handle: RePEc:eee:ecanpo:v:79:y:2023:i:c:p:569-583
    DOI: 10.1016/j.eap.2023.06.034
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    Keywords

    Oil prices; Climate change mitigation technology; Green innovation;
    All these keywords.

    JEL classification:

    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
    • Q40 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - General
    • Q55 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Technological Innovation

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