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R&D Investments in Energy Efficiency, Economic Impact, and Emissions Abatement

In: Energy Efficiency Financing and Market-Based Instruments

Author

Listed:
  • Di Yin

    (Beijing University of Technology)

  • Youngho Chang

    (Singapore University of Social Sciences)

Abstract

Despite the small share in total energy investments, energy investments in research and development (R&D) incubate early-stage energy technology, improve energy efficiency in the manufacturing processes, and facilitate the expansion of green energy systems. This chapter distinguishes R&D investments in energy efficiency from other energy R&D investments. Our research formulates the way in which R&D investments in energy efficiency enhance energy production through efficiency knowledge accumulation. Our research explores how R&D investments in energy efficiency affect the other types of energy R&D investments, total energy R&D investments, and the share of energy R&D investments in the capital goods sector. Also, the study examines the impact of R&D investments in energy efficiency on economic welfare, economic structure, carbon taxes, energy transition, carbon emissions, and climate change. The study simulates three emissions abatement scenarios: an optimal abatement scenario, a 2 °C policy scenario, and a 1.5 °C policy scenario. Our study provides a reference level for the amount of R&D investment in energy efficiency. Policy makers may overinvest in other energy R&D investments under all abatement scenarios if they overlook R&D investments in energy efficiency. R&D investments in energy efficiency also bring considerable economic gains, however, its climate impact is not significant.

Suggested Citation

  • Di Yin & Youngho Chang, 2021. "R&D Investments in Energy Efficiency, Economic Impact, and Emissions Abatement," Economics, Law, and Institutions in Asia Pacific, in: Yang Liu & Farhad Taghizadeh-Hesary & Naoyuki Yoshino (ed.), Energy Efficiency Financing and Market-Based Instruments, chapter 0, pages 77-101, Springer.
    • Handle: RePEc:spr:eclchp:978-981-16-3599-1_4
    DOI: 10.1007/978-981-16-3599-1_4
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    More about this item

    Keywords

    R&D investments; Energy efficiency; Carbon tax; Energy substitution; Backstop technology; Benefit-cost analysis;
    All these keywords.

    JEL classification:

    • Q52 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Pollution Control Adoption and Costs; Distributional Effects; Employment Effects
    • Q55 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Technological Innovation
    • Q58 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Government Policy

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