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Assessing the Impact of Renewable Energy Policies on Decarbonization in Developing Countries

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  • Galeazzi,Clara
  • Steinbuks,Jevgenijs
  • Anadón,Laura Diaz

Abstract

This study offers the first consistent attempt to identify how energy sectordecarbonization policies have affected the energy mix over the past four decades across more than 100 developingcountries. It applies systematic regression analysis to five energy sector decarbonization outcomes and more than 75policy instruments aggregated into seven policy packages. Combining instrumental variables with country interactionsand country and time fixed effects in regional panels helps address potential endogeneity issues. Only a handful ofenergy policy packages significantly affect the decarbonization of developing countries' energy mix,and the packages more often achieve a negligible or opposite result than intended three years after implementation.Policies that address counterparty risk have the highest immediate effects. Effects of renewable policies on variousdecarbonization outcomes improve slightly five and seven years after their implementation.

Suggested Citation

  • Galeazzi,Clara & Steinbuks,Jevgenijs & Anadón,Laura Diaz, 2023. "Assessing the Impact of Renewable Energy Policies on Decarbonization in Developing Countries," Policy Research Working Paper Series 10329, The World Bank.
    • Handle: RePEc:wbk:wbrwps:10329
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