How much does financial development contribute to renewable energy growth and upgrading of energy structure in China?

Developing renewable energy sector and upgrading energy structure have strategically important role in China's commitments against climate changes. Policymakers and authorities have put forward great efforts to make them happen. But one of the key constraints of China's energy revolution i...

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Vydáno v:Energy policy Ročník 128; s. 114 - 124
Hlavní autoři: Ji, Qiang, Zhang, Dayong
Médium: Journal Article
Jazyk:angličtina
Vydáno: Kidlington Elsevier Ltd 01.05.2019
Elsevier Science Ltd
Témata:
Alternative energy
alternative energy industry
Capital
Capital markets
China
Climate change
Comparative analysis
Economic development
Economic models
Energy
Energy development
Energy industry
Energy policy
Energy revolution
Energy structure
European Union
Financial development
Foreign investment
International financing
Investments
markets
Policy making
Renewable energy
Renewable energy growth
renewable energy sources
Renewable resources
Time series
time series analysis
United States
China
United States
Renewable energy growth
Energy structure
Energy revolution
Financial development
ISSN:0301-4215, 1873-6777
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Shrnutí:Developing renewable energy sector and upgrading energy structure have strategically important role in China's commitments against climate changes. Policymakers and authorities have put forward great efforts to make them happen. But one of the key constraints of China's energy revolution is financial issues, which is inevitably linking to the country's financial development. It is of great importance to understand how much financial development contributes to the renewable energy development in China, and more importantly what aspects of financial development matter. Through a time series analysis based on macro-level data, this paper provides clear evidence that financial development is critically important and contributes an overall of 42.42% to the variation of renewable energy growth. Specifically, we are able to demonstrate that capital market is the most important factor, followed by foreign investment. A simple comparison to the EU and the US cases indicates that the EU path is more relevant and should be studied more carefully by the Chinese policymakers. •Effective policies are needed for upgrading energy structure to cope with climate changes.•Financial sector is critically important for China to development renewable energy.•Capital market has the most important impact followed by foreign investment.•The EU development path is more relevant to the energy revolution in China.
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ISSN:0301-4215
1873-6777
DOI:10.1016/j.enpol.2018.12.047