Journal
RENEWABLE & SUSTAINABLE ENERGY REVIEWS
Volume 77, Issue -, Pages 525-535Publisher
PERGAMON-ELSEVIER SCIENCE LTD
DOI: 10.1016/j.rser.2017.04.007
Keywords
Barriers to low-carbon innovation; Private financing instruments; Government policy
Funding
- German Federal Ministry of Education and Research (BMBF) as part of Climate Change, Financial Markets and Innovation (CFI) [01XX0801A]
- strategic theme 'Institutions for Open Societies' of Utrecht University
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This paper analyses the field of innovation studies regarding barriers to low-carbon innovation and consequences for finance (investment and divestment) and contributes to a more holistic understanding of the underlying mechanisms. A combination of technological barriers combined with economic barriers, institutional and political barriers contribute to sub-optimal low-carbon investment all along the innovation cycle. Policy makers need to take a systemic approach to enable the redirection of diverse private financial sources. Instruments range from cutting 'dirty' (R&D) subsidies and support for clean technology innovation and diffusion, levelling the institutional playing field and making risks of high-carbon and low-carbon technologies transparent to providing a consistent but adaptive long-term transition strategy. This would allow financiers to gradually shift their investments away from high-carbon mainstream markets and scale low-carbon technology niche-markets. However financiers also need to sharpen their competencies with regard to new clean technologies and markets.
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