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ID:
125443
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| Publication |
2013.
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| Summary/Abstract |
In this paper, we discuss the implications of financing constraints for future energy and climate scenarios. Aspirations to improve energy access and electrification rates in developing countries, while simultaneously reducing greenhouse gas emissions, can be seriously hindered by the availability of low-cost capital for the necessary investments. We first provide a brief description of the theoretical foundations for financing constraints in the energy sector. Then, using a broad range of alternate assumptions we introduce capital supply curves to an energy system model for Sub-Saharan Africa, with a specific focus on the power sector. Our results portray the effect of capital cost on technology selection in electricity generation, specifically how limited capital supply decreases investments to capital-intensive zero-emission technologies. As a direct consequence, the emission price required to meet given emission targets is considerably increased when compared to case that disregards the capital constraints. Finally, we discuss possible policy instruments for resolving the constraints.
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| 2 |
ID:
168335
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| Summary/Abstract |
This article investigates the influences of credit policy and financial constraints on tangible and research & development (R&D) investments from China's firm-level renewable energy industry using dynamic panel generalized moments of method (GMM) analysis. China's renewable energy industry has exuberant tangible investments, and its annual R&D investments are increasing. The empirical results demonstrate that firm-specific features, credit policy and financial constraints have significant impacts on the tangible and R&D investments in the renewable energy industry. Greater commercial bank credits, richer liquid assets, higher returns on assets and better investment opportunities may promote renewable energy firms' tangible investments, while more long-run debts and higher bank dependence may reduce their tangible investments. Larger firm sizes, more short-run debts, higher liability leverages, richer liquid assets and greater bank dependence may increase renewable energy firms' R&D investments, while more long-run debt and greater commercial bank credits may decrease their R&D investments according to the results of the study.
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