气候变化领域集成服务门户(CCPortal): The impact of subsidy retraction on European renewable energy investments

CCPortal

DOI	10.1016/j.enpol.2021.112675
	The impact of subsidy retraction on European renewable energy investments
	Sendstad L.H.; Hagspiel V.; Mikkelsen W.J.; Ravndal R.; Tveitstøl M.
发表日期	2022
ISSN	0301-4215
卷号	160
英文摘要	Over the past few decades, renewable energy has received considerable public support through subsidies. However, its reliance on governments inherently induces policy uncertainty through the possibility of retroactive policy changes, i.e., ex post subsidy adjustments, which, in turn, impact private investors’ appetite for renewable energy investments. We empirically investigate the effect of retroactive policy changes on investment decisions by considering common support mechanisms in the EU for the period 2000–2017. To quantify the impact, we estimate a regression model utilizing a difference-in-difference approach, which allows us to identify the impact stemming from retroactive policy changes. The results show that a retroactive subsidy change decreases the investment rate by approximately 45% for PV and 16% for onshore wind. Hence, our results indicate that once the seed of mistrust is sown, it is likely to have a lasting impact. Consequently, our results suggest that a stable policy environment with credible policy commitments is crucial for incentivizing investments made by private firms. We find that that sudden unexpected policy changes deter further investment activity in affected countries suggesting that a stable policy environment is crucial to incentivize investments by private firms. This effect was greater for solar investments than onshore wind. © 2021 The Authors
英文关键词	Investment under uncertainty; Photovoltaic; Policy uncertainty; Renewable energy; Wind
语种	英语
scopus关键词	Regression analysis; A-stable; Investment under uncertainty; Onshore winds; Photovoltaics; Policy changes; Policy uncertainty; Public support; Renewable energies; Renewable energy investments; Uncertainty; Investments; alternative energy; energy policy; European Union; investment; photovoltaic system; policy analysis; subsidy system; wind power
来源期刊	Energy Policy
文献类型	期刊论文
条目标识符	http://gcip.llas.ac.cn/handle/2XKMVOVA/256449
作者单位	Department of Industrial Economics & Technology Management, Norwegian University of Science & Technology, Trondheim, 7491, Norway
推荐引用方式 GB/T 7714	Sendstad L.H.,Hagspiel V.,Mikkelsen W.J.,et al. The impact of subsidy retraction on European renewable energy investments[J],2022,160.
APA	Sendstad L.H.,Hagspiel V.,Mikkelsen W.J.,Ravndal R.,&Tveitstøl M..(2022).The impact of subsidy retraction on European renewable energy investments.Energy Policy,160.
MLA	Sendstad L.H.,et al."The impact of subsidy retraction on European renewable energy investments".Energy Policy 160(2022).