- Title
- Crowdfunding and renewable energy development: What does the data say?
- Creator
- Appiah‐Otoo, Isaac; Song, Na; Acheampong, Alex O.; Yao, Xingyuan
- Relation
- International Journal of Energy Research Vol. 46, Issue 2, p. 1837-1852
- Publisher Link
- http://dx.doi.org/10.1002/er.7301
- Publisher
- John Wiley & Sons
- Resource Type
- journal article
- Date
- 2022
- Description
- For the first time, this paper investigates the relationship between crowdfunding and renewable energy generation for a panel of 32 countries from 2013 to 2018. Applying the instrumental variable generalised method of moment, this study indicated that crowdfunding has a significant positive effect on renewable energy generation. Notably, 1% increase in crowdfunding raises renewable energy generation by 0.35%. Specifically, we also found that crowdfunding spurs the generation of solar energy (0.45%), wind energy (0.37%), and other renewable energy (0.30%) while having a neutral effect on hydroelectricity generation. The findings from the causality analysis showed that there is bi-directional causality between crowdfunding and renewable energy generation. Country-specific analysis indicated that China has the highest effect of crowdfunding on renewable energy generation, while the United Arab Emirates has the lowest effect. These findings suggest that policymakers need to advance crowdfunding development by promoting favourable regulations, social capital (trust), and internet infrastructure investment. Policies that advance renewable energy generation, such as subsidies, feed-in-tariffs, and technology procurement, are also recommended.
- Subject
- crowdfunding; panel data; renewable energy; solar energy; SDG 7; SDG 9; SDG 13; Sustainable Development Goals
- Identifier
- http://hdl.handle.net/1959.13/1473966
- Identifier
- uon:49164
- Identifier
- ISSN:0363-907X
- Language
- eng
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Goal 7: Ensure access to affordable, reliable, sustainable and modern energy
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