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"Clean energy investment China."
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China as a global clean energy champion : lifting the veil
\"This book considers China's role as a rising champion of clean energy and document the policy decisions and actions which have underpinned this evolution. It considers the construction of the world's largest fleets of advanced coal-fired power stations, wind farms and solar photovoltaic arrays, examines sustained efforts to reduce national GDP intensities of energy and CO2 emissions, and assesses the rhetoric of government announcements on national policy and international commitments, including the Thirteenth Five-year Plan for Energy (2016-2020). The book notably considers the factors that have supported these achievements, including the availability of large amounts of capital, the role of state-owned companies with soft budgetary constraints, and many forms of indirect support from local governments. It also explores the obstacles to reaching the formal goals of reducing air pollution and CO2 emissions as well as the costs and unintended consequences of these policies, and identifies those parts of the energy supply chain where the governance of energy has been less effective in terms of energy efficiency and environmental protection.\"-- Provided by publisher.
Book
Clean energy investment and financial development as determinants of environment and sustainable economic growth: evidence from China
Environmental sustainability has become one of the most common phrases in discussions about climate change. This study examines the impact of clean energy investment and financial development on environmental sustainability and China’s economic growth, using manufacturing value-added and urbanization as moderator variables from 1970 to 2016. We used advanced econometric methodologies for empirical estimations, used structural break unit root tests, fully modified least square, dynamic least square, and robust least square multiple regressions for long-run estimates. Overall, the results determine that clean energy investment is negatively associated with CO
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emissions and ecological footprint while positively associated with China’s economic growth. Financial development, manufacturing value-added, and urbanization are positively associated with CO
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emissions, ecological footprint, and China’s economic growth. Moreover, clean energy investment improves environmental sustainability at the expense of economic growth. Financial development, manufacturing value-added, and urbanization encourage economic growth at the expense of environmental sustainability. We argued that the local governments play a critical role in lifting the outstanding barriers to cleaner energy investment, addressing disincentives, including pricing carbon dioxide emissions, reforming inefficient nonrenewable fossil fuel subsidies, and addressing regulatory and market rigidities that can undesirably affect the attractiveness of clean energy investment. Policymakers are suggested to encourage green finance strategy for the financial sector to broader sustainable development objectives. At the heart of green manufacturing, industrialization policies are needed to integrate diverse intentions, like inclusive growth, environmental protection, and productivity through a wider range of economic, social, and environmental policy frameworks suitable for decoupling growth from social and environmental unsustainability.
Journal Article
Energy efficiency finance : assessing the impact of IFC's China Utility-Based Energy Efficiency Finance Program
This evaluation assesses the performance of IFCs energy efficiency finance program in China aimed at stimulating energy efficiency investments through bank guarantees and technical assistance. The difference made by the program is traced along the chain of interventions: (i) at the level of banks, the program is narrowly based on one of the two partner banks, which, with the help of the program, expanded its energy efficiency lending as a new business line; (ii) at the level of energy management companies, the programs technical assistance improved the program participants access to finance; and (iii) at the end-user level, it promoted the use of energy efficiency investments that achieved reduction of greenhouse gas emissions. The utilization of IFCs program has been rapid compared with other similar programs. The energy efficiency investments supported by the program have reduced greenhouse gas emissions by 14 million CO2 tons per year, slightly in excess of the target set at the beginning of the program. However, there is only a weak differentiation in behavior surrounding energy efficiency investment between end users supported by the program and other similar companies that were not. It is important to note that the performance of the program was heavily influenced by the governments policy actions and the earlier efforts of other players: The Chinese government and other players such as the World Bank. The CHUEE program, relying mainly on commercial funding through IFCs guarantees, builds on these efforts.
eBook
Towards a green economic policy framework in China: role of green investment in fostering clean energy consumption and environmental sustainability
Recently, China has relished rapid green investment, and its influence on clean energy consumption and environment is substantial. Therefore, this study scrutinizes the effects of green investment on clean energy consumption and CO2 emissions in China by using autoregressive distributed lag model (ARDL) approach over time from 1998 to 2019. The results show that green investment tends to have a positive effect on clean energy consumption in China in the long run. The outcomes of study also show that green investment also tends to have a negative effect on CO2 emissions in China, but it has a small effect on carbon emissions in magnitude in the long run. Importantly, possible channels revealed green investment encouraging consumers and producers to consume clean energy, thereby positively affecting the environmental quality in China. Other control variables’ findings show that environmental tax and financial development have increased the environmental quality by decreasing the CO2 emissions. Based on the findings, it recommends that green investment is considered necessary for encouraging clean energy consumption to reduce carbon emissions in high pollutant economies.
Journal Article
Green bond as a new determinant of sustainable green financing, energy efficiency investment, and economic growth: a global perspective
The purpose of the study is to test the role of green bond financing on energy efficiency investment and economic growth. To achieve the study objective, fuzzy decision-making modeling technique is applied. The results revealed that bank loans are now the main source of financing for energy efficiency projects. Project-based financing might be replaced with Energy Performance Contracts (EPC) warranting energy efficiency investment. Moreover, green banks invest both public and private funds in energy efficiency promoting economic growth. The usage of green bonds for financing environmentally beneficial projects or companies is limitless. Providing for screening energy efficiency investment proposals with small payback hurdle rates might have large opportunity costs. Green bonds can be used to remove the financing barriers for green finance and sustainability tool. On this, study provides policy implications to key stakeholders; if suggested policy suggestions implemented successfully, these would help to enhance scope of green bond financing to uplift energy efficiency financing and green growth successfully.
Journal Article
Green Credit, Financial Constraint, and Capital Investment: Evidence from China’s Energy-intensive Enterprises
The green credit policy is an important green financial tool that can achieve the win–win scenario with economic development and environmental protection through the reasonable allocation of credit resources. Using the green credit guidelines (GCGs) in China as a quasi-natural experiment, this study explored the impacts of the green credit policy on the capital investment of energy-intensive enterprises in a difference-in-differences framework and established the mediation effect model to analyze the mechanisms. The empirical results showed that the capital investment of energy-intensive enterprises was significantly reduced after the promulgation of the GCGs. Considering the intermediary paths along with the green credit policy on energy-intensive investment through financial constraints, the total bank loans and long-term bank loans played partial intermediary roles, whereas the short-term bank loans as mediator variable showed no significant intermediary effect. The findings of this study illustrated that the green credit policy has been well implemented and promoted in China. It inhibited energy-intensive investment, which is of great significance to improving the efficiency of resource utilization and promoting green and low-carbon development.
Journal Article
Fintech, green imports, technology, and FDI inflow: their role in CO2 emissions reduction and the path to COP26: a comparative analysis of China
This study uses a nonlinear autoregressive distributed lag (NARDL) model to investigate the relationships between CO2 emissions, green energy imports, foreign direct investment (FDI) inflow, and financial technology (fintech) in China. It examines both short- and long-term asymmetries, reflecting the positive and negative effects of variables of interest on CO2 emissions. The results indicate that increasing fintech and green energy imports will decrease environmental pollution, as fintech and green technology negatively affect CO2 emissions in a positive shock and have positive effects in a negative shock. We also found that imports negatively affected CO2 emissions in the context of green energy imports. However, FDI inflows have conflicting outcomes, being positively beneficial during positive shocks and adversely significant during negative shocks. Moreover, green energy imports led to a considerable increase in CO2 emissions during negative shocks. These findings highlight the importance of considering economic factors when developing environmental regulations. Policy recommendations for COP26 include fostering sustainable fintech innovation, investing in green technology research, bolstering renewable energy imports, and improving climate legislation to build a greener and more sustainable future for China.
Journal Article
A study of energy investment and environmental sustainability nexus in China: a bootstrap replications analysis
Environmental sustainability is increasing emphasis on global environmental concerns at the forefront of public policy debate. This paper investigates the relationship between energy investments and environmental sustainability in China from 1980 to 2018 while considering the moderating effect of international trade and economic growth under the environment Kuznets curve (EKC) framework. We apply advanced econometric modeling for empirical analysis. Our findings show that energy investment and economic growth are positive, while international trade is negatively associated with ecological footprints. Moreover, economic growth and energy investment deteriorate, while international trade improves environmental sustainability. This empirical evidence suggests the improvements in cleaner energy infrastructure with the participation of the private sector to promote clean energy investment. We argue that policymakers should ensure environmental provisions in the regional and bilateral trade agreements to harmonize the environmental regulations, and develop crucial trade and ecological policy indicators to monitor policy consistency.
Journal Article
Nexus between Green Investment, Fiscal Policy, Environmental Tax, Energy Price, Natural Resources, and Clean Energy—A Step towards Sustainable Development by Fostering Clean Energy Inclusion
This study aims to examine the relationship between green investment (GI), fiscal policy (FP), environmental tax (ET), energy price (EP), natural resource rent (NRR), and the consumption of clean energy (CE) to promote sustainable development in Cambodia for the period 1990–2021. The study implemented linear and nonlinear frameworks to document explanatory variables’ potential effects on clean energy consumption in the long and short run. The research findings demonstrate a robust and favorable connection between GI, FP, ET and CE, both in the long term and short term. An augmentation in GI results in the establishment of sustainable growth in the utilization of renewable energy, thereby underscoring the significance of green initiatives in advancing clean energy technologies. Fiscal policies, encompassing tax incentives and subsidies, exert a substantial and enduring influence on expanding renewable energy sources. Implementing environmental taxes catalyzes the demand for clean energy, significantly preserving the environment and promoting sustainable energy practices. Furthermore, the study illuminates the inverse correlation between oil prices and REC. Adopting renewable energy sources may face obstacles in the form of elevated oil prices, as conventional energy sources maintain a cost advantage. On the contrary, decreased oil prices and natural resource rent incentivize transitioning towards using clean energy. Countries that heavily depend on the export of natural resources may display a reduced inclination to invest in renewable energy, commonly called the “resource curse” phenomenon. This study provides valuable insights into the intricate interplay of multiple factors that influence renewable energy consumption and contribute to sustainable development. Policymakers, businesses, and researchers can employ these findings to develop productive strategies that advance the inclusion of clean energy, tackle potential challenges, and cultivate a more environmentally friendly and sustainable future.
Journal Article
The Achievement of Multiple Nationally Determined Contribution Goals and Regional Economic Development in China
In this paper, we develop a multiregional dynamic computable general equilibrium model, in which the technical details of the power sector are enriched by endogenizing nonfossil energy technological change. We then examine the impact of China’s carbon peaking and energy transition goals in 2030 on regional economic development. The results show that the carbon pricing policy will have a negative impact on the economy and aggravate the regional economic imbalance but will be conducive to total energy control. The targeted power investment policy promotes economic development and alleviates the regional economic imbalance; further, clean power investment also provides incentives for developing nonfossil energy technologies. It seems to be natural to achieve the carbon peaking and carbon intensity goals in 2030, whereas it will be more challenging to realize the total energy control and clean energy development goals. Targeted power investment adjusting combined with flexible carbon pricing does well in reconciling the attainment of multiple policy goals and the balance of reginal economic development.
Journal Article