Abstract
Climate change and finite energy supply issues have received substantial public attention in recent times. It has been argued that a sustainable energy supply associated with the promotion of clean energy is an important engine of growth, which calls for sound protection to reinforce investments in the renewable energy market. This paper examined the effect of intellectual property rights (IPRs) on renewable energy production using the dynamic panel generalised method of moments (GMM) technique on data from 59 sample countries. The empirical results provided strong evidence that IPRs significantly drive renewable energy production. Greater protection rights motivate renewable energy firms to increase energy production from renewable resources. Our findings further revealed that stronger protection propagates the deployment of renewable energy technologies that ultimately promote renewable energy production.
Highlights
Renewable energy is an important tool to combat global warming; as such, it has been widely argued that the rapid growth of the renewable energy sector can directly reduce emission levels
Excessive intellectual property rights (IPRs) protection mechanisms will not be a good option while the least protected may turn down the interest of renewable energy investors
Deciding the shift from fossil-fuel-based energy to renewable energy production may be difficult because most renewable energy projects require high projected up-front costs, competitive technologies, and longer payback times for return on investment
Summary
Renewable energy is an important tool to combat global warming; as such, it has been widely argued that the rapid growth of the renewable energy sector can directly reduce emission levels. IPR protection limits the imitation level of technology and eliminates the ‘free rider’ issue. This is crucial for investors in the renewable energy industry because renewable energy projects take significant amounts of time to repay their huge investment costs. It is noteworthy that the upward trend, though increasing, is increasing at a diminishing rate This raises Energies 2021, 14, x FOR PEER REVIEtWhe question of whether the slowdown in renewable energy patents poses harm toof t1h7e development of renewable energy
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