Abstract
Financing the clean energy transition is a growing field of research, yet most research on investments in clean energy has focused on the early stage, and hence on the role of public policy and private equity such as venture capital. We examine how the clean energy sector enters the stage of mainstream financing, using Finland as an empirical case. We combine data from expert interviews and secondary sources, which are analysed using the Technological Innovation Systems framework to identify the enablers and barriers of the TIS functions of the market motor. The findings show the interdependency of the various TISs of the clean energy sector especially in creating a stable market for the developing technologies. Especially the growth of investments in renewable power production is dependent on the growth of investments in electrification and the management of intermittency of power production.
Highlights
Financing the clean energy transition is a growing field of research, yet most research on investments in clean energy has focused on the early stage, and on the role of public policy and private equity such as venture capital (e.g. Bürer and Wüstenhagen, 2009; Polzin et al, 2019)
The findings show the interdependency of the various technological innovation systems (TIS) of the clean energy sector especially in creating a stable market for the developing technologies
We focus on research exploring the consequences of the cost decline in renewable energy, the treatment of resource mobi lisation in the TIS literature, as well as literature addressing the inter connectedness of different technologies within an emerging clean energy sector
Summary
Financing the clean energy transition is a growing field of research, yet most research on investments in clean energy has focused on the early stage, and on the role of public policy and private equity such as venture capital (e.g. Bürer and Wüstenhagen, 2009; Polzin et al, 2019). We ask how the various enablers of and barriers to investments in renewable energy production, electrification and storage interact in the second valley of death (Karltorp, 2016). Our research contributes to prior TIS analyses by focusing on the mobilisation of financial resources (Karltorp, 2016; Karltorp et al, 2017; Polzin et al, 2016) and exploring the case of a developed country in its efforts to pass the second valley of death. Our main objective is to find out how the enabling and hin dering of the relevant TIS functions of energy production, electrification and storages interact at the stage of market formation of TISs, i.e. the full commercialisation of the technologies.
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