Abstract
The worldwide transition to renewable energy innovation and production, while promising, has been slow and uneven. An important reason is the lack of adequate financing for renewables. This paper examines how different nations’ financial markets and renewable energy policies contribute to the rates of renewable energy production and innovation. We theorize and demonstrate, using a sample of 73 countries from 1991 to 2013, the positive influence of credit market development on the transition to renewable energy production and innovation, and the complementary function of regulatory policies and credit market development on such transition. As such, we contribute to the sustainability literatures on financing renewable energies, regulatory versus market policy effects, and cross-national green development.
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