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Energy efficiency and emissions reductions are effective initiatives to address climate change and energy security. China has increased government subsidies and intellectual property protection (IPP) intensity to promote technological innovation in the renewable energy sector. This paper selects samples of geothermal, wind, and solar energy companies and examines whether the two initiatives mentioned above can improve company innovation, and assesses their action pathways. The results reveal that: (i) government subsidies can directly facilitate renewable energy enterprises’ innovative performance, and research and development (R&D) input served as a medium; and (ii) the intensity of IPP moderation needed for geothermal and solar enterprises to utilize the government subsidy to enhance innovation. The government should consider the differences of different sub-sectors of renewable energy when increasing subsidies. Better laws and policies are needed to strengthen the protection of intellectual property rights and stimulate innovation in renewable energy enterprises.

To achieve the goals of carbon peaking by 2030 and carbon neutrality by 2060, the Chinese government must reduce fossil energy consumption, stimulate the extraction of unconventional natural gas such as shale gas, and construct a green, low-carbon cycle economic development system. This study investigates the impact of government subsidies on shale gas companies’ research and development (R&D) inputs and innovation performance from multiple perspectives, including internal and external environments and the nature of the companies. The sample consists of Chinese shale gas companies listed between 2013 and 2019. The findings were as follows. First, the investment made by shale gas firms in R&D mediates the relationship between government subsidies and firm performance in technological innovation. Second, the contribution of government subsidies to innovation performance differs in different internal and external regulatory environments. Finally, the intensity of intellectual property protection (IPP) positively moderates the direct and mediating models of government subsidies and innovation performance. Accordingly, the government should increase its contributions to the shale gas industry, improve the regulatory mechanism for donations, and strengthen the protection of intellectual property rights for the R&D of new shale gas technologies.