Exploring citizens' decision to crowdfund renewable energy projects: Quantitative evidence from France

Bourcet, Clémence; Bovari, Emmanuel

doi:10.1016/j.eneco.2020.104754

Cited by 46 publications

(16 citation statements)

References 31 publications

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“…Some studies have examined the effect of the stock market and banking institutions on RE, 23,24 while others have explored citizens' motivations to crowdfund renewable energy 12,25 . However, our study is distinct and contributes to the emerging literature on crowdfunding and REG in the following ways.…”

Section: Introductionmentioning

confidence: 88%

Crowdfunding and renewable energy development: What does the data say?

Appiah-Otoo

Song

Acheampong

et al. 2021

Intl J of Energy Research

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Summary For the first time, this paper investigates the relationship between crowdfunding and renewable energy generation for a panel of 32 countries from 2013 to 2018. Applying the instrumental variable generalised method of moment, this study indicated that crowdfunding has a significant positive effect on renewable energy generation. Notably, 1% increase in crowdfunding raises renewable energy generation by 0.35%. Specifically, we also found that crowdfunding spurs the generation of solar energy (0.45%), wind energy (0.37%), and other renewable energy (0.30%) while having a neutral effect on hydroelectricity generation. The findings from the causality analysis showed that there is bi‐directional causality between crowdfunding and renewable energy generation. Country‐specific analysis indicated that China has the highest effect of crowdfunding on renewable energy generation, while the United Arab Emirates has the lowest effect. These findings suggest that policymakers need to advance crowdfunding development by promoting favourable regulations, social capital (trust), and internet infrastructure investment. Policies that advance renewable energy generation, such as subsidies, feed‐in‐tariffs, and technology procurement, are also recommended. Highlights Examines the effect of crowdfunding on renewable energy generation. Use a panel of 32 countries from 2013 to 2018. Crowdfunding drives renewable energy generation. There exists bi‐directional causality between crowdfunding and renewable energy generation. China has the highest effect of crowdfunding on renewable energy generation. NOVELTY STATEMENT This study has, for the first time, measured the contributions of crowdfunding to renewable energy generation. The study has also demonstrated that there exists bi‐directional causality between crowdfunding and renewable energy generation. Finally, this study has shown that China has the highest effect of crowdfunding on renewable energy generation.

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Section: Introductionmentioning

confidence: 88%

Crowdfunding and renewable energy development: What does the data say?

Appiah-Otoo

Song

Acheampong

et al. 2021

Intl J of Energy Research

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“…The positive effect of green finance on the investment of renewable energy has long been confirmed, especially for the wind energy ( Hafner et al, 2020 ) and biomass energy ( Falcone and Sica, 2019 ). Specifically, the green finance policies could accelerate the substitution of traditional energy with renewable energy by providing direct or indirect economic incentives, and lower the overall cost of the renewable energy power ( He et al, 2019 ; Hafner et al, 2020 ; Bourcet and Bovari, 2020 ).…”

Section: Literature Reviewmentioning

confidence: 99%

Using green finance to counteract the adverse effects of COVID-19 pandemic on renewable energy investment-The case of offshore wind power in China

Liu

et al. 2021

Energy Policy

118

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The outbreak of COVID-19 pandemic has increased the production costs of renewable energy facilities and undermines the profitability of renewable energy investment. Green finance polices, e.g. carbon pricing, tradable green certificate (TGC) and green credit, can provide low-cost finances and counteract the adverse effects of COVID-19 pandemic. In this work, the generation costs of offshore wind power before and after the COVID-19 pandemic in China are analyzed using the data of 97 offshore wind power projects implemented in the period of 2014–2020, and the effect of green finance policy on the generation cost and the project profitability are evaluated. The results show that the average levelized cost of electricity (LCOE) of offshore wind power decreased from 0.86 CNY/kWh in 2014 to 0.72 CNY/kWh in 2019, while it increased to 0.79 CNY/kWh in 2020, i.e. 10.85% increase relative to that in 2019. With the average carbon price of 50 CNY/t CO 2 , the average TGC price of 170 CNY and the green-credit policy being introduced, the average LCOE decreases to 0.76 CNY/kWh, 0.67 CNY/kWh and 0.74 CNY/kWh respectively. The green finance policy mix is still necessary to support the offshore wind power investment during the Covid-19 pandemic.

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“…The study conducted by Bergmann et al (2016) in Europe has a similar finding where the impacts of transparency and sustainability are the most significant factors the respondents consider for investment decisions in renewable energy projects. Bourcet and Bovari (2018) have similar findings, where their respondents also choose transparency and durability of the project as the important factors. Interestingly, only half (48.6%) considered finance as an important factor.…”

Section: Analysis Of Data and Discussion Of Resultsmentioning

confidence: 52%

“…Interestingly, only half (48.6%) considered finance as an important factor. This result is supported by Bourcet and Bovari (2018) who claim that supporters tend to support green projects due to their pro-environmental behaviors instead of solely because of financial prospects.…”

Section: Analysis Of Data and Discussion Of Resultsmentioning

confidence: 78%

“…The reputation and social capital, but not the financial characteristics, are found to have highly significant relationships with the success of the campaign. Bourcet and Bovari (2018) find that the three most important factors that respondents in France consider when deciding to crowdfund renewable energy projects are transparency, the durability of the project and the perceived risk. Their study highlights that supporters of crowdfunding for green projects tend to support the project due to their pro-environmental behaviors instead of solely because of financial prospects (Bourcet and Bovari, 2018).…”

Section: Literature Review and Hypothesis Formulationmentioning

confidence: 99%

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Crowdfunding green projects in Brunei: awareness and investing preferences

Wasiuzzaman

Pungut

Don

2021

MEQ

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PurposeThe objectives of this study are to determine the level of awareness of crowdfunding and green projects among Bruneians, to investigate the preference of Bruneians regarding funding through crowdfunding as well as to evaluate the willingness of Bruneians to use crowdfunding as a funding alternative for green projects in Brunei. In addition to that, this study aims to identify the effects of environmental awareness and environmental concern on the willingness to crowdfund green projects.Design/methodology/approachA total of 177 responses from an online questionnaire distributed via convenience and snowball sampling was used for data analysis. Frequency, descriptive, correlation and regression analyses are used to achieve the aims of this study.FindingsThe study finds that the awareness of the concepts of crowdfunding and green project is high among Bruneians, but the level of their familiarity of crowdfunding platforms and climate change issues is very low. Regression analysis carried out to test the effects of awareness and concern on willingness indicates that while environmental concern has a significant positive effect on the willingness to support crowdfunded green projects, environmental awareness is insignificant.Originality/valueThe study highlights that government policy should be aimed at not just increasing awareness but at increasing the knowledge of the impacts of climate change issue that will raise concern and improve participation of residents in green projects. The study focuses on a rarely studied population, the people of Brunei.

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Exploring citizens' decision to crowdfund renewable energy projects: Quantitative evidence from France

Cited by 46 publications

References 31 publications

Crowdfunding and renewable energy development: What does the data say?

Crowdfunding and renewable energy development: What does the data say?

Using green finance to counteract the adverse effects of COVID-19 pandemic on renewable energy investment-The case of offshore wind power in China

Crowdfunding green projects in Brunei: awareness and investing preferences

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