Mechanisms blocking the dynamics of the European offshore wind energy innovation system – Challenges for policy intervention

Jacobsson, Staffan; Karltorp, Kersti

doi:10.1016/j.enpol.2013.08.077

Cited by 94 publications

(66 citation statements)

References 25 publications

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“…In the technological innovation systems framework (Markard & Truffer, 2008), mobilization of resources (including financial) is a key process. Jacobsson and Karltorp's (2013) investigation of onshore wind provides a useful example of the utility of paying more attention to the realities of energy transitions finance. However, more work needs to be done to understand how the features of capital markets influence system transitions and energy/climate policy.…”

Section: Third Domain: (Co)evolutionary Structural Changementioning

confidence: 99%

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Investing in low-carbon transitions: energy finance as an adaptive market

2015

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The amount of capital required to transition energy systems to low-carbon futures is very large, yet analysis of energy systems change has been curiously quiet on the role of capital markets in financing energy transitions. This is surprising given the huge role finance and investment must play in facilitating transformative change. We argue this has been due to a lack of suitable theory to supplant neoclassical notions of capital markets and innovation finance. This research draws on the notion from Planetary economics: Energy, climate change and the three domains of sustainable development, by Grubb and colleagues, that planetary economics is defined by three 'domains', which describe behavioural, neoclassical, and evolutionary aspects of energy and climate policy analysis. We identify first-and second-domain theories of finance that are well established, but argue that third-domain approaches, relating to evolutionary systems change, have lacked a compatible theory of capital markets. Based on an analysis of electricity market reform and renewable energy finance in the UK, the 'adaptive market hypothesis' is presented as a suitable framework with which to analyse energy systems finance. Armed with an understanding of financial markets as adaptive, scholars and policy makers can ask new questions about the role of capital markets in energy systems transitions. Policy relevanceThis article explores the role of financial markets in capitalising low-carbon energy systems and long-term change. The authors demonstrate that much energy and climate policy assumes financial markets are efficient, meaning they will reliably capitalise low-carbon transitions if a rational return is created by subsidy regimes or other market mechanisms. The authors show that the market for renewable energy finance does not conform to the efficient markets hypothesis, and is more in line with an 'adaptive' markets understanding. Climate and energy policy makers that design policy, strategy, and regulation on the assumption of efficient financial markets will not pay attention to structural and behavioural constraints on investment; they risk falling short of the investment levels needed for long-term systems change. In short, by thinking of financial markets as adaptive, the range of policy responses to enable low-carbon investment can be much broader.

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Section: Third Domain: (Co)evolutionary Structural Changementioning

confidence: 99%

“…Three narratives were identified from the primary sample and secondary sources (see also Jacobsson & Karltorp, 2013):…”

Section: Constrained Capital Availabilitymentioning

confidence: 99%

Investing in low-carbon transitions: energy finance as an adaptive market

2015

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“…In the field of transition studies, TIS contributes with an analytical framework for understanding the complex nature of the emergence and growth of new industries and a focus on analyzing obstacles to this process (labelled blocking mechanisms, system weaknesses or systemic problems). The framework also contributes to the subsequent translation of obstacles into intervention and policy strategies, which has led to concepts such as systemic instruments and policy mixes (Alkemade et al, 2011;Jacobsson and Karltorp, 2013;Smits et al, 2010;Weber and Rohracher, 2012;Wieczorek and Hekkert, 2012).…”

Section: Introductionmentioning

confidence: 99%

Technological innovation systems in contexts: Conceptualizing contextual structures and interaction dynamics

Bergek

Hekkert

Jacobsson

et al. 2015

Environmental Innovation and Societal Transitions

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468

348

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This paper addresses interactions between technological innovation systems (TIS) and wider "context structures". While TIS studies have always considered various kinds of contextual influences, we suggest that the TIS framework can be further strengthened by a more elaborated conceptualization of TIS context structures and TIS-context interactions. For that purpose, we identify and discuss four especially important types of context structures: technological, sectoral, geographical and political. For each of these, we provide examples of different ways in which context structures can interact with a focal TIS and how our understanding of TIS dynamics is enhanced by considering them explicitly. Lessons for analysts are given and a research agenda is outlined.

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“…Although the offshore wind sector does not represent simple diversification from onshore wind (Jacobsson and Karltorp 2013), the countries with the strong onshore wind industry and the secured legitimization of wind technology (Germany and Denmark) have also been among the leaders in the domestic offshore market and industrial competitiveness. Somewhat surprisingly, the UK has emerged recently as the most dynamic offshore wind market.…”

Section: Discussionmentioning

confidence: 99%

The Political Economy of Clean Energy Transitions

Arndt¹,

Miller²,

Tarp³

et al. 2017

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Links to third party websites are provided by Oxford in good faith and for information only. Oxford disclaims any responsibility for the materials contained in any third party website referenced in this work. Terms of use: Documents inIt is permitted to reuse, share and adapt this work, subject to the following terms:Attribution -appropriate credit is given to the original work, the copyright holder and creator, and any changes made to the work are properly indicated.Non-Commercial -the work, or any adaptation of the work, may not be used, distributed or reproduced in any format, by any means, for commercial purposes.Share-Alike -the work, or any adaptation of the work is distributed under the same licence terms as the original, with a URL link provided to the licence.Some rights reserved. ForewordSustainable energy transitions involve the shift of resources between competing industrial sectors and political constituencies. Stakeholders in this process have varying degrees of political and economic power, and understanding how political economic factors influence clean energy transitions is crucial to effective policy formulation and facilitating transitions to sustainable energy systems. In partnership with the Joint Institute for Strategic Energy Analysis (JISEA), UNU-WIDER gathered together a substantial group of experts from around the world-from both developed and developing countries-to launch a multidisciplinary research project seeking to contribute to our enhanced understanding of these factors. The project sought to facilitate an energy transition that will generate very large environmental and economic benefits, particularly over the long run. The beneficiaries of clean energy transitions are highly diffuse and include future generations not yet born. This book is the distilled essence of the cross-cutting academic project. I express my sincere and professional appreciation to the large group of expert authors for their dedication to the project, and to my fellow editors in helping bring together the book for readers to enjoy and absorb along with the findings and policy implications.

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Mechanisms blocking the dynamics of the European offshore wind energy innovation system – Challenges for policy intervention

Cited by 94 publications

References 25 publications

Investing in low-carbon transitions: energy finance as an adaptive market

Investing in low-carbon transitions: energy finance as an adaptive market

Technological innovation systems in contexts: Conceptualizing contextual structures and interaction dynamics

The Political Economy of Clean Energy Transitions

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