Renewable energy financing by state investment banks: Evidence from OECD countries
研究了OECD国家中，国家投资银行参与可再生能源项目融资的实际情况，发现它们更倾向高风险技术，但在成熟市场和较小项目中参与度低，对私人资本的带动作用尚不明确。
While governments increasingly employ state investment banks (SIBs) to finance renewable energy projects, whether these institutions’ actual behavior aligns with expectations remains uncertain. Here, we assess the predictors of SIB involvement in renewable energy deals in OECD countries using a fixed-effects logit model. Our results show greater SIB involvement in higher-risk technologies such as offshore wind and biomass but decreased activity once domestic markets for solar photovoltaics mature. Contrary to what the literature suggests, however, SIBs show no increased involvement in first projects using novel technology, unlike other public-sector lenders, and less involvement in smaller renewable energy deals. The evidence on whether SIBs mobilize private sector lenders or crowd them out favors the former but remains equivocal. We conclude by discussing the implications for policymakers regarding the mandates and guidelines for SIBs.