Climate Policy, Financial Development and Clean Energy Capacities in the EU : Policy Implications for the COP28
研究了绿色金融、金融发展和能源税对欧盟14国2007-2021年清洁能源装机容量的影响，发现绿色金融和能源税有促进作用，而金融发展有阻碍作用，且能源税效果更强。
ABSTRACT Tripling the world's installed renewable power capacity by 2030 is one of the global pledges at the COP28 UN Climate Change Conference to keep the 1.5°C goal within reach. Green finance (GRF), financial development (FD) and energy taxes (ENTAX) are expected to play a crucial role in achieving this goal. However, little empirical evidence has been provided on this topic at the European Union (EU) level. Therefore, this paper fills this lacuna by estimating the combined effects of these three variables on Installed Clean Energy Capacity (ICEC) in 14 European countries during the 2007–2021 period. Due to non‐normal data distribution, the Method of Moment Quantile Regression (MMQR) has been employed. The findings assert that GRF and ENTAX are positively associated with ICEC, whereas FD hinders investment in ICEC. However, energy taxes are more effective than green finance in promoting ICEC. A deeper analysis shows that the positive impact of GRF is higher when countries have a higher level of ICEC. In comparison, the positive effect of ENTAX in stimulating ICEC is higher when countries have a lower level of ICEC. Additionally, FD exhibits a U‐shaped influence on ICEC. Based on these results, this research suggests that accelerating the energy transition in the EU requires expanding both green finance and energy taxes. Furthermore, a reform of the current structure of the financial system is needed.