Addressing the Energy Trilemma: The Role of Entrepreneurship, Regulation, and Climate Finance
利用64国2011-2022年面板数据，发现创业活动能改善能源安全和公平，但对环境可持续性提升较小；监管质量能放大创业的正面效果，而气候融资效果不均。
ABSTRACT Balancing energy security, energy equity, and environmental sustainability has become increasingly challenging as economies pursue low‐carbon growth amid climate risk and persistent disparities in access to modern energy. Although entrepreneurship is widely recognized as a driver of innovation, its role in addressing the energy trilemma remains contested. This study examines whether, and under what conditions, entrepreneurship contributes to resolving the energy trilemma, using panel data for 64 countries from 2011 to 2022. Drawing on the World Energy Council's trilemma indices, World Bank entrepreneurship and macroeconomic indicators, and OECD‐DAC climate finance data, the analysis employs random‐effects models to capture both within‐ and between‐country variation. The results show that entrepreneurial activity is robustly associated with improved energy security and energy equity, alongside more modest gains in environmental sustainability. Innovation capacity strengthens these relationships, while foreign direct investment and climate finance exhibit uneven effects, tending to support system‐level and environmental outcomes more than inclusive access. Regulatory quality emerges as a critical enabling condition that significantly amplifies the positive impact of entrepreneurship across the energy trilemma. Overall, the findings provide cross‐country evidence that entrepreneurship functions as both an innovation conduit and a decentralizing force in energy transitions, underscoring the importance of predictable regulation and better‐targeted climate finance for access‐oriented clean energy solutions.