Influencing Factors Promoting Technological Innovation in Renewable Energy

Nnaemeka Vincent Emodi, Ganzorig Shagdarsuren and Abdissa Yilma Tiky
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Nnaemeka Vincent Emodi: Department of Technology Management, Economics and Policy Program, College of Engineering, Seoul National University, Seoul, South Korea
Ganzorig Shagdarsuren: Department of Technology Management, Economics and Policy Program, College of Engineering, Seoul National University, Seoul, South Korea
Abdissa Yilma Tiky: Department of Technology Management, Economics and Policy Program, College of Engineering, Seoul National University, Seoul, South Korea

International Journal of Energy Economics and Policy, 2015, vol. 5, issue 3, 889-900

Abstract: The issue of climate change, oil price fluctuation and the increasing environmental awareness have triggered the importance of effective energy management systems in a bid to reduce greenhouse gases. Renewable energy (RE) which is one of the effective method of effectively managing energy system has seen rapid development in recent times. Technological innovation in RE have not been generally successful due to some influencing factors in some countries. This study investigates these factors in order to identify the influencing factors promoting innovation in RE. Using patent application data for 12 Organization for Economic Co-operation and Development countries for the period of 1997-2011, we analysis the influence of government R and D, feed-in-tariff (FIT), electricity from renewables, per capita income, CO2 emission per capita and population on patenting activity in wind and solar energy using a panel data approach. The result showed that electricity from renewables and CO2 emission per capita significantly improves patenting activity. Per capita income showed a positive impact on patenting activity for wind energy but not solar energy. Population size was observed to reduce patent activity, while R and D expenditure and FIT did not significantly influence patent activity. We therefore recommend that investment into renewables for electricity generation should be encouraged as this will induce innovation in RE technology and reduce CO2 emission.

Keywords: Renewable Energy Patent; Patenting Activity; CO2 Emission; Organization for Economic Co-operation and Development Countries; Feed-in-Tariff; R and D Expenditure (search for similar items in EconPapers)
JEL-codes: O31 O34 Q4 (search for similar items in EconPapers)
Date: 2015
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Citations: View citations in EconPapers (13)

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