Which renewable energy policy is a venture capitalist's best friend? Empirical evidence from a survey of international cleantech investors

Energy Policy

Volumn 37, Issue 12, 2009, Pages 4997-5006

  Bürer, Mary Jean ^a,b   Wüstenhagen, Rolf ^a,b  

^a EPFL   (Switzerland)

^b UNIVERSITY OF ST GALLEN   (Switzerland)

Author keywords

Feed in tariffs; Policy effectiveness; Venture capital

Indexed keywords

CLEAN ENERGY; CLEAN ENERGY TECHNOLOGY; CLEANTECH; COMBINED ANALYSIS; EMPIRICAL EVIDENCE; EXPLORATORY ANALYSIS; FEED-IN TARIFF; INHERENT LIMITATIONS; NORTH AMERICAN; POLICY APPROACH; PRIVATE EQUITY FUNDS; PRIVATE INVESTORS; QUALITATIVE INTERVIEWS; RENEWABLE ENERGIES; RENEWABLE ENERGY POLICY; VENTURE CAPITAL; VENTURE CAPITALISTS;

ENERGY POLICY; GAS EMISSIONS; GLOBAL WARMING; GREENHOUSE GASES; LEAKAGE (FLUID); PRIVATIZATION; RENEWABLE ENERGY RESOURCES;

INVESTMENTS;

ALTERNATIVE ENERGY; CAPITAL; ENERGY PLANNING; ENERGY POLICY; INNOVATION; INVESTMENT; POLICY APPROACH; RANKING; RENEWABLE RESOURCE;

EURASIA; EUROPE; NORTH AMERICA;

EID: 71549153766     PISSN: 03014215     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.enpol.2009.06.071     Document Type: Article

References (46)

1. Baum J.A.C., and Silverman B.S. Picking winners or building them? Alliance, intellectual, and human capital as selection criteria in venture financing and performance of biotechnology startups. Journal of Business Venturing 19 (2004) 411-436
2. Bürer M.J., and Wüstenhagen R. Cleantech venture investors and energy policy risk: an exploratory analysis of regulatory risk management strategies. In: Wüstenhagen R., Hamschmidt J., Sharma S., and Starik M. (Eds). Sustainable Innovation and Entrepreneurship (2008), Edward Elgar Publishing 290-309
3. Butler, L., Neuhoff, K., 2004. Comparison of Feed in Tariff, Quota and Auction Mechanisms to Support Wind Power Development, CMI/DAE Working paper 70.
4. Cumming D. Government policy towards entrepreneurial finance: innovation investment funds. Journal of Business Venturing 22 (2007) 193-235
5. Diefendorf S. Venture capital & the environmental industry. Corporate Environmental Strategy 7 4 (2000) 388-399
6. Dowlatabadi H. Sensitivity of climate change mitigation estimates to assumptions about technical change. Energy Economics 20 5-6 (1998) 473-493
7. Drillisch, J., Riechmann, C., 1998. Liberalisation of the Electricity Supply Industry-Evaluation of Reform Policies. EWI Institute of Energy Economics at the University of Cologne.
8. European Commission, 2005. The support of electricity from renewable energy sources, COM, 2005, 627 final.
9. Florida R., and Smith D. Venture capital, innovation and economic development. Economic Development Quarterly 4 (1990) 345-360
10. Gompers P.A., and Lerner J. The Venture Capital Cycle (2004), MIT Press, Cambridge and London
11. Grubb M., HaDuong M., and Chapuis T. The economics of changing course. Energy Policy 23 4/5 (1995) 417-432
12. Grubb M., Koehler J., and Anderson D. Induced technical change in energy/environmental modelling: analytic approaches and policy implications. Annual Review of Energy and the Environment 27 (2002) 271-308
13. Grubb M. Technology innovation and climate change policy: an overview of issues and options. Keio Economic Studies 41 2 (2004) 103-132
14. Grubb, M., 2006. Evolution of UK low carbon innovation strategy, presentation for IPIECA Workshop, Washington, M. Grubb presenting for the Carbon Trust, 27 September 2006.
15. Held, A., Haas, R., Ragwitz, M., 2006. On the success of policy strategies for the promotion of electricity from renewable energy sources in the EU, Report produced for DG TREN.
16. Hellmann T. Venture capitalists: the coaches of Silicon Valley. In: Miller W., Lee C.M., Hanock M.G., and Rowen H. (Eds). The Silicon Valley Edge: A Habitat for Innovation and Entrepreneurship (2000), Stanford University Press, Stanford, CA 267-294
17. Hoffert M.I., et al. Advanced technology paths to climate stability: energy for a greenhouse planet. Science 298 (2002) 981-987
18. IEA, 2007. Energy Policies of IEA Countries: Switzerland-2007 Review. Paris: International Energy Agency.
19. Kasemir B., Toth F., and Masing V. Climate policy, venture capital, and European integration. Journal of Common Market Studies 38 5 (2000) 891-903
20. Kortum S., and Lerner J. Assessing the contribution of venture capital to innovation. The Rand Journal of Economics 31 4 (2000) 674-692
21. Kühn, I., 1999. New competition-based support schemes for electricity generation from renewable energy sources. Paper presented at the 1st Austrian-Czech-German Conference on 'Energy Market Liberalisation in Central and Eastern Europe', 6-8 September 1999, Prague.
22. Langniss, O. (Ed.), 1999. Financing Renewable Energy Systems. DLR, Stuttgart.
23. Lenz, S., Pfaffenberger, W., 1999. Stromhandel mit erneuerbaren Energieträgern mit einem Quotenmodell. Papier für die 63. Physikertagung der DPG, Heidelberg, März 1999.
24. Lerner J. The government as venture capitalist: the long-run effects of the SBIR program. Journal of Business 72 (1999) 285-318
25. Lerner J. When bureaucrats meet entrepreneurs: the design of effective 'public venture capital' programmes. Economic Journal 112 (2002) F73-F84
26. Lüthi, S., Wüstenhagen, R., 2008. Effective deployment of photovoltaics in Mediterranean countries: balancing policy risk and return. Paper presented at the DEMSEE 2008 International Conference on Deregulated Electricity Market Issues in South-Eastern Europe. September 22-23, 2008 Nicosia, Cyprus.
27. Lüthi, S., Wüstenhagen, R., 2009. The Price of Policy Risk-Empirical Insights from Choice Experiments with European Photovoltaic Project Developers, Paper Presented at the IAEE European Conference, Vienna, September 7-10, 2009.
28. Menanteau P., Finon D., and Lamy M.L. Prices versus quantities: choosing policies for promoting the development of renewable energy. Energy Policy 31 (2003) 799-812
29. Mitchell C. The England and Wales non-fossil fuel obligation: history and lessons. Annual Review of Energy and the Environment 25 (2000) 285-312
30. Mitchell C., Bauknecht D., and Connor P.M. Effectiveness through risk reduction: a comparison of the renewable obligation in England and Wales and the feed-in system in Germany. Energy Policy 34 3 (2006) 297-305
31. Moore B., and Wüstenhagen R. Innovative and sustainable energy technologies: the role of venture capital. Business Strategy and the Environment 13 (2004) 235-245
32. Murphy, L.M., Edwards, P.L., 2003. Bridging the valley of death: transitioning from public to private sector financing, May 2003, NREL/MP-720-34036.
33. Ragwitz M., Huber C., and Resch G. Promotion of renewable energy sources: effects on innovation. International Journal of Public Policy 2 1-2 (2007) 32-56
34. Randjelovic J., O'Rourke A., and Orsato R. The emergence of green venture capital. Business Strategy and the Environment 12 (2003) 240-253
35. Richtel, M., 2007. Tech Barons Take on New Project: Energy Policy. The New York Times, January 29, 2007.
36. Sawin, J.L., 2004. National policy instruments: policy lessons for the advancement and diffusion of renewable energy technologies around the World. Thematic Background Paper 3, January 2004, prepared for the International Conference on Renewable Energies, Bonn, Germany, June 2004.
37. Schleich, J., Betz, R., 2005. Incentives for energy efficiency and innovation in the European Emission Trading System. In: Proceedings of the ECEEE 2005 Summer Study.
38. Toke D., and Lauber V. Anglo-Saxon and German approaches to neoliberalism and environmental policy: the case of financing renewable energy. Geoforum 38 4 (2007) 677-687
39. UNEP SEFI, 2004. Communiqué from Creating the Climate for Change. Sustainable Energy Finance. Bonn, Germany, 1-2 June 2004 〈http://sefi.unep.org/fileadmin/media/sefi/docs/sef_communique.pdf〉.
40. UNEP SEFI, New Energy Finance, 2007. Global Trends in Sustainable Energy Investment 2007. UNEP: Paris, June 2007.
41. Usher, E., 2008. Global Investment in the Renewable Energy Sector. in: Hohmeyer, O., Trittin, T. (Eds.), Proceedings of the IPCC Scoping Meeting on Renewable Energy Sources, Lübeck, pp. 147-154.
42. Wüstenhagen R. Ökostrom-von der Nische zum Massenmarkt (2000), Vdf-Verlag, Zürich
43. Wüstenhagen, R., Wuebker, R., Bürer, M.J., Goddard, D. Financing fuel cell market development: exploring the role of expectation dynamics in venture capital investment. In: Pogutz, S., Russo, A., Migliavacca, P., (Eds.), Innovation, Markets, and Sustainable Energy: The Challenge of Hydrogen and Fuel Cells, Edward Elgar, Cheltenham (UK) and Lyme (US), forthcoming.
44. Wüstenhagen R., and Teppo T. Do venture capitalists really invest in good industries? Risk-return perceptions and path dependence in the emerging European energy VC market. International Journal of Technology Management 34 1/2 (2006) 63-87
45. Wüstenhagen R., Wolsink M., and Bürer M.J. Social acceptance of renewable energy innovation: An introduction to the concept. Energy Policy 35 5 (2007) 2683-2691
46. Wüstenhagen, R., Wuebker, R., Bürer, M.J., Goddard, D., 2009. Financing fuel cell market development: exploring the role of expectation dynamics in venture capital investment. In: Pogutz, S., Russo, A., Migliavacca, P. (Eds.), Innovation, Markets, and Sustainable Energy: The Challenge of Hydrogen and Fuel Cells. Edward Elgar, Cheltenham (UK) and Lyme (US), pp. 118-137.