Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/269093 
Year of Publication: 
2022
Series/Report no.: 
ECB Working Paper No. 2686
Publisher: 
European Central Bank (ECB), Frankfurt a. M.
Abstract: 
Fulfilling the commitments embedded in the Paris Agreement requires a climate-technology revolution. Patented innovation of low-carbon technologies is lower in the EU than in selected peers, and very heterogeneous across member states. We motivate this fact with an endogenous model of directed technical change with government policy and financial markets. Variations in carbon taxes, R&D investment, and venture capital investment explain a large share of the variation in green patents per capita in the data. We discuss implications for policy, concluding that governments can play a catalytic role in stimulating green innovation while the role of central banks is limited.
Subjects: 
Climate change
financial markets
directed technical change
public policy
centralbanks
JEL: 
E5
G1
O4
Q5
Persistent Identifier of the first edition: 
ISBN: 
978-92-899-5270-5
Document Type: 
Working Paper

Files in This Item:
File
Size





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.