Combining environmental taxation, spill-over effects and community-based financing in development of renewable energy projects in Asia

Naoyuki Yoshino, Farhad Taghi Zadeh Hesary*

*この研究の対応する著者

研究成果: Article査読

1 被引用数 (Scopus)

抄録

Asian economies are often characterized as having bank-dominated financial systems and underdeveloped capital markets, in particular with regard to venture capital. In economies that banks are the main source of funding, the main obstacle for financing infrastructural projects including renewable energy (RE) projects is lack of access to long-term finance. The second obstacle for development of RE energy projects is their lower rate of return comparing to fossil fuel projects as more subsidies are globally going to fossil fuels. For larger RE projects insurance and pensions are sustainable financing alternatives. Pension funds and insurance companies hold long-term savings, so these institutions could be a proper alternative for financing mega-size RE projects. In addition, utilizing the spillover effects originally created by energy supplies in form of tax revenues refund to RE projects will increase their rate of return and make them interesting for private investors. For smaller-size RE projects, the paper provides a theoretical model for combining utilisation of carbon tax and a new way of financing risky capital, i.e., Hometown Investment Trust Funds (HITs). The paper theoretically shows that by environmental taxation and allocating these tax revenues to HITs, RE projects will become more feasible and more interesting for private investors; hence the supply of investment money to these funds will increase.

本文言語English
ページ(範囲)133-148
ページ数16
ジャーナルEconomics and Policy of Energy and the Environment
2018
1
DOI
出版ステータスPublished - 2018 1月 1

ASJC Scopus subject areas

  • 再生可能エネルギー、持続可能性、環境
  • 経済学、計量経済学
  • 管理、モニタリング、政策と法律

フィンガープリント

「Combining environmental taxation, spill-over effects and community-based financing in development of renewable energy projects in Asia」の研究トピックを掘り下げます。これらがまとまってユニークなフィンガープリントを構成します。

引用スタイル