Economic Growth and Development Research

In collaboration with Payame Noor University and Iranian Association for Energy Economics (IRAEE)

About Journal

Aims and Scope

Editorial Board

Publication Ethics

Indexing and Abstracting

Related Links

FAQ

Peer Review Process

Journal Metrics

News

Current Issue

By Issue

By Author

By Subject

Keyword Index

LIST 1400

LIST 1399

The effect of clean development mechanism on deployment of renewable energy in a selection of developing countries with Difference in Differences approach

Document Type : Quarterly Journal

Authors

1 Ph.D. in Economics, Isfahan Branch, Islamic Azad University, Isfahan, Iran

2 Associate Professor, Faculty of Economics, Isfahan Branch, Islamic Azad University, Isfahan, Iran

3 Assistant Professor, Faculty of Economics, Isfahan Branch, Islamic Azad University, Isfahan, Iran

Abstract

The Clean Development Mechanism (CDM) is an international cooperation mechanism that provides developing countries to achieve economic growth by promoting investment in clean energy projects. This study investigates the effect of investments on renewable energy through clean development mechanism in a selection of developing countries using the method of differences in differences during the period 2001-2018. The purpose of this study is to compare the spread of renewable energy in countries that accepted the Clean Development Mechanism in comparison with others. The effect of implementing this mechanism in developing countries with poor financial markets compared to developing countries with advanced financial markets is also examined. The results show that the implementation of clean development mechanism in developing countries leads to the expansion of renewable energy. This mechanism can finance clean energy projects and transfer modern technologies to these countries. Also, according to the results, the effect of implementing the clean development mechanism in developing countries with poor financial markets is far more developed than advanced financial markets.

Keywords

References
اسدی، عبدالرضا؛ قلی‌پور، محمدجواد و طاهری، الهام (1394). "مکانیسم توسعه پاک و کشورهای در حال توسعه- با تأکید بر کشورهای عضو اوپک". فصلنامه اقتصاد انرژی ایران، شماره 29، 26-14.
آقایی، مجید و عبدی، یونس (1398). "توسعه مالی و توسعه تکنولوژی انرژی‌های تجدیدپذیر در بخش‌های مختلف: کاربردی از الگوی پانل توبیت". فصلنامه تحقیقات اقتصادی، دوره 54،‌ شماره 2،‌ 284-253.
باصری، بیژن؛ عباسی، ابراهیم و کیانی، غفار (1398). "اثرات مالی گسترش انرژی‌های تجدیدپذیر بر رشد اقتصادی در ایران". فصلنامه اقتصاد مالی، سال سیزدهم، شماره 46، 182-161.
سعید، فرید و صمدیار، مریم (1392). "سازوکار مکانیسم توسعه پاک (CDM) چالش‌ها، موانع و راهکارهای رفع آنها در مدیریت انرژی کشور". همایش ملی انرژی‌های تجدیدپذیر، پاک و کارآمد، 98-81.
نوری، جلال و محمدی، مسعود (1392). "ملاحظات و الزامات اجرای طرح‌های مکانیزم توسعه پاک در زمینه نیروگاه فتوولتائیک با نگاهی آماری به پروژه‌های ثبت شده". فصلنامه توسعه تکنولوژی صنعتی، شماره 21، 74-61.
نوری، سید قاسم و صدیقی، امیرعباس (1387). "انتقال فناوری از طریق مکانیسم توسعه پاک". فصلنامه رشد فناوری، دوره 5، شماره 17، 26-18.
یزدانی، مهدی و محمدی، مهناز (1396). "آثار یکسان سازی نرخ ارز بر متغیرهای کلان اقتصاد در کشورهای نوظهور: رویکرد تفاوت در تفاوت‌ها". فصلنامه پژوهش‌های پولی- بانکی، سال دهم، شماره 32، 198-173.
Alvarez-Herranz, A. (2017). “Energy Innovation and Renewable Energy Consumption in the Correction of Air Pollution Levels”. Energy Policy, 105, 386–397.
Beck, T. & Levine, R. (2002). “Industry Growth and Capital Allocation: Does Having a Market-Or Bank-Based System Matter?”. Journal of Financial Economics, 64(2), 147-180.
Brunnschweiler, C. N. (2010). “Finance for Renewable Energy: an Empirical Analysis of Developing and Transition Economies”. Environment and Development Economics, 15(03), 241-274.
Giroud, X. & Mueller, H. M. (2015). “Capital and labor Reallocation Within Firms”. The Journal of Finance, 70(4), 1767-1804.
Greenwood, J. & Jovanovic, B. (1997). “Financial Development, Growth, and the Distribution of Income”. Journal of Political Economy, 98(5), 1076-1107.
Huang, Y. & Barker, T. (2012). “The Clean Development Mechanism and Low Carbon Development: A Panel Data Analysis”. Energy Economics, 34(4), 1033-1040.
Kim, J. & Park, K. (2016). “Financial Development and Deployment of Renewable Energy Technologies”. Energy Economics, 59, 238-250.
Lazarus, M. & Fecher, R.(2014). “Net Climate Change Mitigation of the Clean Development Mechanism”. Energy Policy Elsevier, 72(C), 146-154.
Lazarus, M., Erickson, P., Schneider, L. & Kollmuss, A. (2013). “Potential for International Offsets to Provide a Net Decrease of GHG Emissions”. Stockholm Environment Institute Working Paper, 219-236.
Lee, J-W. (2015). “The Contribution of Foreign Direct Investment to Clean Energy Use, Carbon Emissions and Economic Growth”. Journal of Energy Policy ,55 , 483–489.
Lee, M. J. (2005). “Micro-Econometrics: Methods of Moments and Limited Dependent Variables”. (Second Edition). Springer New York. 118-126. https://doi.org/10.1007/b60971
Levine, R. (1997). “Financial Development and Economic Growth: Views and Agenda”. Journal of Economic Literature, 35(2), 688-726.
Levine, R. (2005). “Finance and Growth: Theory and Evidence”. Handbook of Economic Growth, 1A, 865-934.
Lim, X. L. & Lam, W. H. (2014). “Review on Clean Development Mechanism (CDM) Implementation in Malaysia”. Renewable and Sustainable Energy Reviews, 29, 276-285.
Maji, I. K. (2015). “Does Clean Energy Contribute to Economic Growth? Evidence from Nigeria”. Energy Reports, 1, 145–150.
Maraseni, T. N. (2013). “Selecting a CDM Investor in China: A Critical Analysis”. Energy Policy, 53, 484-489.
Mors, M. (2010). “The Clean Development Mechanism and Incentives for Climate Change Mitigation in Developing Countries”. The Journal of Finance, 54, 61-79.
Rahman, S. M. & Kirkman, G. A. (2015). “Costs of Certified Emission Reductions Under the Clean Development Mechanism of the Kyoto Protocol”. Energy Economics, 47, 129-141.
Roberts, M. R. & Whited, T. M. (2013). “Endogeneity in Empirical Corporate Finance”. Handbook of the Economics of Finance, 2, 493-572.
Schroeder, M. (2009). “Utilizing the Clean Development Mechanism for the Deployment of Renewable Energies in China”. Applied Energy, 86(2), 237-242.
Sonntag-O’Brien, V. & Usher, E. (2004). “Mobilizing Finance for Renewable Energies”. Thematic Background Paper for the International Conference for Renewable Energies, Bonn.
Stulz, R. (2000). “Financial Structure, Corporate Finance and Economic Growth”. International Review of Finance, 1(1), 11-38.
UNEP DTU Partnership. (2018). “CDM/JI Pipeline Analysis and Database”.
UNEP, EcoSecurities. (2007). “Guidebook to Financing CDM Projects”.
Wasifzafar, M. & Sinha, A. (2019). “The Role of Stock Market and Banking Sector Development and Renewable Energy Consumption in Carbon Emission: Insights from G-7 and N-11 Countries”. Energy Economics, 62, 427-436.
Young, E. R. (2011). “Financing Sustainable Development with the Clean Development Mechanism”. World Resources Institute, 303-327.
Zeqiraj, V., Kazi, S. & Soytas, U. (2020). “Stock Market Development and Low- Carbon Economy: The Role of Innovation and Renewable Energy”. Energy Economics, 91, 104908, 49-63.
Zhang, B., Lai, K., Wang, B. & Wang, Zh. (2018). “The Clean Development Mechanism and Corporate Financial Performance: Empirical Evidence from China”. Resources, Conservation & Recycling, 129, 278-289.
 
Economic Growth and Development Research
Volume 12, Issue 47
June 2022
Pages 97-112
Files
History
  • Receive Date: 08 March 2021
  • Revise Date: 03 July 2021
  • Accept Date: 30 June 2021
Share
How to cite
Statistics