European Business Schools Librarian's Group

Department of Economics Working Papers,
Vienna University of Economics and Business, Department of Economics

No 355: Environmental Policies and Directed Technological Change

Klaus Gugler (), Florian Szücs () and Thomas Wiedenhofer ()
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Klaus Gugler: Department of Economics, Vienna University of Economics and Business
Florian Szücs: Department of Economics, Vienna University of Economics and Business
Thomas Wiedenhofer: Department of Economics, Vienna University of Economics and Business

Abstract: This article evaluates if and to which extent policy can steer innovation towards eco-friendly technologies. We construct a cross-country dataset on sectoral green innovation and complement it with data on policies designed to address environmental market failures: environmental taxes, regulation, and R&D subsidies. While all of these tools exert a positive effect on green innovation, our IV estimates reveal substantial heterogeneities across policies. Overall, green innovation reacts most strongly to R&D subsidies for renewables, but interaction effects between different policies need to be considered.

Keywords: climate change, environmental policies, directed technological change, green patents, regulation, taxes, R&D

JEL-codes: Q54; Q55; Q58 December 2023

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