The effects of environmental patents on renewable energy consumption
Environmental degradation and energy security are two of policymakers' most crucial concerns, with an increasing emphasis on renewable energy development. Studies regarding the role and influence of environmental technology patents in this context become necessary and can provide the empirical...
Saved in:
| Main Authors: | , , , |
|---|---|
| Format: | Article |
| Language: | English |
| Published: |
AIMS Press
2024-10-01
|
| Series: | Green Finance |
| Subjects: | |
| Online Access: | https://www.aimspress.com/article/doi/10.3934/GF.2024024 |
| Tags: |
Add Tag
No Tags, Be the first to tag this record!
|
| _version_ | 1832590330140033024 |
|---|---|
| author | Mihaela Onofrei Bogdan Narcis Fîrțescu Florin Oprea Dana Claudia Cojocaru |
| author_facet | Mihaela Onofrei Bogdan Narcis Fîrțescu Florin Oprea Dana Claudia Cojocaru |
| author_sort | Mihaela Onofrei |
| collection | DOAJ |
| description | Environmental degradation and energy security are two of policymakers' most crucial concerns, with an increasing emphasis on renewable energy development. Studies regarding the role and influence of environmental technology patents in this context become necessary and can provide the empirical evidence needed for public policy decisions in terms of the benefits they bring compared to other innovation measures. Thus, our aim was to capture the effects of environmental technology patents on renewable energy consumption in OECD Member States over the period 2000–2021. We applied the general dynamic panel model with heterogeneous slopes and interactive fixed effects, controlling for cross – sectional dependence and long-run error – correction models based on (Pesaran, 2015) and implemented by Ditzen (2018), and Blackburne Ⅲ & Frank (2007), respectively. The empirical results demonstrated that environmental technology patents can be interpreted as effective mediating mechanisms for increasing renewable energy consumption, thus contributing to a reorientation of activities and consumption toward sustainable development. In other words, environmental patents appear in the transformation equation as the main trigger for innovation, generating a growing influence as the demand for the use of renewable energy sources increases, thus facilitating the transition process towards a (cleaner) and affordable energy market. Based on these results, we believe that policymakers and regulators should pay more attention to the research financing related to the investment and patenting of new environmental technologies, promoting a policy of encouraging and enforcing green technologies, regardless of their scope of application. |
| format | Article |
| id | doaj-art-62f55d962134417aad26150e66e54c54 |
| institution | Kabale University |
| issn | 2643-1092 |
| language | English |
| publishDate | 2024-10-01 |
| publisher | AIMS Press |
| record_format | Article |
| series | Green Finance |
| spelling | doaj-art-62f55d962134417aad26150e66e54c542025-01-24T01:03:56ZengAIMS PressGreen Finance2643-10922024-10-016463064810.3934/GF.2024024The effects of environmental patents on renewable energy consumptionMihaela Onofrei0Bogdan Narcis Fîrțescu1Florin Oprea2Dana Claudia Cojocaru3Finance, Money, and Public Administration, Alexandru Ioan Cuza University of Iași, Iași, RomaniaFinance, Money, and Public Administration, Alexandru Ioan Cuza University of Iași, Iași, RomaniaFinance, Money, and Public Administration, Alexandru Ioan Cuza University of Iași, Iași, RomaniaDoctoral School of Economics and Business Administration, Alexandru Ioan Cuza University of Iași, Iași, RomaniaEnvironmental degradation and energy security are two of policymakers' most crucial concerns, with an increasing emphasis on renewable energy development. Studies regarding the role and influence of environmental technology patents in this context become necessary and can provide the empirical evidence needed for public policy decisions in terms of the benefits they bring compared to other innovation measures. Thus, our aim was to capture the effects of environmental technology patents on renewable energy consumption in OECD Member States over the period 2000–2021. We applied the general dynamic panel model with heterogeneous slopes and interactive fixed effects, controlling for cross – sectional dependence and long-run error – correction models based on (Pesaran, 2015) and implemented by Ditzen (2018), and Blackburne Ⅲ & Frank (2007), respectively. The empirical results demonstrated that environmental technology patents can be interpreted as effective mediating mechanisms for increasing renewable energy consumption, thus contributing to a reorientation of activities and consumption toward sustainable development. In other words, environmental patents appear in the transformation equation as the main trigger for innovation, generating a growing influence as the demand for the use of renewable energy sources increases, thus facilitating the transition process towards a (cleaner) and affordable energy market. Based on these results, we believe that policymakers and regulators should pay more attention to the research financing related to the investment and patenting of new environmental technologies, promoting a policy of encouraging and enforcing green technologies, regardless of their scope of application.https://www.aimspress.com/article/doi/10.3934/GF.2024024renewable energy consumptionenvironmental patentsenergy efficiencysustainability |
| spellingShingle | Mihaela Onofrei Bogdan Narcis Fîrțescu Florin Oprea Dana Claudia Cojocaru The effects of environmental patents on renewable energy consumption Green Finance renewable energy consumption environmental patents energy efficiency sustainability |
| title | The effects of environmental patents on renewable energy consumption |
| title_full | The effects of environmental patents on renewable energy consumption |
| title_fullStr | The effects of environmental patents on renewable energy consumption |
| title_full_unstemmed | The effects of environmental patents on renewable energy consumption |
| title_short | The effects of environmental patents on renewable energy consumption |
| title_sort | effects of environmental patents on renewable energy consumption |
| topic | renewable energy consumption environmental patents energy efficiency sustainability |
| url | https://www.aimspress.com/article/doi/10.3934/GF.2024024 |
| work_keys_str_mv | AT mihaelaonofrei theeffectsofenvironmentalpatentsonrenewableenergyconsumption AT bogdannarcisfirtescu theeffectsofenvironmentalpatentsonrenewableenergyconsumption AT florinoprea theeffectsofenvironmentalpatentsonrenewableenergyconsumption AT danaclaudiacojocaru theeffectsofenvironmentalpatentsonrenewableenergyconsumption AT mihaelaonofrei effectsofenvironmentalpatentsonrenewableenergyconsumption AT bogdannarcisfirtescu effectsofenvironmentalpatentsonrenewableenergyconsumption AT florinoprea effectsofenvironmentalpatentsonrenewableenergyconsumption AT danaclaudiacojocaru effectsofenvironmentalpatentsonrenewableenergyconsumption |