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- handle: 10670/1.jsb9d7
- hal: hal-04114748
- doi: 10.3790/vjh.88.2.73
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info:eu-repo/semantics/altIdentifier/doi/10.3790/vjh.88.2.73
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info:eu-repo/grantAgreement//649186/EU/Innovation-fuelled, Sustainable, Inclusive Growth/ISIGrowth
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info:eu-repo/grantAgreement//822781/EU/Growth Welfare Innovation Productivity/GROWINPRO
Mots-clés
market-shaping mission-oriented green finance renewable energies transition entrepreneurial state H - Public Economics/H.H1 - Structure and Scope of Government/H.H1.H11 - Structure, Scope, and Performance of Government H - Public Economics/H.H7 - State and Local Government • Intergovernmental Relations/H.H7.H70 - General Q - Agricultural and Natural Resource Economics • Environmental and Ecological Economics/Q.Q4 - Energy/Q.Q4.Q48 - Government Policy Q - Agricultural and Natural Resource Economics • Environmental and Ecological Economics/Q.Q5 - Environmental Economics/Q.Q5.Q54 - Climate • Natural Disasters and Their Management • Global Warming Q - Agricultural and Natural Resource Economics • Environmental and Ecological Economics/Q.Q5 - Environmental Economics/Q.Q5.Q55 - Technological InnovationSujets proches
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Francesco Lamperti et al., « The green transition: public policy, finance, and the role of the State », HAL-SHS : économie et finance, ID : 10.3790/vjh.88.2.73
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Résumé
While investments into renewable energy technologies are growing almost everywhere, the chances to meet ambitious emission and climate targets, as those envisaged in the Paris Agreement, are scant. To speed up the transition, policy makers need to design and implement a policy mix that could affect not just the quantity of green finance, but its quality as well. In this paper, we argue that a mission-oriented approach to the transition from an economy with high, to one with low greenhouse gas emissions, coupled with the state taking on the role of an entrepreneurial state, could provide an effective win-win strategy to address climate change concerns (embodied in emissions reduction and adaptation boosting) and build the basis for the next phase of growth and technological progress. In practice, this amounts to (i) abandoning the view that cost-internalization of environmental externalities would suffice to induce an effective transition (ii) developing a multi-level and crosssectoral governance of the transition, with a clear direction in terms of the technological trajectory to favour, and (iii) designing a policy mix encompassing: fiscal instruments, targets and standards; public-private co-funding schemes; financial regulation; and disclosure practices. Social scientists should support such ambitious policydesign processes through adequate model development, where a combination of policies, and a directive role of the state, can be accommodated and examined in detail.