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| Type | Working Paper |
| Scope | Discipline-based scholarship |
| Title | Green innovation and the transition toward a clean economy |
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| Institution | Peterson Institute for International Economics |
| Series Name | PIIE Working Papers |
| Number | 23-14 |
| Number of Pages | 21 |
| Date | 2023 |
| Abstract Text | To combat climate change without sacrificing long-term economic growth, innovation must be redirected toward green technologies. In this paper, we review a recent literature that has developed a directed technical change framework where innovation can be endogenously targeted either toward fossil-fuel enhancing technologies or clean energy sources (such as renewables). We provide empirical evidence of path dependence in firms’ choice between green and dirty innovation. We then draw implications of this path dependence for the design of environmental policy and for economic growth. In particular, we show that our framework has distinctive implications regarding unilateral environmental policies, international cooperation, the use of intermediate energy sources such as natural gas, and the role of civil society. |
| Official URL | https://www.piie.com/publications/working-papers/green-innovation-and-transition-toward-clean-economy |
| Other Identification Number | merlin-id:24307 |
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| Keywords | Green growth, endogenous growth, directed technical change, climate change, innovation, environmental policy |