Green Innovation and Diffusion: Policies to Accelerate Them and Expected Impact on Macroeconomic and Firm-Level Performance
Innovation in low-carbon technologies (LCTs), which is essential in the fight against climate change, has slowed in recent years. This Staff Discussion Note shows that a global climate policy strategy can bolster innovation in, and deployment of, LCTs.
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Volume/Issue:
Volume 2023
Issue 008
Publication date: November 2023
ISBN: 9798400256950
$20.00
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Topics covered in this book
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Exports and Imports , Finance , Economics- Macroeconomics , Economics / General , Environmental Economics , Public Policy- Environmental Policy , Low-carbon technologies , green innovation , technological diffusion and deployment , environmental policies , economic performance , portfolio exhibit , green FDI inflow , Policy implication , LCT trade , policy coordination , Climate policy , Foreign direct investment , Emerging and frontier financial markets , Climate change , Global
Summary
Innovation in low-carbon technologies (LCTs), which is essential in the fight against climate change, has slowed in recent years. This Staff Discussion Note shows that a global climate policy strategy can bolster innovation in, and deployment of, LCTs. Countries that expand their climate policy portfolio exhibit higher (1) climate-change-mitigation-patent filings, (2) LCT trade flows, and (3) “green” foreign direct investment flows. Importantly, boosting innovation in, and deployment of, LCTs yields medium-term growth, which mitigates potential costs from climate policies. This note stresses the importance of international policy coordination and cooperation by showcasing evidence of potential climate policy spillovers.
