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Crowdfunding to finance eco-innovation: case studies from leading renewable energy platforms

Author

Listed:
  • Nirjhar Nigam
  • Sondes Mbarek
  • Cristiane Benetti

Abstract

The transition from a fossil energy?dependent economy toward a renewable energy-based economy is not possible unless significant investments are made in the renewable energy sector. The enormous challenge ahead demands innovative ways to increase funding of the green economy and green growth. Keeping this in mind, in this paper we investigate which crowdfunding model best supports the financing of renewable energy projects. We empirically investigate the leading 30 crowdfunding platforms specific to renewable energy from seven countries: the United Kingdom, United States, Germany, Netherlands, France, Switzerland and Portugal. We find that renewable energy crowdfunding platforms have raised a combined total of almost ?305 million, of which the lending-based model has contributed the most. We also discuss some innovative case studies and innovative models used in this process. The data suggests that crowdfunding has the potential to fulfil financing needs in the renewable energy domain. JEL Codes: O31, O35, O44, P18, G31

Suggested Citation

  • Nirjhar Nigam & Sondes Mbarek & Cristiane Benetti, 2018. "Crowdfunding to finance eco-innovation: case studies from leading renewable energy platforms," Journal of Innovation Economics, De Boeck Université, vol. 0(2), pages 195-219.
    • Handle: RePEc:cai:jiedbu:jie_pr1_0033
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    Citations

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    Cited by:

    1. F.H.J. Polzin & M.W.J.L. Sanders, 2019. "How to fill the ‘financing gap’ for the transition to low-carbon energy in Europe?," Working Papers 19-18, Utrecht School of Economics.
    2. Céline Merlin-Brogniart & Simon Nadel, 2021. "Specificities of environmental innovation dynamics in service firms: the French case," Journal of Evolutionary Economics, Springer, vol. 31(2), pages 451-473, April.
    3. Bergmann, Ariel & Burton, Bruce & Klaes, Matthias, 2021. "European perceptions on crowdfunding for renewables: Positivity and pragmatism," Ecological Economics, Elsevier, vol. 179(C).
    4. Xiaohang Wu & Hasan Dinçer & Serhat Yüksel, 2022. "Analysis of crowdfunding platforms for microgrid project investors via a q-rung orthopair fuzzy hybrid decision-making approach," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 8(1), pages 1-22, December.
    5. Bourcet, Clémence & Bovari, Emmanuel, 2020. "Exploring citizens' decision to crowdfund renewable energy projects: Quantitative evidence from France," Energy Economics, Elsevier, vol. 88(C).
    6. Sven Siebeneicher & Ilker Yenice & Carolin Bock, 2022. "Financial-Return Crowdfunding for Energy and Sustainability in the German-Speaking Realm," Sustainability, MDPI, vol. 14(19), pages 1-23, September.
    7. Polzin, Friedemann & Sanders, Mark, 2020. "How to finance the transition to low-carbon energy in Europe?," Energy Policy, Elsevier, vol. 147(C).

    More about this item

    Keywords

    renewable energy; crowdfunding; eco-innovation; alternative financing; peer-to-peer lending; equity-based crowdfunding; donation-based lending;
    All these keywords.

    JEL classification:

    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • O35 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Social Innovation
    • O44 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Environment and Growth
    • P18 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Energy; Environment
    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies

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