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How regional spillovers shape EU firms' climate investments

Author

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  • Casati, Paola
  • Kalantzis, Fotios

Abstract

This study investigates how regional spillovers influence firms' climate investment decisions across EU regions using spatial econometric models. Using data from the European Investment Bank Investment Survey (EIBIS) 2023, we address two key questions: what triggers firms to adopt greener profiles, and how spillover effects impact investment decisions in neighbouring regions. Our study, reveals the existence of significant spatial dependence in firms' climate investment decisions across EU regions, underscoring at the same time the interconnected nature of adaptation and mitigation efforts. Further, risk perceptions, financial capabilities, external conditions like economic and institutional frameworks and EU funds, play a key role in shaping climate investment choices both locally and in neighbouring regions. The results underscore the critical need for spatial considerations in climate policy development, suggesting that policies tailored to regional dynamics can more effectively foster climate resilience and climate investments.

Suggested Citation

  • Casati, Paola & Kalantzis, Fotios, 2024. "How regional spillovers shape EU firms' climate investments," EIB Working Papers 2024/07, European Investment Bank (EIB).
    • Handle: RePEc:zbw:eibwps:306851
    DOI: 10.2867/2084252
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    More about this item

    Keywords

    European Investment Bank Investment Survey; Green investment; Spatial regression analysis;
    All these keywords.

    JEL classification:

    • C21 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Cross-Sectional Models; Spatial Models; Treatment Effect Models
    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming
    • Q55 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Technological Innovation
    • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth
    • Q58 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Government Policy
    • R11 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Regional Economic Activity: Growth, Development, Environmental Issues, and Changes

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