中文摘要
本文评估了气候政策作为催化剂在通过外商直接投资(FDI)部署低碳技术中的作用。利用详细的跨境项目层面信息,本文识别出“绿色”FDI,并发现活跃的气候政策数量越多,绿色FDI流入越高。重要的是,气候政策与非绿色FDI流入的降低并无关联。本文还发现行业和政策工具之间存在异质性。气候政策与绿色项目之间的关联在能源和制造业中更强,且当受资国的气候政策组合偏向约束性政策(税收和监管)与支出措施时也更强。最后,研究结果表明存在政策溢出效应,即来源国更大的气候政策组合与更高的绿色FDI流出相关联。此外,来源国更大的气候政策组合可以放大目的国气候政策作为绿色FDI催化剂的作用。
Abstract
This paper assesses the role of climate policies as a catalyst for the deployment of low carbon technologies through foreign direct investment (FDI). Leveraging detailed cross-border project-level information, it identifies “green” FDI and finds that a larger number of active climate policies is associated with higher green FDI inflows. Importantly, climate policies are not linked to lower non-green FDI inflows. The paper also finds heterogeneity across sectors and policy instruments. The association between climate policies and green projects is stronger in energy and manufacturing, and when the recipient’s climate portfolio is tilted towards binding policies (taxes and regulation) and expenditure measures. Finally, results point to policy spillovers, whereby larger climate policy portfolios in the source country are linked to higher green FDI outflows. Moreover, larger climate policy portfolios in the source country can amplify the role of climate policies in the destination country as a catalyst for green FDI.