This seminar will take place on December 17 at 15:30, online via Zoom (link below)
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Do lower oil prices translate into less innovation more than higher oil prices translate into more innovation? Is a long-run energy transition taking place or are countries just encouraging innovation in green technologies in a short-run approach, given the conditions of fossil fuel markets? This work examines the impact of oil price variations on green innovation and how environmental policy stringency can mitigate this impact. A dynamic econometric specification that accounts for policy endogeneity is used to estimate the relationship between the development of patents for environment-related technologies, oil prices, environmental policy stringency, international environmental agreements, and other relevant variables. The results suggest that stricter environmental policies and oil prices are effective drivers of environment-related technology innovation, and that commitment to international climate agreements also spurs green innovation. However, when oil prices are decreasing the reduction in innovation is more pronounced than the expansion when prices are rising.
Inês Carrilho Nunes obtained her PhD in Engineering and Management at Instituto Superior Técnico, Lisbon University. She studied Industrial Engineering and Management (MSc) at Instituto Superior Técnico and Management (BSc) at Nova SBE. Her research interests include energy economics, sustainability transitions and the interaction between economics, technology, and policy.