Multinational energy utilities in the energy transition: A configurational study of the drivers of FDI in renewables

Tutkimustuotos: LehtiartikkeliArticleScientificvertaisarvioitu

17 Sitaatiot (Scopus)
110 Lataukset (Pure)

Abstrakti

The global energy system has a long way to go to meet international climate goals, and significant investment in renewable energy is required to accelerate the energy transition (IRENA, 2016, 2019). We examine how firm- and country-specific conditions in the electric utility sector impact foreign direct investment (FDI) in renewables. Using a unique dataset of 289 greenfield investments by 17 multinational energy utilities, we employ a fuzzy set qualitative comparative analysis (fsQCA) that yields five causal configurations leading to FDI in renewables and four configurations leading to investment in non-renewables. Our results indicate that private MNEs are at the forefront of investment in renewables, and while state-owned MNEs (SOMNEs) do invest in them, they tend to follow strategies that are less risky compared to private MNEs and more responsive to host-country incentives. Our analysis suggests that for private MNEs, international experience is strongly associated with investment in renewables, while for SOMNEs it is associated with investment in non-renewables. Further, we also identify instances where MNEs contribute simultaneously to a ‘race to the top’ and a ‘race to the bottom’ by investing in both renewables and non-renewables in different markets, thereby reducing the pace of the energy transition.
AlkuperäiskieliEnglanti
Sivut930-950
Sivumäärä21
JulkaisuJournal of International Business Studies
Vuosikerta52
Numero5
Varhainen verkossa julkaisun päivämäärä8 tammik. 2021
DOI - pysyväislinkit
TilaJulkaistu - heinäk. 2021
OKM-julkaisutyyppiA1 Julkaistu artikkeli, soviteltu

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