This article from the Asian Development Bank Institute, by Dina Azhgaliyeva, Zhanna Kapsaplyamova and Linda Low (2018), distinguishes between private sector investment and government investment in renewable energy. They use multilevel data from 13 countries over the period 2004-2016 to investigate the impact of four fiscal and financial policy instruments, namely (i) feed-in tariffs, (ii) taxes, (iii) loans, and (iv) grants and subsidies, on private investment in renewable energy. They find evidence of the effectiveness of two policy instruments: feed-in tariffs and loans. Defending that scaling up private investment in renewable energy is indispensable for achieving decarbonization of the global economy, low carbon transformation, and climate-resilient growth.
The article is available on the Econstor website.