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

• 成果类型: Article
• 署名作者: Patala, Samuli; Juntunen, Jouni K.; Lundan, Sarianna; Ritvala, Tiina
• 署名单位: Aalto University; Aalto University; University of Bremen
• 刊物名称: JOURNAL OF INTERNATIONAL BUSINESS STUDIES
• ISSN/ISSBN: 0047-2506
• DOI: 10.1057/s41267-020-00387-x
• 发表日期: 2021
• 页码: 930-950
• 关键词: energy transition; pollution havens; FSA-CSA matrix; FDI; incentives; State-owned enterprises

摘要

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.