Friedemann Polzin

Utrecht University | UU · School of Economics (USE)

This study analyses the relationship between geographic space, social networks, and financial knowledge in interregional equity crowdfunding flows based on the concept of financial ecology. Using data from a leading Dutch equity crowdfunding platform, we find that interregional crowdfunding investment decreases with geographic distance. Furthermore...

We analyze the potential of the European Union (EU) Taxonomy (ET) for Sustainable Activities to mobilize investments for the sustainability transition toward urban nature-based solutions (UNBS). We map the current investment landscape of UNBS in Europe and combine this mapping with document analysis of UNBS inclusion in the ET to understand how the...

As the energy transition accelerates and renewable energy technologies become cost-competitive with fossil fuels in many countries, the availability of finance could become a bottleneck. Integrated assessment models (IAM) and other macro-economic transition (MET) models typically do not feature detailed financial markets and do not sufficiently con...

Policy Brief summarizing the key insights of the finance stream within the EU Horizon 2020 INNOPATHS project.

Access to bank finance has emerged as a key challenge for firms engaged in circular business model innovation (circular BMI), both in practice and in the academic literature. Through interviews, focus groups and archival documents, we document the experience of firms accessing finance for circular BMI and assess bank willingness to lend to firms th...

Obtaining public and/or private finance for upscaling urban nature-based solutions (NBS) is a key barrier for reaching urban sustainability goals, including climate mitigation and adaptation. We carry out a systematic review of the academic literature to understand the key barriers and corresponding strategies for financing urban NBS. First, we rep...

Cost of capital is an important driver of investment decisions, including the large investments needed to execute the low-carbon energy transition. Most models, however, abstract from country or technology differences in cost of capital and use uniform assumptions. These might lead to biased results regarding the transition of certain countries tow...

Numerous studies have presented scenarios regarding energy transition, including the computation of investment costs in various models. Although these studies project detailed investment pathways for different technologies, they do not distinguish between different sources of and types of funding. They tell us what the transition will cost, but not...

In this paper, we use standard scenarios focussing on renewable energy, energy efficiency and grid investments and take stock of the literature and quantitative data on available sources of financing for clean energy to qualitatively match supply and demand of specific sources of finance. Our analysis shows that under the current investment and len...

Hybrid (or multi-actor) governance has been identified as a key opportunity for upscaling urban nature-based solutions (referred to as urban NBS), representing a demand-driven and cost-effective realization of urban green infrastructure. However it is unclear how such hybrid governance affects the justice outcomes of urban NBS. Through six in-depth...

Several literature reviews on crowdfunding categorise crowdfunding research into different perspectives but provide limited theory development. The social capital literature offers a promising lens for understanding crowdfunding. We provide a comprehensive review of how internal social capital develops through crowdfunding activities and how both e...

In recent years, financial crowdfunding for entrepreneurship has experienced exponential growth. Because financial crowdfunding involves a range of risks, it requires comprehensive governance mechanisms. In the entrepreneurial finance literature, both legal institutions and social capital have been discussed in order to address the risks in financi...

This study reviews the effectiveness of policies for renewable energy investments. • We analyse the impact of policies on investment risk and investment return. • We separate the effect of policy design elements on investment risk and return. • The study has important policy implications for a privately financed energy transition. A R T I C L E I N...

Local authorities are key actors for implementing innovative energy efficiency technologies (retrofitting) to reduce end-use energy demand and consequently reduce negative effects of high energy use such as climate change and public budget deficits. This paper reports the results of a large-scale survey of German municipalities assessing drivers an...

Crowdfunding has opened funding of innovative projects to a large crowd. This type of funding might even tap into wisdom of crowds that were disconnected from the funding process before, and in that way lower information asymmetries between funders and entrepreneurs. We distinguish between in-crowd (strong and weak ties) and out-crowd (no ties) fun...

In recent years, scholarly interest in financing for innovation has grown, particularly for mitigating climate change. However, extant literature has neglected the interaction of actors along the equity financing value chain, and the indirect effects of innovation and financial policy on the supply and demand of private equity (PE) and venture capi...

To achieve the transition toward a green economy, policy makers are required to redirect abundant financial resources into green tech innovations. Theoretically, policy makers have a menu of options ranging from technology-push support in the invention stage to market-pull mechanisms supporting the commercialization and diffusion of green technolog...

Diversity makes the financial system more resilient. In addition, there is a diverse investment demand to make the transition to a more sustainable energy system. We need, among others, investment in energy transition, circular resource use, better water management and reducing air pollution. The two are linked. Making the financial system more div...

This paper analyses the field of innovation studies regarding barriers to low-carbon innovation and consequences for finance (investment and divestment) and contributes to a more holistic understanding of the underlying mechanisms. A combination of technological barriers combined with economic barriers, institutional and political barriers contribu...

Entrepreneurs and investors face challenges in the ‘thin market’ for early stage entrepreneurial finance. Improving the situation has been a priority of policy makers for at least a decade, however, the challenges in this matching process are still poorly understood. Theory suggests that matching problems may originate in different perceptions in a...

Crowdfunding has enabled large crowds to fund innovative projects. This type of funding might tap into the wisdom of crowds who were previously disconnected from the funding process. We distinguish between in-crowd and out-crowd funders (with and without ties to project creators) in order to test for heterogeneity in their information use. Based on...

The diffusion of energy efficiency retrofits is often hampered by high perceived investment risks, long-payback periods and a lack of skills. At a municipal level these issues are particularly pronounced as procuring, implementing and managing retrofits can exceed existing municipal governance capacities. The transition of municipal street lighting...

The UK market for energy service contracts is expanding, owing in part to the emergence of intermediaries for those contracts in different parts of the public sector. These intermediaries combine a legal framework for establishing contracts with an organisational framework that facilitates contract negotiation and execution. This paper examines the...

This paper analyses the field of innovation studies regarding barriers to low-carbon innovation and consequences for finance. It attempts to integrate previously separated literatures, bridge the gap between abstract failures and tangible barriers and add a temporal perspective to allow for more differentiated policy responses. Among the most salie...

Municipalities aiming at mitigating climate change by implementing new energy efficiency technologies face budgetary and capacity constraints. Outsourcing through energy service contracting could provide a solution. This paper reports results from a survey of 1298 municipalities concerning barriers to retrofitting public street lighting and the pos...

This research article explores the role of institutional innovation intermediaries in accelerating the commercialisation of (clean) technologies. Drawing on the finance and innovation intermediaries literatures, we show that financial barriers to eco-innovation can be partly overcome by particular functions of institutional innovation intermediarie...

Procurement Frameworks for Energy Performance Contracting (PFEPCs) simplify the process of negotiating, developing and implementing Energy Performance Contracts (EPCs) with Energy Service Companies (ESCOs). This paper analyses their role in promoting the implementation of cost-effective energy efficiency measures in the UK public sector. Compared t...

This research article explores the role of innovation intermediaries to accelerate the commercialisation of (clean) technologies. Drawing from the finance and innovation intermediaries literatures we show that financial barriers to eco-innovation can be partly overcome by particular functions of innovation intermediaries which in turn mobilises pri...

In this paper we analyse the case for public application of LED street lighting. Drawing from the energy services literature and transaction cost economics, we compare modes of lighting governance for modernisation. We argue that servitization can accelerate the commercialisation and diffusion of end-use energy demand reduction (EUED) technologies...

The author analyses how finance flows can be guided towards low-carbon value generation and growth. He investigates the arrangements between actors in the innovation system and policy measures such as technology push, demand-pull and regulation with regard to their influence on private investments. The case studies include innovation intermediaries...

Developing and emerging countries are gaining importance on the renewable energy stage due to their growth prospects in several areas and a strong investment increase in the recent past. This paper is dedicated to investigating the drivers and barriers to investments in renewable energies in developing countries. It explores these by using a unique...

The role of technological innovation in mitigating and adapting to climate change has received growing interest in recent years. Scholars have used innovation system (IS) frameworks to grasp the interdependencies of innovation in such complex settings. However, this literature has somewhat neglected two IS features, namely: (1) the financial framew...

This paper examines the impact of public policy measures on renewable energy (RE) diffusion through corresponding investments in electricity-generating capacity made by institutional investors (i.e. investment/pension funds, banks and insurance companies). Capacity investment data is gathered from Bloomberg New Energy Finance (BNEF) and policy indi...

This research article explores the role of intermediaries in government-supported research partnerships. Using an evolutionary approach to innovation, we attempt to show that barriers to (eco-) innovation can be partly overcome and public agencies can leverage their invested money by establishing intense knowledge exchange between innovators and in...

The aim of this article is to provide the reader with empirical data in the domain of stakeholder management in social ventures, as empirical findings are currently missing in this area of research. In order to show how social entrepreneurs manage different constituencies towards higher success of the organization, a stakeholder identification and...