Panel data study on the effectiveness of policies to induce RE investments. Novel combination of datasets (BNEF/IEA) in solar, wind and biomass sectors. FIT proves to be more effective than subsidies for less mature technologies. RPS and tradable permit systems seem more effective for mature technologies. A long-term strategic planning framework is useful to attract institutional investors.

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 capital (VC). In this article, we emphasize the importance of these understudied aspects through a comparative case study of equity finance for cleantech in the United States and Germany. We find that systemic interdependencies between institutional investors, VC/PE and policy makers influence the conditions for innovation-the "finance-innovation-policy nexus." Adverse effects of policies affecting financial markets, in particular institutional investors, have to be taken into account to effectively mobilize private investments for (cleantech) innovation.

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