Marketing and Management of Innovations

ISSN (print) – 2218-4511 

ISSN (online) – 2227-6718

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Identifier in the register: R30-01179 Decision dated August 31, 2023, No. 759

The language of publication is English. 

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Oleksii Lyulyov

Sumy State University | Ukraine

Innovations in the Energy Sector as a Powerful Catalyst for Financial Transformations

Wadim Strielkowski 1,*,  
  1. University of California, Berkeley, USA
  2. Czech University of Life Sciences, Prague, Czech Republic

     * Corresponding author

DOI: https://doi.org/10.21272/mmi.2024.1-11

Pages: 131–142

Received: 10 October 2023

Revised: 16 February 2024

Accepted: 13 March 2024

Abstract

Conventional wisdom often posits that financial innovations are the primary drivers of energy transitions, facilitating the shift from traditional fossil fuels to renewable sources. However, a nuanced examination of this relationship suggests a reciprocal dynamic where innovations in the energy sector can significantly propel financial transformations. The global pivot towards renewable energy sources necessitates substantial financial investments, thus catalyzing the emergence of novel financial instruments, green bonds, and innovative financing models dedicated to supporting the renewable energy sector. This interdependence between energy transitions and financial innovation reflects the adaptability of financial institutions to the evolving demands of sustainable energy initiatives. As societies increasingly embrace cleaner energy solutions, the financial sector responds by devising inventive strategies to underwrite these transitions. Highlighting the growing academic interest in this symbiotic relationship, the number of publications on energy transitions and financial innovations indexed in the Web of Science database has witnessed a remarkable increase from a mere 10 in 2015 to 113 in 2023, indicating a rapidly increasing field of academic research. This paper presents a comprehensive bibliometric analysis of the existing research literature on the interplay between energy transition and financial innovations. Utilizing a network analysis approach and the VOSviewer software – a tool renowned for its efficacy in uncovering prevailing trends and patterns in interdisciplinary research – the study aims to map out the intellectual landscape of this domain. Our findings elucidate that energy transitions do not merely benefit from financial innovations but can also act as potent drivers of financial change, as evidenced by numerous recent and historical examples. This reciprocal influence underscores the critical role of energy sector advancements in shaping financial practices and instruments. The study’s insights contribute significantly to the understanding of how energy transitions and financial innovations mutually reinforce each other, providing valuable implications for policymakers, investors, and researchers focused on fostering sustainable energy ecosystems and financial market resilience.

Keywords: energy innovations; sustainable development; renewable energy; green finance; financial innovations.

How to Cite: Strielkowski, W. (2024). Innovations in the Energy Sector as a Powerful Catalyst for Financial Transformations. Marketing and Management of Innovations, 15(1), 131–142. https://doi.org/10.21272/mmi.2024.1-11

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