Financing the sustainable energy transition: A configurational approach to the analysis of community initiatives

• Noelia Romero Castro ^[1] ; Vanessa Miramontes Viña ^[1]
  1. [1] Universidade de Santiago de Compostela

     Universidade de Santiago de Compostela

     Santiago de Compostela, España

     
• Localización: Esic market, ISSN 0212-1867, Vol. 56, Nº 3, 2025
• Idioma: inglés
• DOI: 10.7200/esicm.56.438
• Enlaces
  • Texto completo
• Resumen

  • Objective: This study examines the role of social capital in mobilising investments for community renewable energy (CRE) initiatives in Spain. Combining sustainability transition theory, resource mobilisation theory and complexity theory, it investigates the involvement of individuals, SMEs and local public authorities in CRE projects and explores how these social capital factors, alongside project diversification and installed renewable energy (RE) capacity, influence investment mobilisation.

    Methodology: A fuzzy-set qualitative comparative analysis (fsQCA) approach is applied to analyse a sample of 68 CRE communities in Spain. The study assesses how different configurations of social capital factors and project characteristics contribute to achieving high or low levels of investment mobilisation.

    Results: Findings confirm equifinality, causal asymmetry and conjunctural causation in CRE investment mobilisation. High installed RE capacity consistently appears in paths leading to high investment. However, a high number of individuals or local public authorities does not always correlate with greater investment. The results highlight the complexity of interactions between social capital factors and project characteristics.

    Limitations: This study focuses on Spain, limiting the generalisability of findings to other geographical contexts. Additionally, the sample includes only CRE communities supported by public incentive programs, potentially overlooking other CRE models.

    Practical implications: Policy frameworks should prioritise increasing installed RE capacity and facilitating SME involvement in CRE initiatives. Local governments play a key role in building trust and driving investment, but their role must be strategically designed to maximise funding. The findings indicate that balancing social capital, project diversity and capacity is crucial for optimising CRE investment mobilisation.

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