A step towards green economic policy framework: role of renewable energy and climate risk for green economic recovery

Lifang Guo (), Hewu Kuang () and Zehua Ni ()
Additional contact information
Lifang Guo: Fujian Jiangxia University
Hewu Kuang: Guangdong University of Finance
Zehua Ni: Beijing Institute of Technology

Economic Change and Restructuring, 2023, vol. 56, issue 5, No 9, 3095-3115

Abstract: Abstract According to the World Bank, energy efficiency is a critical facilitator of most Sustainable Development Goals. Its contribution to CO2 emission reduction is astounding. Environmentalists have recently emphasized the essential need to determine energy efficiency causes. This research broadens the debate's horizons by proposing additional possible energy efficiency factors using data from the Chinese economy. From 1990 to 2020, we examined the influence of investment in renewable energy resources, financial inclusion, industrial production, and trade openness on China's energy efficiency and climate risk. Additionally, this study is added to the literature by examining the causal relationships between variables while considering the temporal dimension. The findings indicate that industrial production, financial inclusion, public R&D on renewable energy, and trade openness contribute significantly to China's energy efficiency and climate risk. All other factors, except industrial production, are positively associated with energy efficiency. The path of causality is established from energy efficiency and climate risk to financial inclusion, industrial production, renewable energy, public research and development budgets, and trade openness. According to the findings, changes in energy performance have frequency-changing impacts on all variables. Policymakers believe that the financial system must be strengthened since this will significantly influence renewable energy.

Keywords: Renewable energy development; Sustainable financial inclusion; Energy efficiency; CO2 emission; China; Climate risk (search for similar items in EconPapers)
Date: 2023
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

Downloads: (external link)
http://link.springer.com/10.1007/s10644-022-09437-w Abstract (text/html)
Access to the full text of the articles in this series is restricted.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:kap:ecopln:v:56:y:2023:i:5:d:10.1007_s10644-022-09437-w

Ordering information: This journal article can be ordered from
http://www.springer. ... nt/journal/10644/PS2

DOI: 10.1007/s10644-022-09437-w

Access Statistics for this article

Economic Change and Restructuring is currently edited by George Hondroyiannis

More articles in Economic Change and Restructuring from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().