Financing clean energy projects in different ways

Botirov Azamat Axmedovich and Fayziyev Samandar Sobir Ogli

GREEN ECONOMY AND DEVELOPMENT, 2023, vol. 1, issue 11

Abstract: Globally, all countries are worried about rising greenhouse gas emissions, it leads environmental degradation,increase sea level and reduce agriculture output due to large use of traditional energy resource. As a result, internationalorganizations have begun to pressurize countries to reduce their carbon emissions by increasing the use of cleanenergy sources. In such circumstances, this study examines the extent to which foreign direct investment inflows, stockmarket capitalization, and research and development expenditures affect clean energy demand in the major investmentcountries, spanning the period from 1996 to 2022. The empirical results of long-run elasticities show that foreign directinvestment inflows and research and development expenditures play a considerable role in promoting clean energy consumption.Further, it is indicated that clean energy consumption has a negative effect on carbon emissions, but a positiveeffect on economic growth. Research and development expenditures and foreign direct investment inflows, meanwhile,have a significant negative impact on CO2 emissions. Based on the results, the study recommends that policy makers inthe major investment countries should understand that it is worth investing research and development expenditures as itis encouraging the use of clean energy and supporting lower carbon emissions. These empirical findings offer increasedunderstanding for policy makers, enabling them to utilize research and development expenditures as a tool in the energysector for the improvement of environmental quality.

Keywords: Clean energy consumption; Research and development expenditures; Emissions; Financing; Investment; Energy demand; Energy transitions. (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:teu:ged000:v:1:y:2023:i:11:id:193

DOI: 10.55439/GED/vol1_iss11-12/a193

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