Evaluating Technology Improvement in Sustainable Development Goals by Analysing Financial Development and Energy Consumption in Jordan

Baha Aldeen Mohammad Fraihat, Ahmad Y. A. Bani Ahmad, Alrefai A. Alaa, Abbas Mohammad Alhawamdeh, Mustafa Mohamed Soumadi, Ezaalden Ahmad Shutawe Aln'emi and Bashar Younis Subeih Alkhawaldeh
Additional contact information
Baha Aldeen Mohammad Fraihat: Department of Management Sciences, Business faculty, Jerash University, PO. Box 26150, Jordan.
Ahmad Y. A. Bani Ahmad: Department of Accounting and Finance, Faculty of Business, Middle East University, Amman 11831, Jordan.
Alrefai A. Alaa: School of Housing, Building and Planning, University Sains Malaysia, Malaysia.
Abbas Mohammad Alhawamdeh: Department of Management Sciences, Business faculty, Jerash University, PO. Box 26150, Jordan.
Mustafa Mohamed Soumadi: Department of Financial and Administrative Sciences, Huson University College, Al-Balqa' Applied University, Jordan.
Ezaalden Ahmad Shutawe Aln'emi: Business Faculty, Jerash University, PO. Box 26150, Jordan.
Bashar Younis Subeih Alkhawaldeh: Faculty of Business and Management, Universiti Sultan Zainal Abidin, 21300 Kuala Terengganu, Malaysia

International Journal of Energy Economics and Policy, 2023, vol. 13, issue 4, 348-355

Abstract: Sustainable development has become a crucial goal for policymakers worldwide, with technological progress playing a significant role in achieving this objective. Jordan, a developing country in the Middle East, has been working towards the attainment of Sustainable Development Goals (SDGs) by leveraging technology to promote economic growth while preserving the environment. In this study, we evaluate the impact of technological improvements on SDGs in Jordan by analyzing the relationship between financial development, energy consumption, and economic growth. The analysis covers the period from 1970 to 2021 and employs three econometric techniques, namely the Lee and Strazicich (2013) second-generation econometric approach, the novel Augmented Autoregressive Distributed Lag (AARDL) model, and Frequency Domain Causality (FDC) analysis. The results indicate a positive and significant association between financial development, energy use, and economic growth, with financial development having the strongest impact. Moreover, technological progress plays a crucial role in achieving SDGs by positively affecting financial development, energy consumption, and economic growth. This study highlights the importance of leveraging technology to promote sustainable development and provides valuable insights for policymakers in Jordan and other developing countries.

Keywords: AARDL; Economic Growth; Energy Consumption; Financial Development; SDGs (search for similar items in EconPapers)
JEL-codes: B23 F43 O16 Q01 Q43 (search for similar items in EconPapers)
Date: 2023
References: View complete reference list from CitEc
Citations: View citations in EconPapers (4)

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