Understanding the role of green finance and renewable energy consumption for sustainable development in ACI economies

Muhammad Awais Baloch (), Danish () and Zubeyde Senturk Ulucak
Additional contact information
Muhammad Awais Baloch: Baoji University of Arts and Sciences
Danish: Guangdong University of Foreign Studies
Zubeyde Senturk Ulucak: Erciyes University

Climatic Change, 2023, vol. 176, issue 11, No 7, 19 pages

Abstract: Abstract Sustainable development has, in recent years, received worldwide attention due to environmental vulnerability and natural resource depletion. The United Nations’ (UN) Sustainable Development Goals (SDGs) are among the foremost pro-green efforts to achieve sustainability, with green finance and renewable energy standing out. This study looks at how green finance and renewable energy have affected sustainable development in ACI (ASEAN, China, and India) economies from 2000 to 2019. The model controls for access to electricity, economic complexity, and urbanization. Sustainable development is captured using the comprehensive index of sustainable development introduced by Hickel (Ecol Econ 167:106331, 2020) to develop an in-depth understanding of variables. The latest bias-corrected method of the moment’s estimator shows that there is a positive relationship between green financing, renewable energy, and sustainable growth in ACI economies. Several alternative tests are then performed to ensure the robustness of the main findings. Devising incentive-based policies, increasing the autonomy of the financial sector in green financing, and subsidizing renewable energy projects are suggested as important policies to achieve sustainable development in ACI economies.

Keywords: Green finance; Renewable energy; Sustainable development; ACI economies; Bias-corrected method of moments (search for similar items in EconPapers)
Date: 2023
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
http://link.springer.com/10.1007/s10584-023-03627-9 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:spr:climat:v:176:y:2023:i:11:d:10.1007_s10584-023-03627-9

Ordering information: This journal article can be ordered from
http://www.springer.com/economics/journal/10584

DOI: 10.1007/s10584-023-03627-9

Access Statistics for this article

Climatic Change is currently edited by M. Oppenheimer and G. Yohe

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