Clean energy projects in Asian economies: does FDI and stock market matter for sustainable development?

Chun Jiang and Yaqi Chang

Economic Research-Ekonomska Istraživanja, 2022, vol. 35, issue 1, 5843-5857

Abstract: The FDI and the stock market are the key sources of finance for clean energy projects to become a reality on a global level, and are considered significant drivers of green growth. Therefore, this study examines the effects of the FDI inflows and the stock market development on clean energy production in the top-FDI receiving countries. The data in this regard spans from the time period pertaining to the years 1991 to 2019. The empirical results of the group-wise estimates show that the FDI inflows, and the stock market development play a significant role in promoting clean energy production in the long run. Furthermore, the economy-wise estimates also show that the FDI inflow tends to positively affect the clean energy production in China, Singapore, Russia, India, Indonesia, and South Korea. However, the development experienced in the stock market also positively affects clean energy production in all the selected Asian economies. Thus, it can be affirmed that the governments should also encourage foreign investors, and at the same time divert stock market funds to Asia's renewable energy projects.

Date: 2022
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DOI: 10.1080/1331677X.2022.2038650

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