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Role of climate technologies, financial development, and renewable energy in the facilitation of social, economic, and environmental goals

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  • Zhang, Shaohui
  • Luo, Shunjun
  • Afshan, Sahar

Abstract

Sustainable Development Goals are formed based on social, economic, and environmental factors, which are primarily driven by technical and financial progression. However, little is known regarding the impact of climate technologies in realizing socio-economic and environmental factors in a multivariate framework of renewable energy. Therefore, this study examines the role of climate technologies, financial development, and renewable energy in determining the social, economic, and environmental goals for top-ten developed economies in terms of human development during 2000–2019. This study adopts advanced panel estimation techniques such as cross-sectional dependence, slope heterogeneity, and cross-sectional autoregressive distributed lag (CS-ARDL) model. The findings confirm that climate technologies, financial development, and renewable energy significantly and positively contribute to human development and economic growth. Moreover, climate technologies and renewable energy help achieve environmental sustainability by reducing ecological footprints in the targeted economies. In contrast, more ecological damages have been recorded due to financial development during the study period. These findings implied that renewable energy and climate technologies are imperative to achieve social, economic, and ecological goals.

Suggested Citation

  • Zhang, Shaohui & Luo, Shunjun & Afshan, Sahar, 2022. "Role of climate technologies, financial development, and renewable energy in the facilitation of social, economic, and environmental goals," Renewable Energy, Elsevier, vol. 199(C), pages 169-178.
    • Handle: RePEc:eee:renene:v:199:y:2022:i:c:p:169-178
    DOI: 10.1016/j.renene.2022.08.085
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