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How do renewable energy, energy innovation and climate change shape the energy transition in USA? Unraveling the role of green finance development

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  • Tiwari, Sunil
  • Shahzad, Umer
  • Alofaysan, Hind
  • Walsh, Steven T.
  • Kumari, Pooja

Abstract

Over the past, all the big economies across the world are focusing on attainment of objectives of COP27 and COP28 and USA is forefront among them. Therefore, present study aims to unraveling the role of renewable energy, energy innovation, climate change and green financial development in mapping and shaping the energy transition system in the USA. In view of this, study utilizes annual data of said constructs from 2008 to 2022 and estimates through Dynamic Autoregressive Distributed Lag simulations (DARDLS) approach. Results indicate the positve impacts of renewable energy and energy innovation on energy transition and sustainable energy management in both long and short run. Whereas green financial development reflects low positive impact on energy transition in short run and getting stronger in long run. Expectedly, climate change adversely affect the energy transition and increases energy risk for the USA. Policy implications and Government frameworks are suggested to facilitate the renewable energy, energy innovation and green financial development and to mitigate climate change risk in USA.

Suggested Citation

  • Tiwari, Sunil & Shahzad, Umer & Alofaysan, Hind & Walsh, Steven T. & Kumari, Pooja, 2024. "How do renewable energy, energy innovation and climate change shape the energy transition in USA? Unraveling the role of green finance development," Energy Economics, Elsevier, vol. 140(C).
    • Handle: RePEc:eee:eneeco:v:140:y:2024:i:c:s0140988324006558
    DOI: 10.1016/j.eneco.2024.107947
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