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Empowering sustainable development in emerging economies: The role of renewable energy and domestic investment

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  • Wang, Lingning
  • Pal, Shreya
  • Mahalik, Mantu Kumar
  • Gozgor, Giray

Abstract

We empirically examine the effects of renewable- and non-renewable electricity generation, globalisation, and domestic gross fixed capital formation on sustainable development in 14 emerging economies from 1990 to 2022. The findings reveal that both stochastic and absolute convergence exist within the sustainable development indices of these economies. The conditional convergence results indicate that domestic gross fixed capital formation and renewable electricity generation promote sustainable development. In contrast, globalisation and non-renewable electricity production negatively affect sustainable development. Finally, employing Phillips-Sul's club convergence methodology, we identify two distinct convergence clubs: Club 1, comprising Brazil, China, Chile, Colombia, Greece, the Korean Republic, and Malaysia, and Club 2, which includes Hungary, Poland, the Philippines, Saudi Arabia, and South Africa. Therefore, we conclude that while emerging countries strive for economic growth, tailored policy frameworks are essential to balance environmental sustainability and growth objectives, while emphasising the need for international cooperation and sustainable practices across both the clubs.

Suggested Citation

  • Wang, Lingning & Pal, Shreya & Mahalik, Mantu Kumar & Gozgor, Giray, 2025. "Empowering sustainable development in emerging economies: The role of renewable energy and domestic investment," Energy Economics, Elsevier, vol. 148(C).
    • Handle: RePEc:eee:eneeco:v:148:y:2025:i:c:s014098832500458x
    DOI: 10.1016/j.eneco.2025.108631
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