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Is green finance really “green”? Examining the long-run relationship between green finance, renewable energy and environmental performance in developing countries

Author

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  • Bakry, Walid
  • Mallik, Girijasankar
  • Nghiem, Xuan-Hoa
  • Sinha, Avik
  • Vo, Xuan Vinh

Abstract

This paper examines the impact of green finance on environmental performance in developing countries. Using panel cointegration analysis and panel vector error correction model (VECM) to a sample of 76 developing economies from 2010 to 2019, this study confirms that carbon emissions (CO2) is cointegrated with green finance, real gross domestic product, urbanization, and renewable energy under different specifications and therefore we estimate the long-run relationships among these variables. Specifically, both green finance and renewable energy are found to exert significant and inhibitory effects on CO2 emissions, reaffirming the necessity to promote green finance and renewable energy. Results from the paper also document the existence of the Environmental Kuznets Curve and the increasing effects of urbanization on CO2 emissions. Several policy implications and recommendations are drawn from this study.

Suggested Citation

  • Bakry, Walid & Mallik, Girijasankar & Nghiem, Xuan-Hoa & Sinha, Avik & Vo, Xuan Vinh, 2023. "Is green finance really “green”? Examining the long-run relationship between green finance, renewable energy and environmental performance in developing countries," Renewable Energy, Elsevier, vol. 208(C), pages 341-355.
    • Handle: RePEc:eee:renene:v:208:y:2023:i:c:p:341-355
    DOI: 10.1016/j.renene.2023.03.020
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    Keywords

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    JEL classification:

    • C36 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Instrumental Variables (IV) Estimation
    • G00 - Financial Economics - - General - - - General
    • Q20 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - General
    • Q55 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Technological Innovation
    • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth

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