Shifting the gears: How renewable energy technology budgets accelerate the adoption of electric vehicles

As the world races toward a low-carbon future, the strategic intersection of clean energy financing and transport innovation is emerging as a defining milestone in sustainable development. This investigation analyzes the asymmetric impact of renewable energy technology budgets on electric vehicle adoption across the top 10 countries with the highest electric vehicle stock and significant renewable energy deployment (China, the USA, Germany, Japan, France, the UK, Norway, the Netherlands, South Korea, and Canada). Contrary to previous works that primarily relied on panel data methodologies and habitually overlooked local disparities, this research employs the sophisticated Quantile-on-Quantile tool. It facilitates an extensive appraisal of regional variations, thereby enhancing precision and delivering a deeper understanding of each country's distinctive characteristics. The findings display a positive and significant association between renewable energy technology budgets and electric vehicle stock in most sample economies, each displaying distinctive tendencies and reactions. The results highlight the urgent need for policymakers to conduct comprehensive analysis and formulate context-specific tactics that effectively address the complex interplay between renewable energy technology investment and electric vehicle adoption, particularly given their critical alignment with the Sustainable Development Goals.