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Does Foreign Direct Investment Influence Renewable Energy Consumption? Empirical Evidence from South Asian Countries

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  • Xueqing Kang

    (Department of Financial Engineering, School of Economics, Sichuan University, No. 24, South Section 1, Yihuan Road, Chengdu 610065, China)

  • Farman Ullah Khan

    (Department of Management Sciences, COMSATS University Islamabad, Islamabad 45550, Pakistan)

  • Raza Ullah

    (Department of Management Sciences, Islamia College University, Peshawar 25120, Pakistan)

  • Muhammad Arif

    (Department of Management Sciences, University of Swabi, Swabi 23430, Pakistan)

  • Shams Ur Rehman

    (Department of Management Science, Institute of Business and Management Sciences (IBMS), University of Agriculture, Peshawar 21530, Pakistan)

  • Farid Ullah

    (Department of Financial Engineering, School of Economics, Sichuan University, No. 24, South Section 1, Yihuan Road, Chengdu 610065, China)

Abstract

In selected South Asian countries, the study intends to investigate the relationship between urban population (UP), carbon dioxide (CO 2 ), trade openness (TO), gross domestic product (GDP), foreign direct investment (FDI), and renewable energy (RE). Fully modified ordinary least square (FMOLS) and dynamic ordinary least square (DOLS) models for estimation were used in the study, which covered yearly data from 1990 to 2019. We used Levin–Lin–Chu, Im–Pesaran–Shin, and Fisher PP tests for the stationarity of the variables. The outcomes of the panel cointegration approach looked at whether there was a long-run equilibrium nexus between selected variables in Pakistan, Bangladesh, India, and Sri Lanka. The FMOLS approach was also used to assess the relationship, and the results suggest that there is a significant and negative nexus between FDI and renewable energy in south Asian nations. The study’s findings reveal a strong and favorable relationship between GDP and renewable energy use. In South Asian nations (Sri Lanka, Pakistan, India, and Bangladesh), the FMOLS and DOLS findings are nearly identical, but the authors used the DOLS model for robustification. According to the findings, policymakers in South Asian economies (Sri Lanka, Pakistan, India, and Bangladesh) should view GDP and FDI as fundamental policy instruments for environmental sustainability. To reduce reliance on hazardous energy sources, the government should also reassure financial sectors to participate in renewable energy.

Suggested Citation

  • Xueqing Kang & Farman Ullah Khan & Raza Ullah & Muhammad Arif & Shams Ur Rehman & Farid Ullah, 2021. "Does Foreign Direct Investment Influence Renewable Energy Consumption? Empirical Evidence from South Asian Countries," Energies, MDPI, vol. 14(12), pages 1-15, June.
  • Handle: RePEc:gam:jeners:v:14:y:2021:i:12:p:3470-:d:573380
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