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Foreign Direct Investments, Renewable Electricity Output, and Ecological Footprints: Do Financial Globalization Facilitate Renewable Energy Transition and Environmental Welfare in Bangladesh?

Author

Listed:
  • Muntasir Murshed

    (North South University)

  • Mohamed Elheddad

    (University of Huddersfield)

  • Rizwan Ahmed

    (University of Birmingham)

  • Mohga Bassim

    (The University of Buckingham)

  • Ei Thuzar Than

    (University of Cardiff)

Abstract

Phasing out fossil fuel dependency to adopt renewable energy technologies is pertinent for both ensuring energy security and for safeguarding the well-being of the environment. However, financial constraints often restrict the developing countries, in particular, from undergoing the renewable energy transition that is necessary for easing the environmental hardships. Against this background, this study makes a novel attempt to evaluate the impacts of FDI inflows on enhancing renewable energy use and attaining environmental sustainability in Bangladesh between 1972 and 2015. Using the autoregressive distributed lags with structural break approach to estimate the short- and long-run elasticities, it is found that FDI inflows enhance the share of renewable electricity output in the total electricity output levels of the country. Besides, FDI inflows are also evidenced to directly hamper environmental quality by boosting the ecological footprints figures of Bangladesh. Hence, it can be said that FDI promotes renewable electricity generation in Bangladesh but transforms the nation into a pollution haven. However, although FDI inflows cannot directly reduce the ecological footprints, a joint ecological footprint mitigation impact of FDI inflows and renewable electricity generation is evidenced. Besides, the findings also verify the authenticity of the Environmental Kuznets Curve hypothesis in Bangladesh’s context. Therefore, economic growth can be referred to as being both the cause and the panacea to the environmental problems faced by Bangladesh. These results, in a nutshell, calls for effective measures to be undertaken for attracting the relatively cleaner FDI in Bangladesh whereby the objectives of renewable energy transition and environmental sustainability can be achieved in tandem. In line with these findings, several appropriate financial globalization policies are recommended.

Suggested Citation

  • Muntasir Murshed & Mohamed Elheddad & Rizwan Ahmed & Mohga Bassim & Ei Thuzar Than, 2022. "Foreign Direct Investments, Renewable Electricity Output, and Ecological Footprints: Do Financial Globalization Facilitate Renewable Energy Transition and Environmental Welfare in Bangladesh?," Asia-Pacific Financial Markets, Springer;Japanese Association of Financial Economics and Engineering, vol. 29(1), pages 33-78, March.
    • Handle: RePEc:kap:apfinm:v:29:y:2022:i:1:d:10.1007_s10690-021-09335-7
    DOI: 10.1007/s10690-021-09335-7
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    Keywords

    Renewable energy; Renewable electricity; FDI; Ecological footprints; Pollution haven hypothesis; EKC hypothesis; Structural breaks;
    All these keywords.

    JEL classification:

    • Q4 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy
    • Q42 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Alternative Energy Sources
    • Q43 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Energy and the Macroeconomy
    • F3 - International Economics - - International Finance

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    Corrections

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