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Understanding the role of green finance and renewable energy consumption for sustainable development in ACI economies

Author

Listed:
  • Muhammad Awais Baloch

    (Baoji University of Arts and Sciences
    University of Religions and Denominations)

  • Danish

    (Guangdong University of Foreign Studies)

  • Zubeyde Senturk Ulucak

    (Erciyes University)

Abstract

Sustainable development has, in recent years, received worldwide attention due to environmental vulnerability and natural resource depletion. The United Nations’ (UN) Sustainable Development Goals (SDGs) are among the foremost pro-green efforts to achieve sustainability, with green finance and renewable energy standing out. This study looks at how green finance and renewable energy have affected sustainable development in ACI (ASEAN, China, and India) economies from 2000 to 2019. The model controls for access to electricity, economic complexity, and urbanization. Sustainable development is captured using the comprehensive index of sustainable development introduced by Hickel (Ecol Econ 167:106331, 2020) to develop an in-depth understanding of variables. The latest bias-corrected method of the moment’s estimator shows that there is a positive relationship between green financing, renewable energy, and sustainable growth in ACI economies. Several alternative tests are then performed to ensure the robustness of the main findings. Devising incentive-based policies, increasing the autonomy of the financial sector in green financing, and subsidizing renewable energy projects are suggested as important policies to achieve sustainable development in ACI economies.

Suggested Citation

  • Muhammad Awais Baloch & Danish & Zubeyde Senturk Ulucak, 2023. "Understanding the role of green finance and renewable energy consumption for sustainable development in ACI economies," Climatic Change, Springer, vol. 176(11), pages 1-19, November.
    • Handle: RePEc:spr:climat:v:176:y:2023:i:11:d:10.1007_s10584-023-03627-9
    DOI: 10.1007/s10584-023-03627-9
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