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Do Financialisation and Innovation Enhance Environmental Sustainability in Sub-Saharan Africa?

Author

Listed:
  • Emmanuel Kwaku Manu

    (Armidale, NSW, Australia)

  • Maria L. Gorbunova

    (Novgorod, Russian Federation)

  • Simplice A. Asongu

    (Johannesburg, South Africa)

Abstract

This study addresses the perception of Sub-Saharan Africa (SSA) as a region with limited financial capabilities and technological advancement to enhance environmental sustainability. Conducted across 24 SSA countries from 2000 to 2021, the research employs instrumental IV and panel quantile regression. It shows that financialisation, when coupled with innovation-driven activities, positively impacts environmental sustainability. The findings reveal refined relationships, indicating that the impact of financialisation on environmental sustainability varies based on contextual factors. Notably, positive effects are observed, particularly in terms of enhancing access to credit and promoting innovation initiatives. The study underscores the importance of addressing emissions and promoting environmental sustainability in SSA through strengthened financial systems and innovation promotion. By highlighting the potential for decoupling economic growth from environmental degradation, the research provides valuable insights for policymaking and sustainable development efforts in the region.

Suggested Citation

  • Emmanuel Kwaku Manu & Maria L. Gorbunova & Simplice A. Asongu, 2026. "Do Financialisation and Innovation Enhance Environmental Sustainability in Sub-Saharan Africa?," Working Papers 26/025, European Xtramile Centre of African Studies (EXCAS).
    • Handle: RePEc:exs:wpaper:26/025
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