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Green Finance and Renewable Energy: A Worldwide Evidence

Author

Listed:
  • S.S. Alharbi
  • M. Al Mamun
  • Sabri Boubaker

    (Métis Lab EM Normandie - EM Normandie - École de Management de Normandie)

  • S.K.A. Rizvi

Abstract

Using a large sample of 44 countries for 2007\textendash2020, we provide evidence that green finance (green bonds) significantly fosters renewable energy production. Our results are robust to addressing cross-sectional dependence concerns, allowing structural breaks, and using several alternative specifications and estimation methods. Compared to our baseline findings, the effect is higher for green bonds issued to finance alternative energy. We also find that the existing stock of technological capacity significantly fosters the impact of green finance on renewable energy production, particularly in the long run. The long-run impact of green finance is significant in countries with higher emissions per dollar GDP, higher levels of climate change exposure to the economy and human life, and better-developed credit markets. The effect is more pronounced in countries with low or net zero emission targets and following the post-Paris 2015 agreements. \textcopyright 2023 Elsevier B.V.

Suggested Citation

  • S.S. Alharbi & M. Al Mamun & Sabri Boubaker & S.K.A. Rizvi, 2023. "Green Finance and Renewable Energy: A Worldwide Evidence," Post-Print hal-04434113, HAL.
  • Handle: RePEc:hal:journl:hal-04434113
    DOI: 10.1016/j.eneco.2022.106499
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    More about this item

    Keywords

    alternative energy; Alternative energy; Climate change; Common correlated effect pooled; Common correlated effects pooled (CCEP); Cross sectional dependence; emission control; Energy productions; environmental economics; Estimation methods; finance; Finance; green economy; Green finance; Gross Domestic Product; innovation; Innovation; Longest run; Renewable energies; Renewable energy; Structural break;
    All these keywords.

    JEL classification:

    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
    • P48 - Political Economy and Comparative Economic Systems - - Other Economic Systems - - - Legal Institutions; Property Rights; Natural Resources; Energy; Environment; Regional Studies
    • Q42 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Alternative Energy Sources

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