Can digital financial inclusion facilitate renewable energy consumption? Evidence from nonlinear analysis

IF 4 4区 环境科学与生态学 Q2 ENVIRONMENTAL STUDIES Energy & Environment Pub Date : 2023-10-11 DOI:10.1177/0958305x231204029
Satar Bakhsh, Wei Zhang, Kishwar Ali, Muhammad Anas
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引用次数: 1

Abstract

The Paris climate agreement aims to achieve carbon neutrality by reducing carbon emissions all over the world. This can be accomplished by encouraging all stakeholders to switch to more carbon-free production methods, such as renewables, which cannot be achieved without high-level subsidies and financial aid. Therefore, the financial sector is inextricably linked to the renewable energy transition. The entire world is watching India, the world's second-largest importer of fossil fuels and the world's fourth-largest emitter of greenhouse gases. In this context, this work employs a financial development index in three dimensions: the overall financial development, the market-based financial development, and the bank-based financial development. We used the asymmetric nonlinear autoregressive distributed lags econometric model on data from 1980Q1 to 2020Q4 to investigate the effect of financial development on renewable energy consumption (REC) in India. As control variables, the model included real gross domestic product (GDP), trade openness, and oil prices. The empirical evidence shows that negative changes in overall and market-based financial developments (shocks) have a significant impact on REC. Changes in the development of bank-based finance have no immediate impact on REC. In the instantaneous and one-lagged periods, the later effect is both positive and negative. The asymmetric long-run effect of negative and positive changes (shocks) in all three dimensions of financial development has a significant impact on REC. As control variables, the model included real GDP, trade openness, and oil prices. Our empirical findings have significant policy implications.
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数字普惠金融能否促进可再生能源消费?非线性分析证据
巴黎气候协议旨在通过减少全球碳排放来实现碳中和。这可以通过鼓励所有利益相关者转向更无碳的生产方式来实现,例如可再生能源,如果没有高水平的补贴和财政援助,这是无法实现的。因此,金融部门与可再生能源转型密不可分。印度是全球第二大化石燃料进口国,也是全球第四大温室气体排放国,全世界都在关注着印度。在此背景下,本研究采用了金融发展指标的三个维度:整体金融发展、市场化金融发展和银行金融发展。本文采用非对称非线性自回归分布滞后计量模型对1980年第一季度至2020年第四季度的数据进行了分析,探讨了金融发展对印度可再生能源消费的影响。作为控制变量,该模型包括实际国内生产总值(GDP)、贸易开放度和油价。实证表明,整体金融和市场化金融发展(冲击)的负向变化对可再生能源发展具有显著影响,银行金融发展的变化对可再生能源发展没有直接影响,在瞬时和单滞后时期,后向影响既有正向影响,也有负向影响。金融发展三个维度的消极和积极变化(冲击)的不对称长期效应对REC有显著影响。模型的控制变量包括实际GDP、贸易开放度和油价。我们的实证研究结果具有重要的政策意义。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
Energy & Environment
Energy & Environment ENVIRONMENTAL STUDIES-
CiteScore
7.60
自引率
7.10%
发文量
157
期刊介绍: Energy & Environment is an interdisciplinary journal inviting energy policy analysts, natural scientists and engineers, as well as lawyers and economists to contribute to mutual understanding and learning, believing that better communication between experts will enhance the quality of policy, advance social well-being and help to reduce conflict. The journal encourages dialogue between the social sciences as energy demand and supply are observed and analysed with reference to politics of policy-making and implementation. The rapidly evolving social and environmental impacts of energy supply, transport, production and use at all levels require contribution from many disciplines if policy is to be effective. In particular E & E invite contributions from the study of policy delivery, ultimately more important than policy formation. The geopolitics of energy are also important, as are the impacts of environmental regulations and advancing technologies on national and local politics, and even global energy politics. Energy & Environment is a forum for constructive, professional information sharing, as well as debate across disciplines and professions, including the financial sector. Mathematical articles are outside the scope of Energy & Environment. The broader policy implications of submitted research should be addressed and environmental implications, not just emission quantities, be discussed with reference to scientific assumptions. This applies especially to technical papers based on arguments suggested by other disciplines, funding bodies or directly by policy-makers.
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