How do renewable energy, energy innovation and climate change shape the energy transition in USA? Unraveling the role of green finance development

IF 13.6 2区经济学 Q1 ECONOMICS Energy Economics Pub Date : 2024-10-02 DOI:10.1016/j.eneco.2024.107947

Sunil Tiwari , Umer Shahzad , Hind Alofaysan , Steven T. Walsh , Pooja Kumari

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Abstract

Over the past, all the big economies across the world are focusing on attainment of objectives of COP27 and COP28 and USA is forefront among them. Therefore, present study aims to unraveling the role of renewable energy, energy innovation, climate change and green financial development in mapping and shaping the energy transition system in the USA. In view of this, study utilizes annual data of said constructs from 2008 to 2022 and estimates through Dynamic Autoregressive Distributed Lag simulations (DARDLS) approach. Results indicate the positve impacts of renewable energy and energy innovation on energy transition and sustainable energy management in both long and short run. Whereas green financial development reflects low positive impact on energy transition in short run and getting stronger in long run. Expectedly, climate change adversely affect the energy transition and increases energy risk for the USA. Policy implications and Government frameworks are suggested to facilitate the renewable energy, energy innovation and green financial development and to mitigate climate change risk in USA.

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可再生能源、能源创新和气候变化如何影响美国的能源转型？解读绿色金融发展的作用

过去，全球所有大型经济体都在关注 COP27 和 COP28 目标的实现，美国是其中的佼佼者。因此，本研究旨在揭示可再生能源、能源创新、气候变化和绿色金融发展在描绘和塑造美国能源转型体系中的作用。有鉴于此，本研究利用了 2008 年至 2022 年的年度数据，并通过动态自回归分布式滞后模拟（DARDLS）方法进行了估算。结果表明，可再生能源和能源创新对能源转型和可持续能源管理具有长期和短期的积极影响。而绿色金融发展在短期内对能源转型的积极影响较小，在长期内则越来越大。预计气候变化会对能源转型产生不利影响，并增加美国的能源风险。为促进美国的可再生能源、能源创新和绿色金融发展以及降低气候变化风险，提出了政策影响和政府框架建议。

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来源期刊

Energy Economics ECONOMICS-

CiteScore

18.60

自引率

12.50%

发文量

524

期刊介绍： Energy Economics is a field journal that focuses on energy economics and energy finance. It covers various themes including the exploitation, conversion, and use of energy, markets for energy commodities and derivatives, regulation and taxation, forecasting, environment and climate, international trade, development, and monetary policy. The journal welcomes contributions that utilize diverse methods such as experiments, surveys, econometrics, decomposition, simulation models, equilibrium models, optimization models, and analytical models. It publishes a combination of papers employing different methods to explore a wide range of topics. The journal's replication policy encourages the submission of replication studies, wherein researchers reproduce and extend the key results of original studies while explaining any differences. Energy Economics is indexed and abstracted in several databases including Environmental Abstracts, Fuel and Energy Abstracts, Social Sciences Citation Index, GEOBASE, Social & Behavioral Sciences, Journal of Economic Literature, INSPEC, and more.