Evaluating the effects of green supply chain, digital technologies, and energy prices on renewable energy innovations: A way forward for an emerging economy

Abstract

In order to establish sustainable energy systems and lessen environmental effects via resource efficiency and technological innovations, green supply chain management and renewable energy innovations are crucial. Thus, in this study, for the first time, we investigate how digitization and green supply chains impact renewable energy innovations. The study also examined how inflation and energy prices influence renewable energy innovations using data between 1990Q1 and 2022Q4. Furthermore, considering the nonlinear nature of the variables, we settle for using nonlinear approaches ranging from quantile Augmented-Dickey-Fuller (QADF) and quantile Phillips-Perron (QPP), wavelet quantile regression (WQR), and wavelet quantile correlation (WQC). The QADF and QPP results validate each other, showing evidence of stationarity at specific quantiles. The results show a significant pattern indicating that green supply chain and digitalization influence renewable energy innovations. There is a stronger positive correlation in the medium and high quantiles, especially in the long run. It is revealed that the effect of these factors increases over time. However, the effect lessens at the lower quantiles and in the short term, suggesting the possibility of fluctuations in short-term factors. Additionally, financial development, inflation, and energy resources are essential in explaining the development of renewable energy innovations to create sustainable energy practices. Furthermore, the results of the WQC validate the outcomes of the WQR. Based on the study findings, recommendations for practical policy decision-making are derived from these broad research results to guide pertinent stakeholders and decision-makers in pursuing more effective promotion of renewable energies and sustainability.