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Do Depth, Accessibility, and Efficiency of Financial Institutions Matter for Renewable Energy Development in Azerbaijan?

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  • Mustafa Tevfik Kartal
  • Ugur Korkut Pata

Abstract

The promotion of renewable energies is a decisive factor for the sustainable growth of countries' economies and the development of their environment. The installation and use of renewable energy is costly and therefore financial resources are needed to invest in renewable energy. Accordingly, this study analyzes the impact of depth, accessibility and efficiency of financial institutions (FI) on renewable energy consumption (REC) for Azerbaijan from 1992 through 2021. So, the study uses time series estimators. The results show that the depth and efficiency development of FI increases REC, while financial accessibility is not effective on renewable energy. These findings suggest that Azerbaijani policymakers should deal with to increase the depth and efficiency of FI to promote REC.

Suggested Citation

  • Mustafa Tevfik Kartal & Ugur Korkut Pata, 2024. "Do Depth, Accessibility, and Efficiency of Financial Institutions Matter for Renewable Energy Development in Azerbaijan?," Journal of Sustainable Development Issues (JOSDI), SDIjournals, vol. 2(1), pages 42-50, June.
    • Handle: RePEc:arv:journl:v:2:y:2024:i:1:p:42-50
    DOI: 10.62433/josdi.v2i1.24
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    More about this item

    Keywords

    Renewable Energy; Financial Institutions; Urbanization; Azerbaijan;
    All these keywords.

    JEL classification:

    • C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • Q43 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Energy and the Macroeconomy

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