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Exploring the complex interplay of green finance, business cycles, and energy development

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  • Sultanuzzaman, Md Reza
  • Yahya, Farzan
  • Lee, Chien-Chiang

Abstract

Green finance has emerged as a contemporary mechanism to support investments in renewable energy, energy efficiency, and sustainable infrastructure projects. This study aims to provide empirical insights into the asymmetric influence of green finance and business cycle fluctuations on energy development in 60 developing countries from 2000 to 2021. Four aspects of energy development, including energy access, stability, efficiency, and production gap, are examined using panel quantile regression with additive fixed effects. The research findings demonstrate that green finance plays a significant role in fostering energy development, with varying effects across different quantiles of the distribution. Specifically, the results indicate that green finance supports energy access and stability, particularly during economic recession, low-income levels, and limited technological advancement. However, the impact of green finance on energy efficiency exhibits notable heterogeneity, contingent upon technological and periods of economic expansion. Achieving tangible improvements in energy efficiency necessitates a certain level of technological and economic development. Moreover, green finance shows a capacity to maintain an optimal level of energy production, particularly evident during economic expansion and for highly technologically developed countries. The impact of business cycle fluctuations varies across different quantile distributions of energy development indicators, predominantly exerting an inhibitory effect of economic recession. In light of these results, it is recommended that policies in developing countries be revised to enhance energy access, optimize energy production levels, and promote the cost-effectiveness of renewable energy in conjunction with green finance initiatives.

Suggested Citation

  • Sultanuzzaman, Md Reza & Yahya, Farzan & Lee, Chien-Chiang, 2024. "Exploring the complex interplay of green finance, business cycles, and energy development," Energy, Elsevier, vol. 306(C).
    • Handle: RePEc:eee:energy:v:306:y:2024:i:c:s0360544224022539
    DOI: 10.1016/j.energy.2024.132479
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