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Green Finance and Green Energy Nexus in ASEAN Countries: A Bootstrap Panel Causality Test

Author

Listed:
  • Nihal Ahmed
  • Franklin Areche
  • Adnan Sheikh
  • Amine Lahiani

    (LEO - Laboratoire d'Économie d'Orleans [2022-...] - UO - Université d'Orléans - UT - Université de Tours - UCA - Université Clermont Auvergne)

Abstract

Green energy is a crucial component in addressing expanding energy demands and combating climate change, but the possible negative repercussions of these technologies are frequently disregarded. Green energy's deployment is tied to environmentally sustainable development goals (SDGs). It can only be achieved by scaling up the finance of investment that provides environmental benefits through new financial instruments and new policies, such as green banks, green bonds, community-based green funds, green central banking, etc. In an effort to address the issues with IPAT and ImPACT, this study employed the STIRPAT model approach, which is a proven framework for energy economics analysis. The author gathers yearly data spanning 2002–2018 for six ASEAN member countries with the aim of investigating the relationship between CO2 emissions, green finance, energy efficiency, and the green energy index (GEX). After preliminary tests, the study employed the Westerlund test and Johansen Fisher test for long-term equilibrium and estimated the Granger causal links between variables using the generalized method of moments (GMM). The results indicate that green bonds are an effective technique for promoting green energy projects and considerably reducing CO2 emissions. Therefore, governments should establish supporting policies with a long-term perspective to increase the investment of green energy projects related investment from private participants to ensure sustainable growth and address environmental challenges. This strategy may be appropriate during and after the COVID-19 period.

Suggested Citation

  • Nihal Ahmed & Franklin Areche & Adnan Sheikh & Amine Lahiani, 2022. "Green Finance and Green Energy Nexus in ASEAN Countries: A Bootstrap Panel Causality Test," Post-Print hal-03810087, HAL.
    • Handle: RePEc:hal:journl:hal-03810087
    DOI: 10.3390/en15145068
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    Citations

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    Cited by:

    1. Qadri, Hussain Mohi ud Din & Ali, Hassnian & Abideen, Zain ul & Jafar, Ahmad, 2024. "Mapping the Evolution of Green Finance Research and Development in Emerging Green Economies," Resources Policy, Elsevier, vol. 91(C).
    2. Nihal Ahmed & Zeeshan Hamid & Khalil Ur Rehman & Piotr Senkus & Nisar Ahmed Khan & Aneta Wysokińska-Senkus & Barbara Hadryjańska, 2023. "Environmental Regulation, Fiscal Decentralization, and Agricultural Carbon Intensity: A Challenge to Ecological Sustainability Policies in the United States," Sustainability, MDPI, vol. 15(6), pages 1-21, March.
    3. Yuan, Xiao & Zhang, Jinlong & Shi, Jing & Wang, Jiachen, 2024. "What can green finance do for high-quality agricultural development? Fresh insights from China," Socio-Economic Planning Sciences, Elsevier, vol. 94(C).
    4. Du, Yuqiu & Wang, Wendi, 2023. "The role of green financing, agriculture development, geopolitical risk, and natural resource on environmental pollution in China," Resources Policy, Elsevier, vol. 82(C).
    5. Wang, Yang & Taghizadeh-Hesary, Farhad, 2023. "Green bonds markets and renewable energy development: Policy integration for achieving carbon neutrality," Energy Economics, Elsevier, vol. 123(C).
    6. Farah Roslan & Borhan Abdullah & Mohd Khairul Amri Kamarudin, 2023. "A panel data method towards the effectiveness of sources of finance in stimulating the realisation of renewable energy technologies: Empirical evidence for Asia‐Pacific," Australian Economic Papers, Wiley Blackwell, vol. 62(4), pages 693-722, December.
    7. Nihal Ahmed & Franklin Ore Areche & Guillermo Gomer Cotrina Cabello & Pedro David Córdova Trujillo & Adnan Ahmed Sheikh & Mohamad G. Abiad, 2022. "Intensifying Effects of Climate Change in Food Loss: A Threat to Food Security in Turkey," Sustainability, MDPI, vol. 15(1), pages 1-12, December.
    8. Ma, Qiang & Liu, Xin & Wang, Wei-Guo & Xue, Jing, 2023. "Natural resources extraction and COP26 target: Evaluating the role of green finance," Resources Policy, Elsevier, vol. 82(C).

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