{"title":"The mitigating role of financial development on renewable energy in Ghana","authors":"Samuel Amoako","doi":"10.1016/j.wds.2024.100145","DOIUrl":null,"url":null,"abstract":"<div><p>The generation of electricity in Ghana has seen an unimpressive decline in the component of renewable energy (hydro) in favor of the use of thermal plants powered by hydrocarbon fuels. Given the importance of renewable energy and its daily discussion on the global scale in relation to achieving Sustainable Development Goal (SDG) 7 by 2030, it is important to understand how a key influencing factor like financial development among others can shed light on the current situation and guide in policy implications. Using annual series data from 1972 to 2021, results from the fully modified ordinary least squares (FMOLS) and the canonical cointegration (CCR) methods reveal that, a robust financial system seems to be counterproductive for renewable energy generation due to perceived risks. The study recommends a specialized green financing scheme designed to handle renewable energy generation's risks.</p></div>","PeriodicalId":101285,"journal":{"name":"World Development Sustainability","volume":"4 ","pages":"Article 100145"},"PeriodicalIF":0.0000,"publicationDate":"2024-04-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2772655X24000235/pdfft?md5=4e77311d6df2fdbe85b77f38cc5ae827&pid=1-s2.0-S2772655X24000235-main.pdf","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"World Development Sustainability","FirstCategoryId":"1085","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S2772655X24000235","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
引用次数: 0
Abstract
The generation of electricity in Ghana has seen an unimpressive decline in the component of renewable energy (hydro) in favor of the use of thermal plants powered by hydrocarbon fuels. Given the importance of renewable energy and its daily discussion on the global scale in relation to achieving Sustainable Development Goal (SDG) 7 by 2030, it is important to understand how a key influencing factor like financial development among others can shed light on the current situation and guide in policy implications. Using annual series data from 1972 to 2021, results from the fully modified ordinary least squares (FMOLS) and the canonical cointegration (CCR) methods reveal that, a robust financial system seems to be counterproductive for renewable energy generation due to perceived risks. The study recommends a specialized green financing scheme designed to handle renewable energy generation's risks.
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