The Impact of Renewable Energy, Green Finance, and Carbon Emission on Economic Growth: Perspective from Newly Industrialized Economies

Anthropocene Science Pub Date : 2024-07-29 DOI:10.1007/s44177-024-00079-3

Agyemang Kwasi Sampene, Takyi Kwabena Nsiah, John Wiredu

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Abstract

This research assesses the dynamic affiliation among carbon emission, green finance, eco-innovation, international trade, digitalization, and cleaner energy and economic progress among the ten industrialized nations, namely Indonesia, Thailand, South Africa, Turkey, Philippines, Malaysia, India, Mexico, China, and Brazil, over the period 1990–2020. Utilizing a panel dataset, this research employs econometric approaches comprising of common correlated effects mean group (CCEG) and augmented mean group (AMG) to analyze the effects comprehensively. The results of this investigation reveal several noteworthy findings. Carbon emissions consistently adversely influence economic growth, underscoring the detrimental impact of environmental pollution on economic development. In contrast, eco-innovation, green finance, international trade, digitalization, and renewable energy have been discovered to impact economic growth significantly. This underscores the significance of investing in innovation that promotes environmental sustainability to drive economic development. This research offers pertinent knowledge regarding the interplay of environmental and economic indicators within the context of industrialized nations. By reducing carbon footprints and fostering sustainable economic practices, the research underscores the necessity for integrating green finance and renewable energy to achieve long-term ecological balance and economic resilience.

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可再生能源、绿色金融和碳排放对经济增长的影响：新兴工业化经济体的视角

本研究评估了 1990-2020 年间十个工业化国家（即印度尼西亚、泰国、南非、土耳其、菲律宾、马来西亚、印度、墨西哥、中国和巴西）的碳排放、绿色金融、生态创新、国际贸易、数字化和清洁能源与经济进步之间的动态关联。本研究利用面板数据集，采用包括共同相关效应均值组（CCEG）和增强均值组（AMG）在内的计量经济学方法对效应进行了全面分析。调查结果揭示了几个值得注意的发现。碳排放始终对经济增长产生不利影响，凸显了环境污染对经济发展的不利影响。相比之下，生态创新、绿色金融、国际贸易、数字化和可再生能源则对经济增长产生了显著影响。这凸显了投资促进环境可持续发展的创新对推动经济发展的重要意义。这项研究提供了有关工业化国家环境和经济指标相互作用的相关知识。通过减少碳足迹和促进可持续经济实践，研究强调了整合绿色金融和可再生能源以实现长期生态平衡和经济恢复力的必要性。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Anthropocene Science

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