The drivers of energy efficiency in emerging economies: do financial inclusion, fintech and foreign direct investment matter?

Q2 Energy

Energy Informatics Pub Date : 2026-01-14 DOI:10.1186/s42162-026-00628-7

Shnehal Soni, R. L. Manogna

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Abstract

The study examines the impact of financial inclusion, fintech and foreign direct investment (FDI) on energy efficiency during 2004–2022 for ten emerging economies which include Brazil, China, Russia, South Africa, India, Malaysia, Indonesia, Thailand, Mexico and Turkey. Fixed effect ordinary least squares (FEOLS), fully modified ordinary least squares (FMOLS) and dynamic ordinary least squares (DOLS) techniques were applied to quantify the relationship among the variables in long run. Findings suggest that financial inclusion, fintech and FDI are important factors driving energy efficiency. Financial inclusion provides opportunities toinvestors to invest in energy-efficient technologies at a reduced cost. Availability of infrastructure for fintech is shown to have a favorable impact on energy efficiency. Therefore, investment in digital infrastructure should be prioritized which will increase the availability of fintech services. Policymakers should also take steps to channelize FDI inflows into research and development (R&D) which would help in developing energy efficient technologies.

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新兴经济体能源效率的驱动因素：普惠金融、金融科技和外国直接投资重要吗？

该研究考察了2004-2022年期间，金融普惠、金融科技和外国直接投资（FDI）对十个新兴经济体能源效率的影响，这些经济体包括巴西、中国、俄罗斯、南非、印度、马来西亚、印度尼西亚、泰国、墨西哥和土耳其。采用固定效应普通最小二乘（FEOLS）、完全修正普通最小二乘（FMOLS）和动态普通最小二乘（DOLS）技术量化各变量之间的长期关系。研究结果表明，普惠金融、金融科技和外国直接投资是推动能源效率的重要因素。普惠金融为投资者提供了以较低成本投资节能技术的机会。金融科技基础设施的可用性对能源效率产生了有利影响。因此，应优先考虑对数字基础设施的投资，这将增加金融科技服务的可用性。决策者还应采取步骤，引导外国直接投资流入研究与开发，这将有助于开发节能技术。

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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