Nexus between financial development, foreign direct investment, and renewable energy consumption: Evidence from SSA
School of Business and Economics, United International University, Dhaka, Bangladesh.
Review Article
GSC Advanced Research and Reviews, 2024, 18(03), 265–280.
Article DOI: 10.30574/gscarr.2024.18.3.0109
Publication history:
Received on 03 February 2024; revised on 10 March 2024; accepted on 13 March 2024
Abstract:
This study examines the nexus between urbanization (UR), gross capital formation (GCF), trade openness (TO), and renewable energy consumption (REC) to understand their interplay and implications for renewable energy adoption. Analyzing the data reveals a negative correlation between UR, GCF, TO, and REC, highlighting challenges in promoting renewable energy amidst urbanization, capital formation, and global trade integration. Policy interventions are crucial to address barriers hindering renewable energy uptake. Recommendations include incentivizing foreign direct investment, enhancing technology transfer, incentivizing clean energy investments, and promoting financial literacy. Integrated urban planning and alignment of capital formation policies with renewable energy goals are essential strategies to accelerate renewable energy adoption. This study offers valuable insights for policymakers and stakeholders seeking to promote renewable energy development and sustainability.
Keywords:
Financial Development; Foreign Direct Investment; Renewable Energy Consumption; SSA
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Copyright © 2024 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0
