Abstract
A major issue for governments in the past few decades has been environmental deterioration caused by economic activity. Researchers are increasingly interested in the factors that contribute to environmental deterioration. This research fills the empirical gaps by looking at the influence of carbon footprints of growth and R&D investment on green finance development of renewable energy. Ordinary least square (OLS) is used in this work to assess the long-term connection between chosen variables in South Asia from 1995 to 2018. The importance of green finance, clean energy, and green financial instability have been identified as major variables. According to the study’s overall findings, clean energy, green finance, and sustainable economic growth are all important and positive indicators of a composite assessment of sustainable practices. Green bonds, reducing greenhouse gas emissions, and green economic development all play an important part in green finance development and renewable energy production. The research also found that R&D expenditures had a positive and substantial influence on green finance development in South Asia, with a 1% increase in R&D expenditures lowering the sustainability of the environment by 0.070% and 0.080%. Other practical consequences for South Asia include a more suitable path toward a greener economy, as suggested by the projected findings.
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09 July 2024
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Acknowledgements
This research is partly funded by Vietnam National Foundation for Science and Technology Development (NAFOSTED) under grant number 502.02-2020.26. This paper is also partly funded by Van Lang University, Vietnam.
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This research is partly funded by University of Economics Ho Chi Minh City, Vietnam.
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Muhammad Sadiq: conceptualization, writing—original draft. Moataz Ahmad Amayri: Methodology. Ch Paramaiah: software. Nguyen Hong Mai: Literature review, supervision. Thanh Quang Ngo: visualization, revision. Thi Thu Hien Phan: data curation, editing.
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Sadiq, M., Amayri, M.A., Paramaiah, C. et al. RETRACTED ARTICLE: How green finance and financial development promote green economic growth: deployment of clean energy sources in South Asia. Environ Sci Pollut Res 29, 65521–65534 (2022). https://doi.org/10.1007/s11356-022-19947-9
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DOI: https://doi.org/10.1007/s11356-022-19947-9