SpringerLink
Log in

Do banking sector development, economic growth, and clean energy consumption scale up green finance investment for a sustainable environment in South Asia: evidence for newly developed RALS co-integration

  • Research Article
  • Published:
Environmental Science and Pollution Research Aims and scope Submit manuscript

Abstract

Concern about climate change is spreading around the globe. The urge to comprehend the environmental effects and take action is sharply rising. Regarding this, the banking industry has a great chance to offer a solution in terms of green financial solutions and can meet the needs of carbon-conscious organizations to combat and defend our planet. Therefore, in light of this, according to the greatest understanding of the authors, this is the first study to investigate the role of banking sector development, economic growth, and clean energy consumption in scaling up green finance investment in South Asian nations, taking carbon emissions, foreign direct investment, remittances, inflation, and trade openness as control variables. This study uses a novel residual augmented least squares—Engle and Granger (RALS-EG) co-integration to test the long-term link and the quantile autoregressive distributed lag (QARDL) econometric approach to extract the association across the quantiles (q0.05–q0.95) for the period 2000–2020. The outcomes of QARDL show that banking sector development, economic growth, clean energy, carbon emissions, foreign direct investment, remittances, and trade openness play a positive role in attracting green finance in the long term. However, only inflation has a negative influence on scaling up finance in South Asian nations. Therefore, the concerned authorities (government, central banks, environmentalists, and policymakers) are urged to implement green finance policies and strategies as suggested and recommended by the results of this study.

This is a preview of subscription content, log in via an institution to check access.

Access this article

Log in via an institution

Subscribe and save

Springer+ Basic
EUR 32.99 /Month
  • Get 10 units per month
  • Download Article/Chapter or Ebook
  • 1 Unit = 1 Article or 1 Chapter
  • Cancel anytime
Subscribe now

Buy Now

Price excludes VAT (USA)
Tax calculation will be finalised during checkout.

Instant access to the full article PDF.

Institutional subscriptions

Fig. 1
Fig. 2
Fig. 3
Fig. 4

Similar content being viewed by others

Data availability

Data will be made available on request.

References

  • Abid A, Mehmood U, Tariq S, UlHaq Z (2022) The effect of technological innovation, FDI, and financial development on CO2 emission: evidence from the G8 countries. Environ Sci Pollut Res Int 29(8):11654–11662. https://doi.org/10.1007/s11356-021-15993-x

    Article  CAS  Google Scholar 

  • Adams RH, Cuecuecha A (2013) The impact of remittances on investment and poverty in Ghana. World Dev 50:24–40. https://doi.org/10.1016/j.worlddev.2013.04.009

    Article  Google Scholar 

  • Afridi FEA, Jan S, Ayaz B, Irfan M (2021) Green finance incentives: an empirical study of the Pakistan banking sector. Revista Amazonia Investiga 10(41):169–176. https://doi.org/10.34069/ai/2021.41.05.17

    Article  Google Scholar 

  • Ahmed F, Kousar S, Pervaiz A, Shabbir A (2022) Do institutional quality and financial development affect sustainable economic growth? Evidence from South Asian countries. Borsa Istanbul Review 22(1):189–196. https://doi.org/10.1016/j.bir.2021.03.005

    Article  Google Scholar 

  • Ahmed F, Kousar S, Pervaiz A, Trinidad-Segovia JE, del Pilar Casado-Belmonte M, Ahmed W (2022) Role of green innovation, trade and energy to promote green economic growth: a case of South Asian Nations. Environ Sci Pollut Res Int 29(5):6871–6885. https://doi.org/10.1007/s11356-021-15881-4

    Article  Google Scholar 

  • Akadiri SS, Bekun FV, Sarkodie SA (2019) Contemporaneous interaction between energy consumption, economic growth and environmental sustainability in South Africa: what drives what? Sci Total Environ 686:468–475. https://doi.org/10.1016/j.scitotenv.2019.05.421

    Article  CAS  Google Scholar 

  • Ali M, Seraj M (2022) Nexus between energy consumption and carbon dioxide emission: evidence from 10 highest fossil fuel and 10 highest renewable energy-using economies. Environ Sci Pollut Res Int. https://doi.org/10.1007/s11356-022-21900-9

    Article  Google Scholar 

  • Ali S, Jiang J, Hassan ST, Shah AA (2022) Revolution of nuclear energy efficiency, economic complexity, air transportation and industrial improvement on environmental footprint cost: a novel dynamic simulation approach. Nucl Eng Technol. https://doi.org/10.1016/j.net.2022.05.022

    Article  Google Scholar 

  • Ali M, Tursoy T, Samour A, Moyo D, Konneh A (2022) Testing the impact of the gold price, oil price, and renewable energy on carbon emissions in South Africa: novel evidence from bootstrap ARDL and NARDL approaches. Resour Policy 79. https://doi.org/10.1016/j.resourpol.2022.102984

  • Alliance for Financial Inclusion Report (2019) https://www.afi-global.org/publications/2019-afi-annual-report/

  • lvarado R, Deng Q, Tillaguango B, Méndez P, Bravo D, Chamba J, ..., Ahmad M (2021) Do economic development and human capital decrease non-renewable energy consumption? Evidence for OECD countries. Energy 215. https://doi.org/10.1016/j.energy.2020.119147

  • Amin A, Altinoz B, Dogan E (2020) Analyzing the determinants of carbon emissions from transportation in European countries: the role of renewable energy and urbanization. Clean Technol Environ Policy 22(8):1725–1734. https://doi.org/10.1007/s10098-020-01910-2

    Article  CAS  Google Scholar 

  • Anwar A, Siddique M, Dogan E, Sharif A (2021) The moderating role of renewable and non-renewable energy in environment-income nexus for ASEAN countries: evidence from method of moments quantile regression. Renew Energy 164:956–967. https://doi.org/10.1016/j.renene.2020.09.128

    Article  Google Scholar 

  • Azhgaliyeva D, Kapsalyamova Z, Low L (2019) Implications of fiscal and financial policies on unlocking green finance and green investment. Handbook of green finance. Springer, Singapore, pp 427–457

    Chapter  Google Scholar 

  • Belloumi M, Alshehry A (2020) The impact of international trade on sustainable development in Saudi Arabia. Sustainability 12(13):5421

    Article  Google Scholar 

  • Bjuggren PO, Dzansi J (2008) Remittances and investment. Paper presented at the 55th Annual Meetings of the North American Regional Science Association International, New York, November, 2008

  • Carroll AB (1979) A three-dimensional conceptual model of corporate performance. Acad Manag Rev 4(4):497–505

    Article  Google Scholar 

  • Charfeddine L, Kahia M (2019) Impact of renewable energy consumption and financial development on CO2 emissions and economic growth in the MENA region: a panel vector autoregressive (PVAR) analysis. Renew Energy 139:198–213. https://doi.org/10.1016/j.renene.2019.01.010

    Article  Google Scholar 

  • Chen Y, Feng J (2019) Do corporate green investments improve environmental performance? Evidence from the perspective of efficiency. China J Acc Stud 7(1):62–92. https://doi.org/10.1080/21697213.2019.1625578

    Article  Google Scholar 

  • Chen Y, Ma Y (2021) Does green investment improve energy firm performance? Energy Policy 153:112252

    Article  Google Scholar 

  • Chen Y, Wang Z, Zhong Z (2019) CO2 emissions, economic growth, renewable and non-renewable energy production and foreign trade in China. Renew Energy 131:208–216. https://doi.org/10.1016/j.renene.2018.07.047

    Article  Google Scholar 

  • Chen C, Pinar M, Stengos T (2020) Renewable energy consumption and economic growth nexus: evidence from a threshold model. Energy Policy 139:111295

    Article  Google Scholar 

  • Chen X, Chen Z (2021) Can green finance development reduce carbon emissions? Empirical evidence from 30 Chinese provinces. Sustainability 13(21). https://doi.org/10.3390/su132112137

  • Cho JS, Kim T-H, Shin Y (2015) Quantile cointegration in the autoregressive distributed-lag modeling framework. J Econ 188(1):281–300

    Article  Google Scholar 

  • Dai X, Siddik AB, Tian H (2022) Corporate social responsibility, green finance and environmental performance: does green innovation matter? Sustainability, 14(20). https://doi.org/10.3390/su142013607

  • Deka A, Dube S (2021) Analyzing the causal relationship between exchange rate, renewable energy and inflation of Mexico (1990–2019) with ARDL bounds test approach. Renew Energy Focus 37:78–83

    Article  Google Scholar 

  • Desalegn G, Fekete-Farkas M, Tangl A (2022) The effect of monetary policy and private investment on green finance: evidence from Hungary. J Risk Financ Manag 15(3). https://doi.org/10.3390/jrfm15030117

  • Diao XD, Zeng SX, Tam CM, Tam VWY (2009) EKC analysis for studying economic growth and environmental quality: a case study in China. J Clean Prod 17(5):541–548

    Article  Google Scholar 

  • Dogan E, Turkekul B (2016) CO2 emissions, real output, energy consumption, trade, urbanization and financial development: testing the EKC hypothesis for the USA. Environ Sci Pollut Res 23(2):1203–1213

    Article  Google Scholar 

  • Ehlers T, Mojon B, Packer F (2020) Green bonds and carbon emissions: exploring the case for a rating system at the firm-level. BIS Quarterly Review 31–47. https://www.bis.org/publ/qtrpdf/r_qt2009c.pdf

  • Engle RF, Granger CW (1987) Co-integration and error correction: representation, estimation, and testing. Econometrica, Econometric Society 55(2):251–276

    Article  Google Scholar 

  • Espejo W, Celis JE, Chiang G, Bahamonde P (2020) Environment and COVID-19: pollutants, impacts, dissemination, management and recommendations for facing future epidemic threats. Sci Total Environ 747:141314

    Article  CAS  Google Scholar 

  • Frimpong JM, Marbuah G (2010) The determinants of private sector investment in Ghana: an ARDL approach. Eur J Soc Sci 15(2):250–261

    Google Scholar 

  • Gallardo-Albarrán D, de Jong H (2021) Optimism or pessimism? A composite view on English living standards during the industrial revolution. Eur Rev Econ Hist 25(1):1–19. https://doi.org/10.1093/ereh/heaa002

    Article  Google Scholar 

  • Grossman GM, Krueger AB (1991) Environmental impacts of a North American free trade agreement (No. w3914). National Bureau of Economic Research

  • Guang-Wen Z, Siddik AB (2022) Do corporate social responsibility practices and green finance dimensions determine environmental performance? An empirical study on Bangladeshi banking institutions. Front Environ Sci 10. https://doi.org/10.3389/fenvs.2022.890096

  • Guang-Wen Z, Siddik AB (2023) The effect of Fintech adoption on green finance and environmental performance of banking institutions during the COVID-19 pandemic: the role of green innovation. Environ Sci Pollut Res Int 30(10):25959–25971. https://doi.org/10.1007/s11356-022-23956-z

    Article  Google Scholar 

  • Gyimah-Brempong K, Asiedu E (2014) Remittances and investment in education: evidence from Ghana. J Int Trade Econ Dev 24(2):173–200. https://doi.org/10.1080/09638199.2014.881907

    Article  Google Scholar 

  • Huang J, Wang L, Siddik AB, Abdul-Samad Z, Bhardwaj A, Singh B (2023) Forecasting GHG emissions for environmental protection with energy consumption reduction from renewable sources: a sustainable environmental system. Ecol Model 475. https://doi.org/10.1016/j.ecolmodel.2022.110181

  • Ibrahim AM, Fatema N, **a L (2022) The recent developments of green banking a study on private commercial banks in Bangladesh. Int J Adv Eng Manag (IJAEM) 4:514–523. https://doi.org/10.35629/5252-0402514523

  • Im KS, Schmidt P (2008) More efficient estimation under non-normality when higher moments do not depend on the regressors, using residual augmented least squares. J Econ 144(1):219–233. https://doi.org/10.1016/j.jeconom.2008.01.003

    Article  Google Scholar 

  • Im KS, Lee J, Tieslau MA (2014) More powerful unit root tests with non-normal errors. In: Sickles RC, Horrace WC (eds) Festschrift in honor of Peter Schmidt. Springer, New York, pp 315–342

    Chapter  Google Scholar 

  • Jahanger A, Balsalobre-Lorente D, Samour A, Joof F, Ali M, Tursoy T (2022. Do renewable energy and the real estate market promote environmental quality in south africa: evidence from the bootstrap ARDL approach. Sustainability 14(24). https://doi.org/10.3390/su142416466

  • Jiang P, Van Fan Y, Klemeš JJ (2021) Impacts of COVID-19 on energy demand and consumption: challenges, lessons and emerging opportunities. Appl Energy 285:116441

    Article  CAS  Google Scholar 

  • Joof F, Samour A, Tursoy T, Ali M (2023) Climate change, insurance market, renewable energy, and biodiversity: double-materiality concept from BRICS countries. Environ Sci Pollut Res Int 30(11):28676–28689. https://doi.org/10.1007/s11356-022-24068-4

    Article  Google Scholar 

  • Joof F, Samour A, Ali M, Tursoy T, Haseeb M, Hossain ME, Kamal M (2023) Symmetric and asymmetric effects of gold, and oil price on environment: the role of clean energy in China. Resour Policy 81. https://doi.org/10.1016/j.resourpol.2023.103443

  • Khan MK, Khan MI, Rehan M (2020) The relationship between energy consumption, economic growth and carbon dioxide emissions in Pakistan. Financ Innov 6(1). https://doi.org/10.1186/s40854-019-0162-0

  • Lee H, Lee J, Im K (2015) More powerful cointegration tests with non-normal errors. Stud Nonlinear Dyn Econom 19(4):397–413

    Article  Google Scholar 

  • Li M, Hamawandy NM, Wahid F, Rjoub H, Bao Z (2021) Renewable energy resources investment and green finance: evidence from China. Resour Policy 74:102402

    Article  Google Scholar 

  • Madsen JB (2003) Inflation and investment. Scottish J Political Econ 50(4):375–397

    Article  Google Scholar 

  • Majeed MT, Samreen I, Tauqir A, Mazhar M (2020) The asymmetric relationship between financial development and CO2 emissions: the case of Pakistan. SN Appl Sci 2(5). https://doi.org/10.1007/s42452-020-2627-1

  • Meng M, Lee J, Payne JE (2017) RALS-LM unit root test with trend breaks and non-normal errors: application to the Prebisch-Singer hypothesis. Studies in Nonlinear Dynamics & Econometrics 21(1). https://doi.org/10.1515/snde-2016-0050

  • Miroshnychenko I, Barontini R, Testa F (2017) Green practices and financial performance: a global outlook. J Clean Prod 147:340–351. https://doi.org/10.1016/j.jclepro.2017.01.058

    Article  Google Scholar 

  • Mohsen AS (2015) The relationship between trade openness and investment in Syria. J Life Econ 2(2):19–28

    Article  Google Scholar 

  • Nathaniel SP, Murshed M, Bassim M (2021) The nexus between economic growth, energy use, international trade and ecological footprints: the role of environmental regulations in N11 countries. Energy, Ecol Environ 6(6):496–512

    Article  Google Scholar 

  • Nawaz MA, Seshadri U, Kumar P, Aqdas R, Patwary AK, Riaz M (2021) Nexus between green finance and climate change mitigation in N-11 and BRICS countries: empirical estimation through difference in differences (DID) approach. Environ Sci Pollut Res Int 28(6):6504–6519. https://doi.org/10.1007/s11356-020-10920-y

    Article  CAS  Google Scholar 

  • Nguyen CH, Ngo QT, Pham MD, Nguyen AT, Huynh NC (2021) Economic linkages, technology transfers, and firm heterogeneity: the case of manufacturing firms in the southern key economic zone of Vietnam. Cuadernos De Economía 44(124):1–25

    Google Scholar 

  • Ortmann J, Veit W (2023) Theory roulette: choosing that climate change is not a tragedy of the commons. Environ Values 32(1):65–89

    Article  Google Scholar 

  • Padhan L, Bhat S (2023) Interrelationship between trade and environment: a bibliometric analysis of published articles from the last two decades. Environ Sci Pollut Res Int 30(7):17051–17075. https://doi.org/10.1007/s11356-023-25168-5

    Article  Google Scholar 

  • Paramati SR, Alam MS, Apergis N (2018) The role of stock markets on environmental degradation: a comparative study of developed and emerging market economies across the globe. Emerg Mark Rev 35:19–30

    Article  Google Scholar 

  • Park Y, Meng F, Baloch MA (2018) The effect of ICT, financial development, growth, and trade openness on CO2 emissions: an empirical analysis. Environ Sci Pollut Res Int 25(30):30708–30719. https://doi.org/10.1007/s11356-018-3108-6

    Article  CAS  Google Scholar 

  • Pata UK, Samour A (2022) Do renewable and nuclear energy enhance environmental quality in France? A new EKC approach with the load capacity factor. Prog Nucl Energy 149:104249

    Article  Google Scholar 

  • Pesaran MH, Shin Y, Smith RJ (2001) Bounds testing approaches to the analysis of level relationships. J Appl Economet 16(3):289–326

    Article  Google Scholar 

  • Qoyum A, Sakti MRP, Thaker HMT, AlHashfi RU (2022) Does the islamic label indicate good environmental, social, and governance (ESG) performance? Evidence from sharia-compliant firms in Indonesia and Malaysia. Borsa Istanbul Rev 22(2):306–320

    Article  Google Scholar 

  • Rafique MZ, Li Y, Larik AR, Monaheng MP (2020) The effects of FDI, technological innovation, and financial development on CO2 emissions: evidence from the BRICS countries. Environ Sci Pollut Res Int 27(19):23899–23913. https://doi.org/10.1007/s11356-020-08715-2

    Article  CAS  Google Scholar 

  • Raheem ID, Tiwari AK, Balsalobre-Lorente D (2020) The role of ICT and financial development in CO2 emissions and economic growth. Environ Sci Pollut Res Int 27(2):1912–1922. https://doi.org/10.1007/s11356-019-06590-0

    Article  CAS  Google Scholar 

  • Rasoulinezhad E, Taghizadeh-Hesary F (2022) Role of green finance in improving energy efficiency and renewable energy development. Energ Effi 15(2):1–12

    Google Scholar 

  • Sachs, Woo, Yoshino, & Taghizadeh-Hesary. (2019). Importance of green finance for achieving sustainable development goals and energy security. In Handbook of Green Finance (pp. 3–12): Springer

  • Samour A (2019) Testing the Impact of banking sector development on Turkey’s Co2 emissions. Appl Ecol Environ Res 17(3). https://doi.org/10.15666/aeer/1703_64976513

  • Samour A, Moyo D, Tursoy T (2022) Renewable energy, banking sector development, and carbon dioxide emissions nexus: a path toward sustainable development in South Africa. Renew Energy 193:1032–1040. https://doi.org/10.1016/j.renene.2022.05.013

    Article  Google Scholar 

  • Sbia R, Shahbaz M, Hamdi H (2014) A contribution of foreign direct investment, clean energy, trade openness, carbon emissions and economic growth to energy demand in UAE. Econ Model 36:191–197

    Article  Google Scholar 

  • Sharma M, Choubey A (2022) Green banking initiatives: a qualitative study on Indian banking sector. Environ Dev Sustain 24(1):293–319. https://doi.org/10.1007/s10668-021-01426-9

    Article  Google Scholar 

  • Siddik AB, Khan S, Khan U, Yong L, Murshed M (2023) The role of renewable energy finance in achieving low-carbon growth: contextual evidence from leading renewable energy-investing countries. Energy 270. https://doi.org/10.1016/j.energy.2023.126864

  • Siedschlag I, Yan W (2020) Green investments and firm performance. Retrieved from

  • Sinha A, Shahbaz M, Sengupta T (2018) Renewable energy policies and contradictions in causality: a case of next 11 countries. J Clean Prod 197:73–84

    Article  Google Scholar 

  • Stein GM (2022) Environmental justice and the tragedy of the commons. Calif l Rev Online 13:10

    Google Scholar 

  • Stocker TF, Qin D, Plattner GK, Tignor M, Allen SK, Boschung J, Nauels A, **a Y, Bex V, Midgley PM (2013) Climate change 2013: the physical science basis; contribution of Working Group I to the Fifth Assessment Report. Tech rep; Intergovernmental Panel on Climate Change, Cambridge

  • Sun Y, Al-Tal RM, Siddik AB, Khan S, Murshed M, Alvarado R (2023) The non-linearity between financial development and carbon footprints: the environmental roles of technological innovation, renewable energy, and foreign direct investment. Econ Res-Ekonomska Istraživanja, 36(2). https://doi.org/10.1080/1331677x.2023.2174153

  • Susanti S, Nugraha AT, Sunarti, Hakimah Y (2020) Financial sector development of asean countries and its impact on Co2 emission: a panel data analysis of various banking aspects. J Secur Sustain Issues 10(Oct):303–313. https://doi.org/10.9770/jssi.2020.10.Oct(23)

  • Tran QH (2021) The impact of green finance, economic growth and energy usage on CO2 emission in Vietnam–a multivariate time series analysis. China Finance Review International, forthcoming. https://doi.org/10.1108/CFRI-03-2021-0049

  • Tu Q, Mo J, Liu Z, Gong C, Fan Y (2021) Using green finance to counteract the adverse effects of COVID-19 pandemic on renewable energy investment-the case of offshore wind power in China. Energy Policy 158:112542

    Article  CAS  Google Scholar 

  • World Bank (2020) https://data.worldbank.org/indicator/BX.TRF.PWKR.DT.GD.ZS?locations=8S

  • World Bank (2022) https://www.worldbank.org/en/publication/wdr2022#downloads

  • Wu H (2022) Trade openness, green finance and natural resources: a literature review. Resour Policy 78:102801

    Article  Google Scholar 

  • Xu X, Li J (2020) Asymmetric impacts of the policy and development of green credit on the debt financing cost and maturity of different types of enterprises in China. J Clean Prod 264:121574

    Article  Google Scholar 

  • Xu Z, Baloch MA, Meng F, Zhang J, Mahmood Z (2018) Nexus between financial development and CO2 emissions in Saudi Arabia: analyzing the role of globalization. Environ Sci Pollut Res Int 25(28):28378–28390. https://doi.org/10.1007/s11356-018-2876-3

    Article  CAS  Google Scholar 

  • Yan R, ** world: historical cases from China. Sci Total Environ 847:157679

    Article  CAS  Google Scholar 

  • Yao X, Tang X (2021) Does financial structure affect CO2 emissions? Evidence from G20 countries. Financ Res Lett 41. https://doi.org/10.1016/j.frl.2020.101791

  • Zafar MW, Zaidi SAH, Sinha A, Gedikli A, Hou F (2019) The role of stock market and banking sector development, and renewable energy consumption in carbon emissions: insights from G-7 and N-11 countries. Resour Policy 62:427–436. https://doi.org/10.1016/j.resourpol.2019.05.003

    Article  Google Scholar 

  • Zakari A, Khan I (2022) The introduction of green finance: a curse or a benefit to environmental sustainability? Energy Res Lett 3(3). https://doi.org/10.46557/001c.29977

  • Zhang D, Mohsin M, Taghizadeh-Hesary F (2022) Does green finance counteract the climate change mitigation: asymmetric effect of renewable energy investment and R&D. Energy Econ 113:106183

    Article  Google Scholar 

  • Zhang D, Mohsin M, Rasheed AK, Chang Y, Taghizadeh-Hesary F (2021). Public spending and green economic growth in BRI region: mediating role of green finance. Energy Policy 153. https://doi.org/10.1016/j.enpol.2021.112256

  • Zhou X, Tang X, Zhang R (2020) Impact of green finance on economic development and environmental quality: a study based on provincial panel data from China. Environ Sci Pollut Res Int 27(16):19915–19932. https://doi.org/10.1007/s11356-020-08383-2

    Article  Google Scholar 

  • Zhou X, Tang X, Zhang R (2020) Impact of green finance on economic development and environmental quality: a study based on provincial panel data from China. Environ Sci Pollut Res 27(16):19915–19932

    Article  Google Scholar 

  • Zhou D, Siddik AB, Guo L, Li H (2023) Dynamic relationship among climate policy uncertainty, oil price and renewable energy consumption—findings from TVP-SV-VAR approach. Renew Energy 204:722–732. https://doi.org/10.1016/j.renene.2023.01.018

    Article  Google Scholar 

Download references

Author information

Authors and Affiliations

  1. Banking and Finance Department, Near East University, Lefkoşa, North Cyprus

    Mumtaz Ali, Turgut Tursoy & Ali Raza

  2. Department of Economics, Near East University, Lefkoşa, North Cyprus

    Mehdi Seraj

  3. Department of Economics, Eastern Mediterranean University, Famagusta, North Cyprus

    Fatma Türüç

Authors
  1. Mumtaz Ali
    View author publications

    You can also search for this author in PubMed Google Scholar

  2. Mehdi Seraj
    View author publications

    You can also search for this author in PubMed Google Scholar

  3. Fatma Türüç
    View author publications

    You can also search for this author in PubMed Google Scholar

  4. Turgut Tursoy
    View author publications

    You can also search for this author in PubMed Google Scholar

  5. Ali Raza
    View author publications

    You can also search for this author in PubMed Google Scholar

Contributions

Mumtaz Ali and Mehdi Seraj: Conceptualization, methodology, formal analysis, and writing original draft; Fatma Türüç and Ali Raza: data curation and writing original draft; Turgut Tursoy: writing—review and editing, investigation, and proofreading.

Corresponding author

Correspondence to Mumtaz Ali.

Ethics declarations

Ethical approval and consent to participate

This paper does not contain any studies with human participants performed by any of the authors.

Consent for publication

The authors guarantee that this manuscript has not been previously published in other journals and is not under consideration by other journals. The authors also guarantee that this manuscript is original and is their own work.

Competing interests

The authors declare no competing interests.

Additional information

Responsible Editor: Nicholas Apergis

Publisher's note

Springer Nature remains neutral with regard to jurisdictional claims in published maps and institutional affiliations.

Supplementary Information

Below is the link to the electronic supplementary material.

Supplementary file1 (XLSX 31 KB)

Rights and permissions

Springer Nature or its licensor (e.g. a society or other partner) holds exclusive rights to this article under a publishing agreement with the author(s) or other rightsholder(s); author self-archiving of the accepted manuscript version of this article is solely governed by the terms of such publishing agreement and applicable law.

Reprints and permissions

About this article

Check for updates. Verify currency and authenticity via CrossMark

Cite this article

Ali, M., Seraj, M., Türüç, F. et al. Do banking sector development, economic growth, and clean energy consumption scale up green finance investment for a sustainable environment in South Asia: evidence for newly developed RALS co-integration. Environ Sci Pollut Res 30, 67891–67906 (2023). https://doi.org/10.1007/s11356-023-27023-z

Download citation

  • Received:

  • Accepted:

  • Published:

  • Issue Date:

  • DOI: https://doi.org/10.1007/s11356-023-27023-z

Keywords

Search

Navigation