Journal
ENVIRONMENTAL SCIENCE AND POLLUTION RESEARCH
Volume 29, Issue 35, Pages 52724-52731Publisher
SPRINGER HEIDELBERG
DOI: 10.1007/s11356-022-19480-9
Keywords
Financial inclusion; ICT; Renewable energy consumption; Environment
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Financial inclusion has a positive impact on renewable energy consumption and environmental quality in China, increasing renewable energy consumption and reducing CO2 emissions. Policymakers should utilize financial inclusion to redirect resources towards environmentally friendly consumption and production activities.
Financial inclusion means that individuals and businesses can easily avail financial goods and services at an affordable cost. It is widely recognized that financial inclusion can help preserve the environment by increasing the consumption of renewable energy sources. Hence, our basic aim is to investigate whether financial inclusion has any effect on renewable energy consumption and environmental quality in China. To get the estimates of the variables, we have preferred the ARDL model. The estimates of the model confirm that a rise in the number of ATMs and total insurance has a positive impact on renewable energy consumption in China in the long run. Conversely, an increase in the number of ATMs and total insurance negatively affects CO2 emissions in China. In general, we can say that financial inclusion increases renewable energy consumption and reduces CO2 emissions in China. Therefore, by using financial inclusion, policymakers should try to divert the resources towards environmentally friendly consumption and production activities.
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