Does clean energy and technological innovation matter for economic growth? An Asian countries perspective

In recent years, Asian countries have invested heavily in renewable energy technologies as a means of fulfilling energy demand while reducing carbon emissions. This study focuses on the relationship between clean energy, technological innovation, and economic growth in Asian countries. The study analyzes panel data for 38 Asian countries from 1990 to 2021, utilizing several statistical models such as the second-generation unit root test, Westerlund co-integration test, and AMG regression model. Based on empirical findings, the study suggest a positive and significant relationship between clean energy consumption, technological innovation, and economic growth. Additionally, financial development was found to have a positive impact on economic growth, while population size and CO2 emissions had negative impacts. The study emphasizes that promotion of clean energy and technological innovation is essential for achieving sustainable economic growth in Asia while reducing carbon emissions and improving the environment for future generations. & COPY; 2023 Economic Society of Australia, Queensland. Published by Elsevier B.V. All rights reserved.

Automated summary

In recent years, Asian countries have made significant investments in renewable energy technologies to meet energy demand and reduce carbon emissions. This study examines the relationship between clean energy, technological innovation, and economic growth in Asian countries. Analyzing panel data for 38 Asian countries from 1990 to 2021, the study finds a positive and significant correlation between clean energy consumption, technological innovation, and economic growth. The study also highlights the positive impact of financial development on economic growth, while population size and CO2 emissions have negative impacts. It emphasizes the importance of promoting clean energy and technological innovation for achieving sustainable economic growth in Asia while reducing carbon emissions and improving the environment for future generations.