期刊
INTERNATIONAL JOURNAL OF SUSTAINABLE DEVELOPMENT AND WORLD ECOLOGY
卷 29, 期 2, 页码 153-163出版社
TAYLOR & FRANCIS INC
DOI: 10.1080/13504509.2021.1934179
关键词
Financial Development Index; Energy Consumption; Environmental Quality; Dynamic Panel Analysis; OECD Countries
Financial development and energy consumption significantly affect environmental sustainability in OECD countries, with energy efficiency playing a key role in reducing carbon emissions. Prioritizing financial development and investments in energy efficiency is crucial for promoting environmental sustainability.
This study explored whether financial development and energy consumption affect environmental sustainability in Organization for Economic Cooperation and Development (OECD) countries. The empirical evidence used in this study was based on the standard fixed effects and the Arellano-Bover/Bundell Bond dynamic panel approach. Our empirical results demonstrated the importance of a financial development index and energy efficiency for reducing carbon emissions and promoting sustainability in the OECD. The mechanism through which financial development affects carbon emissions has been identified as energy consumption and foreign direct investment. Our study recommends that financial development be prioritised alongside investments in energy efficiency to promote environmental sustainability.
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