Does the green finance development and renewable energy affect the economic recovery in Asian economies

This study examines how renewable energy and green finance affect energy consumption in Asian economies by analysing how they affect power consumption in both unpredictable and asymmetrical ways. We use the NARDL and multiple linear regression algorithms to gather information from 1986 to 2018. The findings show that China (0.65), India (0.57), Pakistan (0.54), Bangladesh (0.48), Indonesia (0.37), and Russia (0.38) have the greatest variation in green financing growth in Asia (0.36). Russia had the highest number of persons per capita in 2020 (0.55), followed by China. According to empirical investigations, the biggest obstacle to green energy effectiveness is the shortage of corporate and public sector investments in the energy market to strengthen supply security, enhance electricity availability, and encourage ecologically friendly productivity expansion. The results show that the implementation of renewable energy and energy conservation in Asian countries has a bright but hazardous potential.

Automated summary

This study examines the impact of renewable energy and green finance on energy consumption in Asian economies, finding that this impact is unpredictable and asymmetrical. The study reveals that China, India, Pakistan, Bangladesh, Indonesia, and Russia have the greatest variation in green financing growth in Asia. However, the shortage of investments from corporate and public sectors in the energy market is identified as the major obstacle to the effectiveness of green energy.