Financial development and green energy development: Evidence from the new MMQREG approach

Document Type : Original Article

Authors

sabah faisal ¹

taghi ebrahimi salari ²

¹ Economics PhD. Student of Ferdowsi University of Mashhad

² Associate Professor of Economics in Ferdowsi University of Mashhad

https://doi.org/10.22067/mfe.2025.90613.1467

Abstract

Today, due to climate changes caused by the emission of greenhouse gases, renewable energies play an important role in achieving sustainable development. In addition, it is inevitable for countries to join the global village and develop the financial sector. Therefore, the purpose of this study is to investigate the role of financial development and globalization on the consumption of renewable energy in the developing societies of Asia with the new moment quantile regression (MMQREG) approach during the period of 1990-2022. The results showed that energy consumption, globalization and financial development contribute to the development of clean energy in developing countries. The results show that economic growth reduces the development of green energy in developing countries. In addition, the results did not show a significant relationship between carbon emissions and green energy development in developing countries. Therefore, in order to achieve the goals of sustainable development through the development of clean energy, the authorities of the mentioned countries should pay special attention to the role of financial development and globalization.

Keywords

sustainable development

financial development

clean energy

developing societies

Subjects

• Financial monetary economy

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