Modelling renewable energy adoption across south Asian economies: Empirical evidence from Bangladesh, India, Pakistan and Sri Lanka

Abstract

This paper aims to empirically shed light on the pertinence of enhancing trade and foreign capital flows with relevance to stimulating greater use of renewable energy resources across selected South Asian economies namely Bangladesh, India, Pakistan and Sri Lanka. The economic transition from the use of non‐renewable energy tothe renewable alternatives is an interesting genre of research keeping the partial attainment of the United Nations' 2030 Sustainable Development Goals agenda into consideration. Against this milieu, trade and financial liberalization policies are anticipated to play a pivotal role in facilitating the renewable energy transition phenomenon across South Asia. The overall results from the econometric analyses imply that higher degrees of trade openness and greater foreign currency inflows can invariably play critically important roles in amplifying the shares of renewables in the total energy consumption levels across this region. Thus, these findings impose key policy implications for attainment of energy sustainability across South Asia.

Foreign Direct Investments, Renewable Electricity Output, and Ecological Footprints: Do Financial Globalization Facilitate Renewable Energy Transition and Environmental Welfare in Bangladesh?

“…Thus, technological innovation is a pre-requisite to initiate the RET phenomenon (Ben Jebli & Kahia, 2020 ; Dagoumas & Koltsaklis, 2019 ; Eleftheriadis & Anagnostopoulou, 2015 ). However, the poor state of technology in the majority of the developing nations, including Bangladesh, often bottlenecks the prospects of phasing out the dependency on fossil fuel consumption to utilize renewable energy alternatives (Murshed et al, 2020b ; Murshed, 2020a ). Besides, the generation, transmission, and distribution of electricity generated from renewable resources require the energy infrastructure to be advanced which, once again, is a RET-inhibiting constraint faced by the developing nations.…”

Calibrating the Impacts of Regional Trade Integration and Renewable Energy Transition on the Sustainability of International Inbound Tourism Demand in South Asia

“…The variable RES refers to each country's percentage share of renewables in its respective aggregate energy consumption figures. This variable captures the effects of RET on the IITD since higher values of RES can be interpreted as a mechanism for replacing the consumption of non-renewable energy resources with renewable alternatives [8]. Moreover, the variable IRTS is interacted with RES and augmented into the model to evaluate the joint impacts of regional integration and RET on the IITD in South Asia.…”

“…whereβ CCEMG is once again the mean of the individual slope estimates from each cross-sectional unit. The only difference between the MG and the CCEMG estimators, respectively expressed in Equations (7) and (8), is that the CCEMG estimator estimates and averages the individual slope coefficients by augmenting the common factors across the cross-sections into the empirical model, which is not the case in the context the MG estimator.…”

“…Although undergoing RET is a contemporary solution to mitigation of the energy crises faced by the South Asian economies, undergoing this transition is somewhat cumbersome for most of the South Asian economies particularly due to the dismal state of their energy infrastructure and technological backwardness [7]. Hence, to overcome these constraints, execution of trade and financial liberalization policies, respectively facilitating cross-border renewable energy trade and foreign direct investment inflows in South Asia, is often recommended in the literature [8]. More importantly, promoting regional cooperation, through greater intra-regional trade participation between the South Asian neighbors, is also postulated to play a key role in developing South Asia's international tourism industry [9,10].…”

Natural resource abundance and broad-based financial development nexus in ASEAN countries: accounting for globalization and human capital

“…Globalization is an international phenomenon that economically and socially impacts human lives, in terms of poverty reduction, and the financial well-being of the economy (Ahmed et al 2020a). Evidence pertaining to the influence of globalization on the climate, economic growth, and inequality has been discussed in the literature, but the exact effect of globalization on FD has not been figured out (Murshed et al, 2020a). Globalization is becoming more and more important in ASEAN, which becomes a powerful promoter of its financial sector.…”