Green growth dynamics: unraveling the complex role of financial development and natural resources in shaping renewable energy in Sub-Saharan Africa
Abstract This study examines the complex interplay between financial development, natural resources, and renewable energy consumption in Sub-Saharan Africa from 2000 to 2020, highlighting the pivotal role of financial strategies in enhancing sustainable energy practices. Employing an array of analyt...
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| Format: | Article |
| Language: | English |
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Springer Nature
2025-01-01
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| Series: | Humanities & Social Sciences Communications |
| Online Access: | https://doi.org/10.1057/s41599-025-04364-3 |
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| author | Alhasan Osman Mohd Afjal Majed Alharthi Mohamed Elheddad Nassima Djellouli Zhang He |
| author_facet | Alhasan Osman Mohd Afjal Majed Alharthi Mohamed Elheddad Nassima Djellouli Zhang He |
| author_sort | Alhasan Osman |
| collection | DOAJ |
| description | Abstract This study examines the complex interplay between financial development, natural resources, and renewable energy consumption in Sub-Saharan Africa from 2000 to 2020, highlighting the pivotal role of financial strategies in enhancing sustainable energy practices. Employing an array of analytical techniques, including panel-corrected standard errors (PCSE), fixed effects, random effects models, and panel-fixed quantile regression, we delve into the nuanced relationships among these critical variables. The findings reveal that while natural resources and financial development generally exert negative impacts on renewable energy consumption when considered in isolation, a significant transformation occurs when these factors interact. Specifically, the detrimental effects of natural resources on renewable energy usage are substantially mitigated by robust financial development, which not only offsets the negative impacts but also promotes renewable energy adoption. This interaction points to a synergistic relationship where strategic financial development can leverage natural resources for progressive energy outcomes. Such insights underscore the necessity of well-coordinated financial policies and resource management to foster green growth in Sub-Saharan Africa, demonstrating the urgent need for integrated approaches to achieve sustainability in the region. This research not only clarifies the dynamics of financial and natural resource interdependencies but also motivates significant policy implications for enhancing renewable energy landscapes in developing economies. |
| format | Article |
| id | doaj-art-405041716c0042eb8d00baa16bfb9432 |
| institution | Kabale University |
| issn | 2662-9992 |
| language | English |
| publishDate | 2025-01-01 |
| publisher | Springer Nature |
| record_format | Article |
| series | Humanities & Social Sciences Communications |
| spelling | doaj-art-405041716c0042eb8d00baa16bfb94322025-01-19T12:14:12ZengSpringer NatureHumanities & Social Sciences Communications2662-99922025-01-0112111110.1057/s41599-025-04364-3Green growth dynamics: unraveling the complex role of financial development and natural resources in shaping renewable energy in Sub-Saharan AfricaAlhasan Osman0Mohd Afjal1Majed Alharthi2Mohamed Elheddad3Nassima Djellouli4Zhang He5Teesside University International Business School, Teesside UniversityVIT Business School, Vellore Institute of TechnologyFinance Department, College of Business, King Abdulaziz UniversityTeesside University International Business School, Teesside UniversityUniversity of Saida Dr Tahar MoulayTeesside University International Business School, Teesside UniversityAbstract This study examines the complex interplay between financial development, natural resources, and renewable energy consumption in Sub-Saharan Africa from 2000 to 2020, highlighting the pivotal role of financial strategies in enhancing sustainable energy practices. Employing an array of analytical techniques, including panel-corrected standard errors (PCSE), fixed effects, random effects models, and panel-fixed quantile regression, we delve into the nuanced relationships among these critical variables. The findings reveal that while natural resources and financial development generally exert negative impacts on renewable energy consumption when considered in isolation, a significant transformation occurs when these factors interact. Specifically, the detrimental effects of natural resources on renewable energy usage are substantially mitigated by robust financial development, which not only offsets the negative impacts but also promotes renewable energy adoption. This interaction points to a synergistic relationship where strategic financial development can leverage natural resources for progressive energy outcomes. Such insights underscore the necessity of well-coordinated financial policies and resource management to foster green growth in Sub-Saharan Africa, demonstrating the urgent need for integrated approaches to achieve sustainability in the region. This research not only clarifies the dynamics of financial and natural resource interdependencies but also motivates significant policy implications for enhancing renewable energy landscapes in developing economies.https://doi.org/10.1057/s41599-025-04364-3 |
| spellingShingle | Alhasan Osman Mohd Afjal Majed Alharthi Mohamed Elheddad Nassima Djellouli Zhang He Green growth dynamics: unraveling the complex role of financial development and natural resources in shaping renewable energy in Sub-Saharan Africa Humanities & Social Sciences Communications |
| title | Green growth dynamics: unraveling the complex role of financial development and natural resources in shaping renewable energy in Sub-Saharan Africa |
| title_full | Green growth dynamics: unraveling the complex role of financial development and natural resources in shaping renewable energy in Sub-Saharan Africa |
| title_fullStr | Green growth dynamics: unraveling the complex role of financial development and natural resources in shaping renewable energy in Sub-Saharan Africa |
| title_full_unstemmed | Green growth dynamics: unraveling the complex role of financial development and natural resources in shaping renewable energy in Sub-Saharan Africa |
| title_short | Green growth dynamics: unraveling the complex role of financial development and natural resources in shaping renewable energy in Sub-Saharan Africa |
| title_sort | green growth dynamics unraveling the complex role of financial development and natural resources in shaping renewable energy in sub saharan africa |
| url | https://doi.org/10.1057/s41599-025-04364-3 |
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