Financial inclusion, renewable energy consumption, and inclusive growth: cross-country evidence

Abstract

The COVID-19 pandemic has affected the global economy to varying degrees. Coupled with the widening gap caused by the unbalanced distribution of resources, the sustainability and inclusiveness of economic growth have been challenged. To explore the influencing factors of the level of economic inclusive growth among different countries, we used the spatial Durbin model to analyze the relationship between financial inclusion, renewable energy consumption, and inclusive growth based on panel data of 40 countries from 2010 to 2020. The results indicate a spatial autocorrelation in inclusive growth; financial inclusion and renewable energy consumption both contributed positively to inclusive growth, while industrial structure upgrading played a negative moderating role between domestic renewable energy consumption and inclusive growth. The results of this study provide insights into achieving better inclusive growth and maintaining sustainable and balanced economic development. Based on this, policy recommendations such as expanding the coverage of inclusive finance, optimizing the energy structure, and changing the economic development model are put forward.

Digital Financial Inclusion: COVID-19 Impacts and Opportunities

“…In the conditions of the COVID-19 pandemic, which led to a decrease in economic activity and a reduction in household income, this issue has become even more urgent [1,2]. In addition, the importance of financial inclusion is related to its positive impact on financial security, macroeconomic stability, and inclusive growth, which was confirmed by the results of many scientific studies [3][4][5][6][7][8], as well as its enabling of many of the Sustainable Development Goals.…”

Impact of Bioenergy on Economic Growth and Development: An European Perspective

“…The supply of fossil fuels such as coal, oil and natural gas, is dwindling and getting stronger each year -to the point that supplies may well be depleted in the not-too-distant future. As a consequence of this crisis in conventional energy sources, there is an increasing need to strengthen our knowledge on bioenergy use instead of using fossil fuels as much as possible -which will be a major factor in determining economic growth and development around the world (Cui et al, 2022). Bioenergy is a term used to describe the use of biomass and biofuels, as well as other renewable energy sources (Fotourehchi, 2017).…”

“…Biofuels are one type of bioenergy; however, so are biomass gasification and chemical processes like cellulose conversion. Biomass conversion can take place in both industrial settings and small family farms, which produces a diverse range of other products for community use that increases food security worldwide (Cui et al, 2022;Vlad and Toma, 2022 increasing employment opportunities and fostering technological progress (Domac et al, 2005).…”

“…However, bioenergy may be essential for ensuring energy security, enhancing the different energy sources, and halting climate change (Apergis and Danuletiu, 2014). Cui et al (2022) revealed that bioenergy is important in achieving many of the objectives of sustainable development. The majority of the energy production and consumption methods used today necessitate that a large portion of the energy come from renewable resources.…”

“…The bulk of research examines policy harmonisation and required standards, develops scenarios to predict future national, regional, or global effects and implications of energy dependency, or searches for strategies to lessen energy dependence (Fu et al, 2021). Cui et al (2022) revealed that the emergence of a low-carbon society has a higher influence on the energy security of a country with high GDP levels than certain socio-economic situations.…”