The criticality of financial development and energy consumption for environmental sustainability in OECD countries: Evidence from dynamic panel analysis

Olatunji Shobande; Lawrence Ogbeifun

doi:10.1080/13504509.2021.1934179

The criticality of financial development and energy consumption for environmental sustainability in OECD countries: Evidence from dynamic panel analysis

Olatunji Shobande^* (Corresponding Author)
, Lawrence Ogbeifun

^*Corresponding author for this work

Business Management

University of Mississippi

Research output: Contribution to journal › Article › peer-review

74 Citations (Scopus)

8 Downloads (Pure)

Abstract

This study explored whether financial development and energy consumption affect environmental sustainability in Organization for Economic Cooperation and Development (OECD) countries. The empirical evidence used in this study was based on the standard fixed effects and the Arellano-Bover/Bundell Bond dynamic panel approach. Our empirical results demonstrated the importance of a financial development index and energy efficiency for reducing carbon emissions and promoting sustainability in the OECD. The mechanism through which financial development affects carbon emissions has been identified as energy consumption and foreign direct investment. Our study recommends that financial development be prioritised alongside investments in energy efficiency to promote environmental sustainability.

Original language	English
Pages (from-to)	153-163
Number of pages	11
Journal	The International Journal of Sustainable Development and World Ecology
Volume	29
Issue number	2
Early online date	2 Jun 2021
DOIs	https://doi.org/10.1080/13504509.2021.1934179
Publication status	Published - 2022

Bibliographical note

open access via T&F agreement

UN SDGs

This output contributes to the following UN Sustainable Development Goals (SDGs)

SDG 7 Affordable and Clean Energy
SDG 10 Reduced Inequalities

Keywords

Financial Development Index
Energy Consumption
Environmental Quality
Dynamic Panel Analysis
OECD Countries

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10.1080/13504509.2021.1934179Licence: CC BY-NC-ND

Shobande_etal_TIJSDWE_Criticality_Financial_Development_VoR
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The criticality of financial development and energy consumption for environmental sustainability in OECD countries: Evidence from dynamic panel analysis. / Shobande, Olatunji (Corresponding Author); Ogbeifun, Lawrence.
In: The International Journal of Sustainable Development and World Ecology, Vol. 29, No. 2, 2022, p. 153-163.

Research output: Contribution to journal › Article › peer-review

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The criticality of financial development and energy consumption for environmental sustainability in OECD countries: Evidence from dynamic panel analysis

Abstract

Bibliographical note

UN SDGs

Keywords

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