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Harnessing digital solutions for sustainable development: a quantile-based framework for designing an SDG framework
Najia Saqib1, Haider Mahmood2, Muntasir Murshed3,4
1Department of Finance, College of Business Administration, Prince Sultan University, Riyadh, Saudi Arabia. nsaqib@psu.edu.sa.
Environmental Science and Pollution Research International
|October 4, 2023
Summary
Financial technology (FinTech) significantly supports renewable energy adoption and Sustainable Development Goals (SDGs). A bidirectional causality exists between FinTech and renewable energy, offering insights for green transition policies.
Area of Science:
- Environmental Science
- Economics
- Technology Policy
Background:
- Financial technology (FinTech) is recognized for its potential to advance Sustainable Development Goals (SDGs) by 2030.
- The financial sector is increasingly offering green investment options to fund climate neutrality initiatives.
- Accelerating these financial mechanisms is crucial for achieving SDGs and Paris Climate Agreement targets.
Purpose of the Study:
- To investigate the relationship between FinTech and renewable energy in leading FinTech economies.
- To provide country-specific insights into how FinTech influences renewable energy development.
- To analyze the causal links between FinTech advancements and renewable energy growth.
Main Methods:
- Utilized the quantile-on-quantile (QQ) technique for data analysis.
- Employed quantile causality analysis to determine the direction of causality.
- Analyzed data from top FinTech economies spanning from 1990 to 2020.
Main Results:
- Established a significant long-term relationship between FinTech and renewable energy across all studied countries.
- Observed a positive association between FinTech and renewable energy at most quantiles in leading FinTech economies.
- Identified a bidirectional causality between FinTech and renewable energy across significant quantiles.
Conclusions:
- FinTech demonstrates a considerable, albeit variable, impact on renewable energy, and vice versa, in innovative economies.
- The findings underscore the link between FinTech growth and the promotion of a green transition towards SDGs.
- Results offer valuable insights for policymakers aiming to integrate FinTech into renewable energy strategies.
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