Impact of renewable energy and green finance on economic development in the SADC region: a panel ARDL study
Résumé
The Southern African Development Community (SADC) region possesses a variety of energy resources yet continues to face challenges in meeting its energy demands. The aim of the study was to examine the current status of renewable energy development and green finance systems in the SADC nations. The research employed panel autoregressive distributed lags (ARDL) on time series data from 16 SADC member nations spanning 2003 to 2022, utilising E-views 13. The study's results indicate no causal relationship between the variables in the near term. Conversely, over the long term, an alteration in the net installed capacity of electricity generating plants in SADC accounts for 55% of the GDP. A variation in renewable energy shares within total final energy consumption adversely affects GDP by 155%, whereas renewable energy producing capacity adds 6.2%. The comprehensive model is statistically significant and possesses a negative coefficient. Consequently, ceteris paribus, investment in renewable energy within the SADC region can be adjusted at a rate of 96%. Moreover, green finance can substantially enhance the region's energy infrastructure and diminish its reliance on fossil fuels over time. The results underscore the significance of private sector engagement and the advancement of green financing for both national and international development. According to the findings, regulatory authorities in the SADC area should augment investment in diverse new energy initiatives that may assist in alleviating climate change over the long term. The policy recommendation urges SADC to collaboratively engage with global climate financing mechanisms, develop regional green finance markets, and advance a low-carbon economy by fostering renewable energy expansion, encouraging private sector investment, and enhancing green finance initiatives
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