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ORIGINAL RESEARCH
Green Finance and Globally Competitive and
Diversified Production: Powering Renewable
Energy Growth and GHG Emission Reduction
1
School of Law, Shanghai University of Finance & Economics, Shanghai 200433, China
2
Department of Economics, Division of Management and Administrative Sciences, University of Education, Lahore, Pakistan
3
Department of Economics, Government college University Lahore, Pakistan
Submission date: 2023-12-16
Final revision date: 2024-01-26
Acceptance date: 2024-02-25
Online publication date: 2024-09-16
Publication date: 2025-01-09
Corresponding author
Pol. J. Environ. Stud. 2025;34(2):1867-1889
KEYWORDS
TOPICS
ABSTRACT
Increased greenhouse gas (GHG) emissions have triggered a global climatic shift that threatens all species.
The last century witnessed many improvements in several industries that elevated GHG emissions to levels
not seen in several years. Energy usage is a major source of GHG emissions. The current study will examine
how green finance and economic fitness (globally competitive and diversified production) synergistically affect
GHG emissions and renewable energy growth. GMM, FMOLS, and quantile regression were used to analyze
the OECD economies. Green financing and economic fitness reduced GHG emissions and increased renewable
energy use in all three models. The synergistic effect of green financing (GF) and economic fitness (EFI) shows
that nations can significantly mitigate the emission of greenhouse gases (GHGs) and encourage the adoption
of renewable energy sources. Green financing and economic fitness (EFI) seem to work better in high-carbon
economies than in low-carbon ones. GF has a greater impact on greenhouse gas (GHG) emissions in countries
with higher emissions. In both high- and low-emission countries, good governance, regulatory frameworks,
economic risk, and developed human capital help reduce greenhouse gas emissions. However, GDP affects GHG
emissions positively in all OECD countries. Moreover, GDP, effective government, quality regulations, economic
risk, and human capital promote renewable energy use in economies. Private enterprises and households need
financial incentives to adopt renewable energy technology quickly. Businesses may finance environmental
projects without government assistance. Complex and varied product manufacturers are encouraged to employ
renewable energy and minimize greenhouse gas emissions to increase economic resilience.
CONFLICT OF INTEREST
The authors declare that they have no known competing financial interests or personal relationships that could have appeared to influence the work reported in this paper.
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