Examining public private partnership investment in energy towards achieving sustainable development goal 7 for ASEAN region.
ARDL
Energy
Public–private partnerships investments
SDG7
Southeast Asia
Journal
Scientific reports
ISSN: 2045-2322
Titre abrégé: Sci Rep
Pays: England
ID NLM: 101563288
Informations de publication
Date de publication:
16 Jul 2024
16 Jul 2024
Historique:
received:
08
10
2023
accepted:
04
07
2024
medline:
17
7
2024
pubmed:
17
7
2024
entrez:
16
7
2024
Statut:
epublish
Résumé
The gradual progress in aligning financial flows with the adoption of clean technologies reveals a persistent funding gap, signaling a global misallocation of capital. Addressing this challenge necessitates political leadership and robust policies to counteract the insecurities impeding the redirection of financial flows. This study investigates into the impact of energy-related public-private partnership investments (PPPIE) and macro-environmental variables on the attainment of Sustainable Development Goal 7 (SDG7) across Association of Southeast Asian Nations (ASEAN) member countries from 1999 to 2021. Employing the Dynamac command technique, we conduct autoregressive distribution lag analysis and the Bounds Cointegration Test to evaluate ASEAN's efforts in achieving SDG7. Results indicate that a ten-year exogenous shock to the GDP growth rate initially causes a temporary decline in both GDP and PPPIE, albeit not statistically significant. However, in the long run, the shock becomes statistically significant, correlating with a negative decline in the GDP growth rate. This underscores the negative impact of external factors like the COVID-19 pandemic on the economic growth of ASEAN member countries. Specifically, a percentage increase in PPPIE leads to an 8.3% reduction in the GDP growth rate, revealing a detrimental and unsustainable impact on the economy. This signifies that energy investments in the ASEAN region, are predominantly unsustainable and adversely impact economic growth. Moreover, these energy investments contribute to a significant 52.6% increase in greenhouse gas emissions, indicating a substantial setback in the region's progress towards meeting SDG7's clean energy objectives by 2030. This suggests the present state of PPPIE does not align with sustainable clean energy goals of the region. Therefore, recommendations should include diversifying energy sources and investment strategies to enhance sustainable clean energy. Also, policymakers and researchers should reassess the terms and conditions of PPPIE, refining frameworks for private sector involvement to align with long-term economic sustainability goals.
Identifiants
pubmed: 39014008
doi: 10.1038/s41598-024-66800-9
pii: 10.1038/s41598-024-66800-9
doi:
Types de publication
Journal Article
Langues
eng
Sous-ensembles de citation
IM
Pagination
16398Informations de copyright
© 2024. The Author(s).
Références
IEA, IRENA, U. N. S. Division, W. Bank, & W. H. Organization. Tracking SDG7: The energy progress report 2023. (2023).
Ning, L., Abbasi, K. R., Hussain, K., Alvarado, R. & Ramzan, M. Analyzing the role of green innovation and public–private partnerships in achieving sustainable development goals: A novel policy framework. Environ. Sci. Pollut. Res. (2023).
IRENA & CPI. Global landscape of renewable energy finance 2023, International Renewable Energy Agency, Abu Dhabi. https://www.irena.org/-/media/Files/IRENA/Agency/Publication/2023/Feb/IRENA_CPI_Global_RE_finance_2023.pdf?rev=8668440314f34e588647d3994d94a785 (2023).
Ahmed, N., Areche, F. O., Sheikh, A. A. & Lahiani, A. Green finance and green energy nexus in ASEAN countries: A bootstrap panel causality test. Energies 15, 5068 (2022).
doi: 10.3390/en15145068
Caglar, A. E., Zafar, M. W., Bekun, F. V. & Mert, M. Determinants of CO
Muganyi, T., Yan, L. & Sun, H. P. Green finance, fintech and environmental protection: Evidence from China. Environ. Sci. Ecotechnol. 7, 100107 (2021).
pubmed: 36160697
pmcid: 9487990
doi: 10.1016/j.ese.2021.100107
McCauley, D. & Pettigrew, K. Building a just transition in Asia-Pacific: Four strategies for reducing fossil fuel dependence and investing in clean energy. Energy Policy 183, 113808–113808 (2023).
doi: 10.1016/j.enpol.2023.113808
Lup, A. N. K. et al. Sustainable energy technologies for the global south: Challenges and solutions toward achieving SDG 7. Environ. Sci. Adv. 2(4), 570–585 (2023).
doi: 10.1039/D2VA00247G
IRENA. Renewable energy outlook for ASEAN: Towards a regional energy transition. 2nd Edn, International Renewable Energy Agency, Abu Dhabi 978-92-9260-467-7 (2022).
Banga, J. The green bond market: A potential source of climate finance for developing countries. J. Sustain. Finan. Invest. 9, 17–32 (2019).
doi: 10.1080/20430795.2018.1498617
Baiashvili, T. & Gattini, L. Impact of FDI on economic growth: The role of country income levels and institutional strength. https://www.exploring-economics.org/en/discover/impact-of-fdi-on-economic-growth-the-role-of-co/ (2020).
Hoa, P. X., Xuan, V. N. & Thu, N. T. P. Determinants of renewable energy consumption in the fifth technology revolutions: Evidence from ASEAN countries. J. Open Innov. Technol. Market Complex. 10, 100190–100190 (2024).
doi: 10.1016/j.joitmc.2023.100190
Vakulchuk, R., Overland, I. & Suryadi, B. ASEAN’s energy transition: How to attract more investment in renewable energy. Energy Ecol. Environ. 8, 1–16 (2023).
doi: 10.1007/s40974-022-00261-6
Kim, T. Y. & Karpinski, M. Clean energy progress after the Covid-19 crisis will need reliable supplies of critical minerals. International Energy Agency. https://www.iea.org/articles/clean-energy-progress-after-the-covid-19-crisis-will-need-reliable-supplies-of-critical-minerals (2020).
Sakti, A. D. et al. Spatial integration framework of solar, wind, and hydropower energy potential in Southeast Asia. Sci. Rep. 13, 340–340 (2023).
pubmed: 36611056
pmcid: 9823262
doi: 10.1038/s41598-022-25570-y
Maino, A. G. Financing the Energy Transition : The Role, Opportunities and Challenges of Green Bonds (The Oxford Institute for Energy Studies, 2022).
RISE. Energy Sector Management Assistance Program, 2020. Regulatory Indicators for Sustainable Energy 2020: Sustaining the Momentum, Washington (2020).
Sumarno, T., Fitriyanti, V., Khusna, V. & Yusgiantoro, I. The importance of women participation in ensuring justice in energy transition in ASEAN and G7. Int. Conf. Gender Res. 6, 232–240 (2023).
doi: 10.34190/icgr.6.1.1040
BANKTRACK. Banking on climate change-fossil fuel finance report card 2019. (2019).
Jordan, S. & Philips, A. Q. Cointegration testing and dynamic simulations of autoregressive distributed lag models. Stata J. 18, 902–923 (2018).
doi: 10.1177/1536867X1801800409
da Silva, P. P., Cerqueira, P. A. & Ogbe, W. Determinants of renewable energy growth in Sub-Saharan Africa: Evidence from panel ARDL. Energy 156, 45–54 (2018).
doi: 10.1016/j.energy.2018.05.068
Wang, J., Shahbaz, M., Dong, K. & Dong, X. Renewable energy transition in global carbon mitigation: Does the use of metallic minerals matter?. Renew. Sustain. Energy Rev. 181, 113320 (2023).
doi: 10.1016/j.rser.2023.113320
PWC. Energy transition readiness in Southeast Asia. (2021).
Shi, J. et al. The role of economic growth and governance on mineral rents in main critical minerals countries. Resour. Policy 83, 103718 (2023).
doi: 10.1016/j.resourpol.2023.103718
Dou, S., Xu, D., Zhu, Y. & Keenan, R. Critical mineral sustainable supply: Challenges and governance. Futures 146, 103101 (2023).
doi: 10.1016/j.futures.2023.103101
Sarpong, K. A., Xu, W., Gyamfi, B. A. & Ofor, E. K. A step towards carbon neutrality in E7: The role of environmental taxes, structural change, and green energy. J. Environ. Manag. 337, 117556 (2023).
doi: 10.1016/j.jenvman.2023.117556
Durani, F., Bhowmik, R., Sharif, A., Anwar, A. & Syed, Q. R. Role of economic uncertainty, financial development, natural resources, technology, and renewable energy in the environmental Phillips curve framework. J. Clean. Prod. 420, 138334–138334 (2023).
doi: 10.1016/j.jclepro.2023.138334
Jahanger, A., Awan, A., Anwar, A. & Adebayo, T. S. Greening the Brazil, Russia, India, China and South Africa (BRICS) economies: Assessing the impact of electricity consumption, natural resources, and renewable energy on environmental footprint. Nat. Resour. Forum 47, 484–503 (2023).
doi: 10.1111/1477-8947.12294
Liu, B., Guan, Y., Shan, Y., Cui, C. & Hubacek, K. Emission growth and drivers in Mainland Southeast Asian countries. J. Environ. Manag. 329, 117034 (2023).
doi: 10.1016/j.jenvman.2022.117034
Yin, S. Decadal changes in premature mortality associated with exposure to outdoor PM2.5 in mainland Southeast Asia and the impacts of biomass burning and anthropogenic emissions. Sci. Total Environ. 854, 158775 (2023).
pubmed: 36113810
doi: 10.1016/j.scitotenv.2022.158775
Ozili, P. K. & Iorember, P. T. Financial stability and sustainable development. Int. J. Financ. Econ. (2023).
Emmerling, J., Aleluia Reis, L., Drouet, L., Raitzer, D. & Pradhananga, M. Assessing the implications of a global net-zero transition for developing Asia: Insights from Integrated assessment modeling. Asian Development Bank Economics Working Paper Series, (2023).
Pereira, L. et al. Grounding global environmental assessments through bottom-up futures based on local practices and perspectives. Sustain. Sci. 16, 1907–1922 (2021).
doi: 10.1007/s11625-021-01013-x
UNESCAP, IEA, & IRENA. Advancing SDG7 in Asia and the Pacific. (2023).
Li, D., Bae, J. H. & Rishi, M. Sustainable development and SDG-7 in Sub-Saharan Africa: Balancing energy access, economic growth, and carbon emissions. Eur. J. Dev. Res. 35, 112–137 (2022).
pubmed: 35106034
pmcid: 8795938
doi: 10.1057/s41287-021-00502-0
Priyan, S., Matahen, R., Priyanshu, D. & Mouqdadi, M. Environmental strategies for a healthcare system with green technology investment and pandemic effects. Innov. Green Dev. 3, 100113–100113 (2024).
doi: 10.1016/j.igd.2023.100113
Formisano, V., Iannucci, E., Fedele, M. & Bonab, A. B. City in the loop: Assessing the relationship between circular economy and smart sustainable cities. Sinerg. Italian J. Manag. 40, 148–168 (2022).
doi: 10.7433/s118.2022.07
Bashir, M. F., Pan, Y., Shahbaz, M. & Ghosh, S. How energy transition and environmental innovation ensure environmental sustainability? Contextual evidence from Top-10 manufacturing countries. Renew. Energy 204, 697–709 (2023).
doi: 10.1016/j.renene.2023.01.049
Voumik, L. C., Ridwan, M., Rahman, M. H. & Raihan, A. An investigation into the primary causes of carbon dioxide releases in Kenya: Does renewable energy matter to reduce carbon emission?. Renew. Energy Focus 47, 100491 (2023).
doi: 10.1016/j.ref.2023.100491
Danish, & Ulucak, R. How do environmental technologies affect green growth? Evidence from BRICS economies. Sci. Total Environ. 712, 136504 (2020).
pubmed: 31931216
doi: 10.1016/j.scitotenv.2020.136504
Lai, F., Zhou, J., Lu, L., Hasanuzzaman, M. & Yuan, Y. Green building technologies in Southeast Asia: A review. Sustain. Energy Technol. Assess. 55, 102946–102946 (2023).
Jiang, Y. et al. Does green growth in E-7 countries depend on economic policy uncertainty, institutional quality, and renewable energy? Evidence from quantile-based regression. Geosci. Front. 14, 101652–101652 (2023).
doi: 10.1016/j.gsf.2023.101652
Siddik, A. B., Khan, S., Khan, U., Yong, L. & Murshed, M. The role of renewable energy finance in achieving low-carbon growth: Contextual evidence from leading renewable energy-investing countries. Energy 270, 126864 (2023).
doi: 10.1016/j.energy.2023.126864
Pan, Y. & Dong, F. Factor substitution and development path of the new energy market in the BRICS countries under carbon neutrality: Inspirations from developed European countries. Appl. Energy 331, 120442 (2023).
doi: 10.1016/j.apenergy.2022.120442
Diesendorf, M. & Taylor, R. Transitioning the Energy System. In The Path to a Sustainable Civilisation: Technological, Socioeconomic and Political Change (eds Diesendorf, M. & Taylor, R.) 53–88 (Springer, 2023).
doi: 10.1007/978-981-99-0663-5_4
White, K., Loughead, R., Linstaedt, J., Rooze, J. & Young, W. Financing the transition: Energy supply investment and bank financing activity comparing low-carbon and fossil fuel activity: Summary report 1. (2023).
Amundi and IFC. Emerging Market Green Bonds Report 2020: On the road to green recovery. Washington (2021).
IEA. Southeast Asia Energy Outlook 2022. (2022).
Yu, H., Wang, J., Hou, J., Yu, B. & Pan, Y. The effect of economic growth pressure on green technology innovation: Do environmental regulation, government support, and financial development matter?. J. Environ. Manag. 330, 117172 (2023).
doi: 10.1016/j.jenvman.2022.117172
Samour, A., Adebayo, T. S., Agyekum, E. B., Khan, B. & Kamel, S. Insights from BRICS-T economies on the impact of human capital and renewable electricity consumption on environmental quality. Sci. Reports 13, 5245 (2023).
Devine, H. et al. Private finance for development wishful thinking or thinking out of the box? International Monetary Fund. https://www.imf.org/en/Publications/Departmental-Papers-Policy-Papers/Issues/2021/05/14/Private-Finance-for-Development-50157 (2021).
Glemarec, Y. Financing green and climate resilient infrastructure in ASEAN countries. Environ. Progress Sustain. Energy 42, e14097 (2023).
doi: 10.1002/ep.14097
Philips, A. Q. Have your cake and eat it too? Cointegration and dynamic inference from autoregressive distributed lag models. Am. J. Politic. Sci. 62, 230–244 (2018).
doi: 10.1111/ajps.12318
Williams, L. K. & Whitten, G. D. Dynamic simulations of autoregressive relationships. Stata J. 11, 577–588 (2011).
doi: 10.1177/1536867X1201100405
Anteneh, G. D., Andries, F. H., Paul, L. L. & Detlef, P. V. V. Scenario analysis for promoting clean cooking in Sub-Saharan Africa: Costs and benefits. Energy 192, 116641 (2019).
Rosenthal, J., Quinn, A., Grieshop, A. P., Pillarisetti, A. & Glass, R. I. Clean cooking and the SDGs: Integrated analytical approaches to guide energy interventions for health and environment goals. Energy Sustain. Dev. 42, 152–159 (2018).
pubmed: 29861575
doi: 10.1016/j.esd.2017.11.003
Sumarno, T., Fitriyanti, V., Khusna, V. & Yusgiantoro, I. The importance of women participation in ensuring justice in energy transition in ASEAN and G7. Proceedings of the 6th International Conference on Gender Research 6, (2023).
Du, G. Nexus between green finance, renewable energy, and carbon intensity in selected Asian countries. J. Clean. Prod. 405, 136822 (2023).
doi: 10.1016/j.jclepro.2023.136822
Ilyas, M. et al. Renewable energy, economic development, energy consumption and its impact on environmental quality: New evidence from South East Asian countries. Renew. Energy 223, 119961–119961 (2024).
doi: 10.1016/j.renene.2024.119961
Hussain, Z. H., Mehmood, B., Khan, M. K. & Tsimisarak, R. S. M. Green growth, green technology, and environmental health: Evidence from High-GDP countries. Front. Public Health 9, 816697 (2022).
pubmed: 35096760
pmcid: 8794811
doi: 10.3389/fpubh.2021.816697
Liao, H., Peng, Y., Wang, F. & Zhang, T. Understanding energy use growth: The role of investment-GDP ratio. Struct. Change Econ. Dyn. 63, 15–24 (2022).
doi: 10.1016/j.strueco.2022.08.007
Sikder, M. et al. The integrated impact of GDP growth, industrialization, energy use, and urbanization on CO2 emissions in developing countries: Evidence from the panel ARDL approach. Sci. Total Environ. 837, 155795–155795 (2022).
pubmed: 35561911
doi: 10.1016/j.scitotenv.2022.155795
Agusdinata, D. B. & Liu, W. Global sustainability of electric vehicles minerals: A critical review of news media. Extract. Ind. Soc. 13, 101231 (2023).
doi: 10.1016/j.exis.2023.101231
Williams, B., Bishop, D., Hooper, G. & Chase, J. G. Driving change: Electric vehicle charging behavior and peak loading. Renew. Sustain. Energy Rev. 189, 113953 (2024).
doi: 10.1016/j.rser.2023.113953
del Río, J. M. L., López, E. R. & Fernández, J. Tribological behavior of electric vehicle transmission oils using Al2O3 nanoadditives. J. Mol. Liq. 397, 124036 (2024).
doi: 10.1016/j.molliq.2024.124036
Narayan, P. K. The saving and investment nexus for China: Evidence from cointegration tests. Appl. Econ. 37, 1979–1990 (2005).
doi: 10.1080/00036840500278103
Pesaran, M. H., Shin, Y. & Smith, R. J. Bounds testing approaches to the analysis of level relationships. J. Appl. Econ. 16, 289–326 (2001).
doi: 10.1002/jae.616
Aboagye, P. D. & Sharifi, A. Urban climate adaptation and mitigation action plans: A critical review. Renew. Sustain. Energy Rev. 189, 113886–113886 (2024).
doi: 10.1016/j.rser.2023.113886
Qiu, J., Seah, S. & Martinus, M. Examining climate ambition enhancement in ASEAN countries’ nationally determined contributions. Environ. Dev. 49, 100945 (2024).
doi: 10.1016/j.envdev.2023.100945
Wu, H., Feng, Z., Sun, T., Li, R. & Zhao, H. Efficiency, sustainability, and resilience a trifecta for a green economic recovery through natural resource markets. Resour. Policy 88, 104435 (2024).
doi: 10.1016/j.resourpol.2023.104435
Raza, S. A. & Siddiqui, A. W. Exploring temporal demand patterns of refined petroleum products: Implications of the COVID-19 pandemic as a black swan event. Extract. Ind. Soc. 17, 101388 (2024).
doi: 10.1016/j.exis.2023.101388
Hu, Y. & Weng, L. Net-zero energy transition in ASEAN countries: The evolutionary model brings novel perspectives to the cooperative mechanism of climate governance. J. Environ. Manag. 351, 119999 (2024).
doi: 10.1016/j.jenvman.2023.119999
IEA. World Energy Investment. (2020).
Naumann, G., Schropp, E., Steegmann, N., Möller, M. C. & Gaderer, M. Environmental performance of a hybrid solar-hydrogen energy system for buildings. Int. J. Hydrog. Energy 49, 1185–1199 (2024).
doi: 10.1016/j.ijhydene.2023.07.208
Wahab, S., Imran, M., Ahmed, B., Rahim, S. & Hassan, T. Navigating environmental concerns: Unveiling the role of economic growth, trade, resources and institutional quality on greenhouse gas emissions in OECD countries. J. Clean. Prod. 434, 139851 (2024).
doi: 10.1016/j.jclepro.2023.139851
Elsner, P. Continental-scale assessment of the African offshore wind energy potential: Spatial analysis of an under-appreciated renewable energy resource. Renew. Sustain. Energy Rev. 104, 394–407 (2019).
doi: 10.1016/j.rser.2019.01.034
Shi, J., Hu, X., Dou, S., Alemzero, D. & Alhassan, E. A. Evaluating technological innovation impact. An empirical analysis of the offshore wind sector. Environ. Sci. Pollut. Res. 30, 20105–20120 (2023).
doi: 10.1007/s11356-022-23521-8
Iyke, B. N. Climate change, energy security risk, and clean energy investment. Energy Econ. 129, 107225 (2024).
doi: 10.1016/j.eneco.2023.107225
Pi, K., Khan, S., Raza, S. A. & Shahzadi, I. Sustainable energy efficiency, greener energy and energy-related emissions nexus: Sustainability-related implications for G7 economies. Geol. J. 59, 301–312 (2024).
doi: 10.1002/gj.4864
Caglar, A. E., Daştan, M. & Rej, S. A new look at China’s environmental quality: how does environmental sustainability respond to the asymmetrical behavior of the competitive industrial sector?. Int. J. Sustain. Dev. World Ecol. 31, 16–28 (2024).
doi: 10.1080/13504509.2023.2248584