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<p>This study focuses on the determinants of clean energy capacity (CEC) in 68 developing countries over the span from 2001 to 2023 and specifically examines the role of governance quality (GQ). Employing System Generalized Method of Moments to address endogeneity and dynamic effects, feasible generalized least squares and method-of-moments quantile regression to address robustness and distributional heterogeneity, the study also examines the impact of green finance (GF), financial development (FD), and information and communication technology (ICT) on CEC. The results demonstrate that GF is the most consistent and robust driver of CEC, underscoring its central role in driving renewable investments. ICT also exerts a positive effect, reflecting the importance of digital infrastructure, while FD demonstrates a conditional impact, becoming effective primarily under stronger governance conditions. Conventional economic factors, such as economic growth, trade openness, and foreign investment, have mixed effects; furthermore, heterogeneity and distributional analyses indicate that the impacts of GF, ICT, and FD differ across various GQ levels and stages of clean energy development. These findings support the need to organize financial, technological, and institutional environments to accelerate the expansion of renewable energy in developing economies.</p>

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Achieving SDG 7 through ecological modernisation: how does governance moderate the drivers of clean energy capacity expansion?

  • 期刊论文

  • 发表日期：

    2026年7月13日

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  • Partha Acharjee,
  • Debasis Neogi,
  • Pritam Das,
  • Jayanta Acharjee,
  • Indrajit Singha

摘要

This study focuses on the determinants of clean energy capacity (CEC) in 68 developing countries over the span from 2001 to 2023 and specifically examines the role of governance quality (GQ). Employing System Generalized Method of Moments to address endogeneity and dynamic effects, feasible generalized least squares and method-of-moments quantile regression to address robustness and distributional heterogeneity, the study also examines the impact of green finance (GF), financial development (FD), and information and communication technology (ICT) on CEC. The results demonstrate that GF is the most consistent and robust driver of CEC, underscoring its central role in driving renewable investments. ICT also exerts a positive effect, reflecting the importance of digital infrastructure, while FD demonstrates a conditional impact, becoming effective primarily under stronger governance conditions. Conventional economic factors, such as economic growth, trade openness, and foreign investment, have mixed effects; furthermore, heterogeneity and distributional analyses indicate that the impacts of GF, ICT, and FD differ across various GQ levels and stages of clean energy development. These findings support the need to organize financial, technological, and institutional environments to accelerate the expansion of renewable energy in developing economies.