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<p>While financial inclusion is widely promoted as a catalyst for sustainable development, a critical paradox remains unexplored: conventional financial infrastructure can inadvertently impede the transition to renewable energy, whereas digital innovations may unlock its potential. This study investigates this duality by analyzing a detailed panel dataset from 85 developing nations between 2011 and 2021. It applies advanced econometric methods, including Panel-Corrected Standard Errors (PCSE) and Feasible Generalized Least Squares (FGLS), to examine the relationships among fintech, financial access, the adoption of renewable energy, and energy efficiency. Our findings reveal that traditional measures of financial inclusion—like the presence of ATMs and bank branches—can unexpectedly hinder the growth of renewable energy sources. In contrast, fintech advancements, especially in digital payment solutions, significantly enhance the success of financial inclusion efforts aimed at fostering green investments. Importantly, the collaborative relationship between fintech and financial access positively impacts the development of renewable energy, highlighting the need for integrated approaches to address environmental challenges. This research addresses a significant gap in the current literature by investigating the combined influence of fintech and financial inclusion on sustainable energy initiatives. It provides policy suggestions for developing nations, stressing that harnessing fintech can enhance financial accessibility and support a transition to a more sustainable and resilient economy in line with global green efforts.</p>

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Integrating digital financial inclusion for a greener economy in developing countries: empirical evidence on renewable energy and energy productivity from panel data analysis

  • 期刊论文

  • 发表日期：

    2026年4月29日

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  • Chadi Azmeh

摘要

While financial inclusion is widely promoted as a catalyst for sustainable development, a critical paradox remains unexplored: conventional financial infrastructure can inadvertently impede the transition to renewable energy, whereas digital innovations may unlock its potential. This study investigates this duality by analyzing a detailed panel dataset from 85 developing nations between 2011 and 2021. It applies advanced econometric methods, including Panel-Corrected Standard Errors (PCSE) and Feasible Generalized Least Squares (FGLS), to examine the relationships among fintech, financial access, the adoption of renewable energy, and energy efficiency. Our findings reveal that traditional measures of financial inclusion—like the presence of ATMs and bank branches—can unexpectedly hinder the growth of renewable energy sources. In contrast, fintech advancements, especially in digital payment solutions, significantly enhance the success of financial inclusion efforts aimed at fostering green investments. Importantly, the collaborative relationship between fintech and financial access positively impacts the development of renewable energy, highlighting the need for integrated approaches to address environmental challenges. This research addresses a significant gap in the current literature by investigating the combined influence of fintech and financial inclusion on sustainable energy initiatives. It provides policy suggestions for developing nations, stressing that harnessing fintech can enhance financial accessibility and support a transition to a more sustainable and resilient economy in line with global green efforts.