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This paper explores the symbiotic relationship between ICT diffusion measured as (Mobile cellular subscriptions per 100 people and Individuals using the internet as a percentage of the population, and financial institutions’ efficiency, access and depth on environmental quality (EQ). Focusing on 47 African economies, this study analyses data from 1990 to 2021 using a two-step system generalised method of moments (SGMM) estimation approach. The data were sourced from World Development Indicators, Global Footprints Network, and the International Monetary Fund. This study reveals that financial efficiency and access significantly improve the environment (it increases the load capacity factor (LCF)). However, financial depth hurts EQ in all three EQ proxies used. Ecological footprints are significantly reduced as financial efficiency and access increase. Furthermore, financial efficiency and depth are significant drivers of carbon emissions in the region. ICT diffusion (mobile cellular subscriptions per 100) harms EQ across all three proxies. Internet usage impedes EQ by reducing LCF. However, internet usage improves EQ by reducing ecological and carbon footprints. This study introduces LCF as a novel EQ proxy and explores ICT’s moderating role in financial systems’ environmental impact, offering new insights into Africa’s sustainable development dynamics.

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Balancing Innovation and Sustainability: Financial Development, ICT, and Load Capacity Factor Dynamics

  • 会议论文

  • 发表日期：

    2026年

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  • Louis David Junior Annor,
  • Margarita Robaina,
  • Elisabete Vieira

摘要

This paper explores the symbiotic relationship between ICT diffusion measured as (Mobile cellular subscriptions per 100 people and Individuals using the internet as a percentage of the population, and financial institutions’ efficiency, access and depth on environmental quality (EQ). Focusing on 47 African economies, this study analyses data from 1990 to 2021 using a two-step system generalised method of moments (SGMM) estimation approach. The data were sourced from World Development Indicators, Global Footprints Network, and the International Monetary Fund. This study reveals that financial efficiency and access significantly improve the environment (it increases the load capacity factor (LCF)). However, financial depth hurts EQ in all three EQ proxies used. Ecological footprints are significantly reduced as financial efficiency and access increase. Furthermore, financial efficiency and depth are significant drivers of carbon emissions in the region. ICT diffusion (mobile cellular subscriptions per 100) harms EQ across all three proxies. Internet usage impedes EQ by reducing LCF. However, internet usage improves EQ by reducing ecological and carbon footprints. This study introduces LCF as a novel EQ proxy and explores ICT’s moderating role in financial systems’ environmental impact, offering new insights into Africa’s sustainable development dynamics.