Renewable Energy Investment And Sustainable Development: International Analysis

Abstract

This study examines six key elements that influence sustainable development (SD) on a worldwide scale: renewable energy investment, financial inclusion, green innovation, economic growth, human development, and tax revenue. This study utilized data from 2000 to 2022 to assess the statistical relationship between variables, dependent (SD) and independent. The study's findings demonstrated a statistically significant negative association between renewable energy investment, taxes revenue and sustainable development, despite financial inclusion, green innovation, economic growth, and human development have a favorable relationship. These findings underscore the importance of increasing investment in financial inclusion, green innovation, economic growth, and human development. Theoretically, this work contributes to a better understanding of the factors that influence sustainable development, based on previous research on this topic. In practice, the study’s findings can help policymakers and stakeholders establish successful national and international initiatives to promote sustainable development.