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<p>Energy poverty remains a critical challenge for emerging economies, particularly the Next-11 countries, where rapid economic expansion, population growth, and rising energy demand place significant pressure on energy systems and environmental sustainability. This study examines the dynamic interlinkages among globalization, financial inclusion, economic growth, and renewable energy in shaping energy poverty, thereby contributing to the achievement of Sustainable Development Goals 7, 8, 10, and 13. Energy poverty is captured using two complementary indicators: access to electricity and access to clean cooking technologies and fuels. Employing a novel GMM-based panel vector autoregression framework, the analysis uncovers strong persistence and feedback effects across energy, financial, and macroeconomic variables. The results indicate that renewable energy deployment and financial inclusion play a central role in expanding access to electricity, while economic growth significantly supports the adoption of clean cooking solutions by improving household affordability. In contrast, the effects of globalization are heterogeneous: global integration facilitates technology diffusion and market access for clean cooking, yet it can also generate structural and distributional constraints that slow improvements in electricity access in economies with weak infrastructure. By jointly modeling electricity access and clean cooking transitions, this study fills an important gap in the literature and provides nuanced evidence on how macroeconomic and financial factors interact with energy systems, offering policy-relevant insights for advancing inclusive and environmentally sustainable development in the Next-11 economies.</p>

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Leveraging financial inclusion, globalization, and renewable energy to formulate policies for energy poverty reduction in next-11 economies

  • 期刊论文

  • 发表日期：

    2026年4月21日

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  • Joshua Chukwuma Onwe,
  • Mohammad Subhan,
  • Olajide Oyadeyi

摘要

Energy poverty remains a critical challenge for emerging economies, particularly the Next-11 countries, where rapid economic expansion, population growth, and rising energy demand place significant pressure on energy systems and environmental sustainability. This study examines the dynamic interlinkages among globalization, financial inclusion, economic growth, and renewable energy in shaping energy poverty, thereby contributing to the achievement of Sustainable Development Goals 7, 8, 10, and 13. Energy poverty is captured using two complementary indicators: access to electricity and access to clean cooking technologies and fuels. Employing a novel GMM-based panel vector autoregression framework, the analysis uncovers strong persistence and feedback effects across energy, financial, and macroeconomic variables. The results indicate that renewable energy deployment and financial inclusion play a central role in expanding access to electricity, while economic growth significantly supports the adoption of clean cooking solutions by improving household affordability. In contrast, the effects of globalization are heterogeneous: global integration facilitates technology diffusion and market access for clean cooking, yet it can also generate structural and distributional constraints that slow improvements in electricity access in economies with weak infrastructure. By jointly modeling electricity access and clean cooking transitions, this study fills an important gap in the literature and provides nuanced evidence on how macroeconomic and financial factors interact with energy systems, offering policy-relevant insights for advancing inclusive and environmentally sustainable development in the Next-11 economies.