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<p>This study extends the literature on sustainability, environmental economics, renewable energy, and international development by examining the mediating role of financial support in the relationship between renewable energy (RE) adoption and ecological footprint (EF) in Belt and Road Initiative (BRI) countries. Drawing on the environmental Kuznets curve (EKC) and sustainability transition theories, the study uses data from 128 BRI nations from 1995 to 2022 and employs advanced econometric methods, including the common correlation effect mean group (CCEMG) and pooled mean group (PMG) estimators, to address heterogeneity, cross-sectional dependency, and non-linear dynamics. The findings reveal that RE investment, the share of RE, and installed capacity significantly reduce EF, while domestic manufacturing capacity increases EF. A U-shaped, non-linear relationship between RE and EF, consistent with the EKC hypothesis, highlights initial environmental costs followed by long-term benefits as efficiency improves. Financial support, through foreign direct investment (FDI) and foreign aid, mediates the RE-EF relationship, with FDI providing essential financial and technological resources and foreign aid supporting RE adoption, particularly in lower-income countries. Heterogeneity analysis shows stronger EF reductions in Asia and Europe, while Africa and the Middle East face infrastructural and financial barriers. The findings call for strengthened RE policies, environmental regulations on FDI and aid, and region-specific strategies to address disparities, emphasizing the critical role of RE and financial support in achieving sustainable development goals (SDGs) 13 and global sustainability.</p>

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Realizing Green Growth in Belt and Road Initiative Economies: The Roles of Financial Support, Renewable Energy, and Eco-Footprint Dynamics

  • 期刊论文

  • 发表日期：

    2025年2月24日

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  • Angelina Kissiwaa Twum,
  • Jijian Zhang,
  • Xuhui Ding,
  • Joana Cobbinah

摘要

This study extends the literature on sustainability, environmental economics, renewable energy, and international development by examining the mediating role of financial support in the relationship between renewable energy (RE) adoption and ecological footprint (EF) in Belt and Road Initiative (BRI) countries. Drawing on the environmental Kuznets curve (EKC) and sustainability transition theories, the study uses data from 128 BRI nations from 1995 to 2022 and employs advanced econometric methods, including the common correlation effect mean group (CCEMG) and pooled mean group (PMG) estimators, to address heterogeneity, cross-sectional dependency, and non-linear dynamics. The findings reveal that RE investment, the share of RE, and installed capacity significantly reduce EF, while domestic manufacturing capacity increases EF. A U-shaped, non-linear relationship between RE and EF, consistent with the EKC hypothesis, highlights initial environmental costs followed by long-term benefits as efficiency improves. Financial support, through foreign direct investment (FDI) and foreign aid, mediates the RE-EF relationship, with FDI providing essential financial and technological resources and foreign aid supporting RE adoption, particularly in lower-income countries. Heterogeneity analysis shows stronger EF reductions in Asia and Europe, while Africa and the Middle East face infrastructural and financial barriers. The findings call for strengthened RE policies, environmental regulations on FDI and aid, and region-specific strategies to address disparities, emphasizing the critical role of RE and financial support in achieving sustainable development goals (SDGs) 13 and global sustainability.