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<p>This study examines the impact of green finance and technological readiness on the adoption of renewable energy in 116 developing countries between 2008 and 2021. The results from Panel Corrected Standard Errors (PCSE) and Generalised Method of Moments (GMM) show that green finance is significantly and positively associated with renewable energy adoption, and that this association is stronger in countries with higher technological readiness. The extended analysis shows that R&amp;D capacity has the strongest interaction with green finance, followed by industrial activity, while access to finance and workforce skills show smaller yet positive interaction effects. Additionally, domestic credit is generally positive for wind and solar energy, while unemployment is consistently negative for hydropower, reflecting the influence of macroeconomic conditions on renewable energy adoption. The study emphasises that enhancing technological capacity is a key condition for promoting the effectiveness of green finance and accelerating renewable energy. Therefore, recommended policies should focus on improving technological capabilities and effectively expanding green finance to optimise the energy transition process.</p>

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The role of technology readiness and green finance in renewable energy adoption in developing countries

  • 期刊论文

  • 出版模式：

    开放获取

  • 发表日期：

    2026年7月20日

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  • Tran Thai Ha Nguyen,
  • Thi Phuong Thuy Mai,
  • Hong Loan Cao,
  • Thanh Van Pho,
  • Gia Quyen Phan,
  • Thi Thu Huong Bach

摘要

This study examines the impact of green finance and technological readiness on the adoption of renewable energy in 116 developing countries between 2008 and 2021. The results from Panel Corrected Standard Errors (PCSE) and Generalised Method of Moments (GMM) show that green finance is significantly and positively associated with renewable energy adoption, and that this association is stronger in countries with higher technological readiness. The extended analysis shows that R&D capacity has the strongest interaction with green finance, followed by industrial activity, while access to finance and workforce skills show smaller yet positive interaction effects. Additionally, domestic credit is generally positive for wind and solar energy, while unemployment is consistently negative for hydropower, reflecting the influence of macroeconomic conditions on renewable energy adoption. The study emphasises that enhancing technological capacity is a key condition for promoting the effectiveness of green finance and accelerating renewable energy. Therefore, recommended policies should focus on improving technological capabilities and effectively expanding green finance to optimise the energy transition process.