The aim of this study is to evaluate how the COVID-19 pandemic affected the relationship between the financial development and the use of renewable energy consumption in selected Southeast Asian countries including Malaysia, Thailand, Laos, Indonesia, Vietnam, Singapore, and the Philippines over the period 1995–2022. Our research results suggested that financial development has not been able to promote renewable energy consumption, implying that financial resources in the banking system have not been allocated to production activities that depend on renewable energy sources. Our findings also suggest that the COVID-19 pandemic has helped economies allocate financial resources more effectively and thereby stimulated the development of renewable energy. In addition, there is a positive impact of attracting foreign direct investment on renewable energy consumption.