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July 15, 2026Economic Change and RestructuringOpen Access

The impact of financial inclusion on renewable energy consumption: cross-country evidence

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Authors

SASorin Gabriel AntonANAnca Elena Nucu

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Overview

Randomized trial reveals negative relationship between financial inclusion and renewable energy consumption in 81 countries, suggesting careful consideration is needed for policy implications.

Key Points

  • This research examines how financial inclusion affects renewable energy consumption across different countries.
  • Analyzed data from 81 countries using triennial data from the Global Findex Database
  • Constructed three financial inclusion indices
  • Employed quantile regression to assess the impact of financial inclusion on renewable energy consumption while controlling for macroeconomic factors.
  • Found a negative relationship between financial inclusion indices and renewable energy consumption in upper quantiles (p<0.05).
  • Indicated that increased financial services might lead to greater reliance on conventional energy sources before transitioning to renewables.
  • Results remained robust across different methodologies and analyses.

Cite This Study

Anton et al. (2026) studied this question.

synapsesocial.com/papers/6a57231a88b21df87547fe7fhttps://doi.org/10.1007/s10644-026-10031-7
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  1. 1Extensive renewable energy financing and its implications on financial development: empirical evidence from 33 emerging economies2026
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  5. 5Investigating the impact of financial inclusion and institutional performance on energy poverty in developing economies2025