Financial Inclusion and Modernization: SECURE Energy Performance in Shanghai Cooperation Organization

The present work investigates the relationship among financial inclusion, modernization, and energy performance in SCO member countries during the years 2011-2021. PCA is used to create composite indexes of financial inclusion, modernization, and energy performance. We used panel regression models that are both reliable and heteroscedasticity-consistent to look at the relationship among variables. The findings indicate that financial inclusion (FI) and modernization along with the increased FDI all appear to contribute to the energy performance in the SCO member countries. However, per capita GDP has a negative impact on energy performance. These results are unbiased and consistent with the robust