Assessing the Impact of Financial Development on Renewable Energy Consumption: An Overview and Conceptual Framework

Abstract

To date, little attention has been paid to the impact of financial development on renewable energy consumption worldwide. This paper aims to draw different theoretical and empirical perspectives to develop a comprehensive conceptual framework using a systematic review. Based on the literature review, this paper integrates the financial, renewable energy, and consumer and producer sectors into a conceptual framework that describes the interactions among financial development, renewable energy consumption, and economic growth under institutional environment. This conceptual framework contributes to current debates about the impact of financial development on renewable energy consumption.