Assessing the drivers of (non)conventional energy portfolios in the South Asian economies: The role of technological innovation and human development

Energy is a vital component of economic development process, but part of the energy system including production and consumption of non‐renewable energy sources largely constitute environment setback. Interestingly, this research contributes to the growing debate on understanding the factors contribu...

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Bibliographic Details
Published in:Sustainable development (Bradford, West Yorkshire, England) West Yorkshire, England), 2024-06, Vol.32 (3), p.1762-1773
Main Authors: Onifade, Stephen Taiwo, Gyamfi, Bright Akwasi, Alola, Andrew Adewale, Haouas, Ilham
Format: Article
Language:English
Subjects:
Alternative energy sources
Clean energy
Dissection
Economic development
Economic growth
Economics
Energy consumption
Energy development
Energy resources
Energy usage
environmental sustainability
Human development
Innovations
Investment plans
non‐renewable energy
Portfolios
Renewable energy
Renewable energy sources
Renewable resources
South Asian economies
Sustainability
Sustainable development
Technological change
Trade flows
Urbanization
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Summary:Energy is a vital component of economic development process, but part of the energy system including production and consumption of non‐renewable energy sources largely constitute environment setback. Interestingly, this research contributes to the growing debate on understanding the factors contributing to energy consumption portfolios using the case of five major South Asian economies including Bangladesh, India, Nepal, Sri Lanka, and Pakistan from 1990 to 2018. Crucial factors like trade flow, human development index, technological innovations, and urbanization were controlled for while examining the roles of economic expansion on the disaggregated energy consumption portfolios (renewable and non‐renewable energy sources) of these countries. The empirical dissection revealed that economic growth and the duo of trade and innovation are inimical to environmental sustainability as they trigger nonrenewable energy consumption while suppressing cleaner energy usage in the South Asian bloc. Urbanization on the other hand shows significant simultaneous positive impacts on the consumption of both renewables and nonrenewable energy, but its impacts are more pronounced on the latter than the former. Lastly, the study posits that human development and urbanization are major drivers of clean energy among the countries. Thus, strategic investment plans for human development enhancements and greener urban infrastructures are recommended for environmental sustainability goals in the region.
ISSN:0968-0802
1099-1719
DOI:10.1002/sd.2740