Assessing the linkage among green finance, technology, and education expenditure: evidence from G7 economies.

Abstract

The growth of green finance is a multifaceted system, including the interaction of three spheres: the economy, the environment, and the finance sector. Spending on education is a singular intellectual contribution to a society's attempts to achieve sustainability through the application of skills, the provision of consultancies, the delivery of training, and the dissemination of knowledge. University scientists sound the first warnings about environmental problems and help lead the charge toward transdisciplinary technological solutions. Researchers are compelled to look into the environmental crisis because it has become a worldwide concern that needs regular examination. In this research, we examine how the GDP per capita, green financing, health expenditure, educational expenditure, and technology in the G7 economies affect the growth of renewable energy (Canada, Japan, Germany, France, Italy, UK, and the USA). The research makes use of panel data from the year 2000 through the year 2020. Long-term correlations between the variables are estimated using the CC-EMG in this study. The study's trustworthy results were determined using a combination of AMG and MG regression calculations. The research shows that the growth of renewable energy is positively affected by green finance, educational spending, and technology but negatively affected by GDP per capita and health expenditure. The growth of renewable energy is also positively affected by the influence of the term "green financing" on such variables as GDP per capita, health expenditure, educational expenditure, and technological advancement. The estimated outcomes also provide significant policy implications for the chosen and other developing economies in scheming a suitable route to a sustainable environment.