Does fintech really matter for energy, economy and environment? From the lenses of SDG-7, SDG-8, SDG-13, COP27 and COP28

Abstract

This study investigates the impact of fintech on economic development, energy transition and environmental well-being in OECD nations from 2005 to 2018 by utilizing MM-QR and CS-ARDL methods. Results reveal the different degree of positive impact of fintech on the said variables. In this regard, fintech plays a key role in planning, development and management of financial institutions and enhancing economic growth and development in the region across all the quantiles. Moreover, energy transition and green energy management get influence positively through technological involvement in the financial system. Lastly, the relationship between fintech and environment is moderately positive in the beginning and gets stronger in higher quantiles. Fintech facilitates environmental policy stringency, green finance and channelization of various financial sources towards environment well-being. It also effectively integrates economy, energy and environment towards attainment of sustainable development goal-7 (ensure affordable and clean energy), goal-8 (economic growth and development) and goal −13 (Climate challenges, concerns and action) and objectives of COP27 and 28. In light with the findings, several policy implications are suggested.