ENERGY FINANCING, COVID-19 REPERCUSSIONS AND CLIMATE CHANGE: IMPLICATIONS FOR EMERGING ECONOMIES

Abstract

This study is intended to test the role of renewable energy financing on climate change and to present the implications for the key stakeholders towards the acquisition of post-covid-recovery in the Asian and ASEAN economies. For this, data envelopment analysis (DEA) technique is applied to draw an inference between the constructs. Study finding resulted that higher energy consumption and rise in environmental pollution has brought a great change in the ASEAN and Asian economies’ climate, for which, modern and renewable energy sources are suggested to use for the climate change mitigation. A sufficient amount of funds and the supply of energy finance to mitigate the climate change are eminently needed for the post-covid-recovery. Different financial institutions, banks and finance ministries of countries belonging from the both regions are suggested to play the best role. This is solely possible by pooling the funds in renewable energy sectors to enhance energy efficiency and control the climate change. This must be executed for the long-run period to get the desired outcomes. All the countries of both regions are further suggested to expedite the practices to apply strategic development goals (SDGs) for affordable and clean energy (SDG–7), climate change action (SDG–13) to achieve the national and global strategic objectives.