Abstract
Global energy concerns and climate change underscore the need to address energy trilemma (ET), which is the delicate balance of energy security, equity, and environmental sustainability. Navigating this trilemma requires financial and economic development to promote investments in clean energy solutions. In this context, the present study examines the influence of financial development and macroeconomic factors on ET in 18 emerging nations from 2000 to 2021. It also analyzes the implications of the Paris Agreement and the Kyoto Protocol on this relationship. The findings reveal that financial development indicators help reduce greenhouse gas emissions and improve access to clean fuels and technologies. Conversely, it negatively impacts the primary energy supply from renewable sources and the share of electricity from wind energy. Nonetheless, these outcomes persist even after ratifying the Kyoto and Paris Agreement. These unfavorable results are caused by prevailing financial barriers, which are further impeded by technological, environmental, and socioeconomic challenges. Thus, this research highlights the importance of targeted policy reforms in facilitating an effective energy transition and offers actionable recommendations for policymakers aimed at achieving sustainability goals.
Published Version
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