Energy Investment Research Articles

"I Can't Imagine Not Being an Athlete": A Retrospective Qualitative Analysis of the Factors that Influence Sport Passion Development in Collegiate Athletes

Athletes’ motivation, well-being, and outcomes in sport are heavily influenced by passion, which can be conceptualized as either harmonious (HP) or obsessive (OP) (Vallerand et al., 2003). Although the effects of HP and OP have been repeatedly observed, factors that cause these passion types to surface have scarcely been studied (Mageau et al., 2009). The purpose of this study was to identify the major factors impacting HP and OP in collegiate athletes and note the differences in these pathways. Data collection occurred in two distinct phases: Phase I surveyed participants’ sport passion levels, and Phase II selected athletes whose scores met certain criteria for follow-up interviews. During these interviews, the researcher explored each participant's sport journey from youth to college. Overarching categories identified from the athletes’ rendition of their sport experiences were passion identifiers (enjoyment, time and energy investment, value), athletic identity (“I am an athlete” vs. “I am not only an athlete”), fulfillment/frustration of autonomy (autonomy support vs autonomy thwarting), perception of feedback (support independent of performance outcomes vs. pressure to perform well), and motivation (extrinsic vs. intrinsic). The main differences between groups were seen in enjoyment, extrinsic motivation, exclusive athletic identity, pressure to perform well, and autonomy thwarting. Implications from the study include that parents and coaches can foster the development of HP by providing ample autonomy support, encouraging intrinsic motivation and a well-rounded identity, offering more support than pressure, and explicitly communicating that support is not attached to contingencies.

Technological and financial development as drivers of Latin America's energy transition

Transitioning to clean energy is a challenge for Latin American countries whose socio-economic realities require economic development and environmental sustainability to be carefully balanced. To drive this energy transition, it is essential that funding and technological innovation align with local contexts. This study aims to assess the implementation of the energy transition in Latin America from 2015 to 2020. To do this a performance indicator is developed that uses Data Envelopment Analysis (DEA) and employs data on areas such as patents and financial development as inputs. Subsequently, a Fractional Regression Model (FRM) is used to explore the socio-economic factors influencing this performance and examine its determinants. The results demonstrate significant variations in energy transition outcomes across the sample, with Brazil and Peru consistently achieving maximum DEA scores. Financial development was found to attract capital for the energy transition, with Brazil leading in the Financial Markets Development Index during the period studied. High population density was found to negatively impact energy transition across all FRM model specifications. Negative correlations between gross fixed capital formation and the level of energy transition suggest that there is lower investment in renewable energy in countries with less efficient transitions. Additionally, investment in R&D was only positively and statistically significant in efficient countries.

Global Climate Change: Challenges, Opportunities, and Multilateral Strategies for Sustainable Development

Background: Climate change is one of the most pressing global challenges, demanding collaborative action from both developed and developing countries. Despite numerous international agreements like the Kyoto Protocol and the Paris Agreement, political will and leadership commitment have been inconsistent, hindering effective global climate action. Private actors and global partnerships have emerged as critical players in addressing climate risks, but geopolitical and economic tensions continue to impede progress. Objectives: This research explores the key challenges and opportunities in combating climate change, emphasizing the role of international cooperation, the involvement of private and public sectors, and the need for innovative solutions. It also seeks to examine the responsibilities of developed and developing countries in contributing to global climate goals. Methods: A qualitative analysis was conducted by reviewing relevant literature, international agreements, and case studies. Data from climate summits, reports, and expert opinions were integrated to understand the political, economic, and environmental dimensions of climate change. Findings: The study identifies several challenges, including a lack of political will among major powers, economic competition, and inconsistent global leadership. It also highlights opportunities, such as the potential for technological innovation, investment in renewable energy, and the strategic role of private actors in promoting sustainable development. The findings underscore the importance of global partnerships and multilateral platforms like the United Nations in fostering cooperation among nations. Conclusion: Addressing climate change requires a holistic approach involving state and non-state actors, strong political leadership, and global partnerships. The transition to a low-carbon economy will require significant economic restructuring, but it presents opportunities for innovation and sustainable development. The study emphasizes the need for developed countries to fulfill their financial commitments to support adaptation in developing nations. Novelty: This research contributes to the existing literature by providing a comprehensive analysis of both the challenges and opportunities in combating climate change. It highlights the critical role of private actors and international cooperation, offering a framework for future global actions.

Dynamic correlation among renewable energy, technology, and carbon markets: Evidence from a novel nonparametric time-frequency approach

In addressing the challenges of energy security and climate change, ongoing efforts involve the development of innovative technologies to support the shift from conventional to clean energy sources. Concurrently, the establishment of carbon markets aims to facilitate a decrease in carbon emissions by enabling the trade of carbon credits. This study adds to the energy-climate discussion by examining the evolving dynamics of returns on investments in renewable energy, technology, and carbon markets. Specifically, the time-varying correlation among renewable energy, technology, and carbon markets in the European Union is examined from September 18, 2017 to December 14, 2022. The techniques employed for empirical analyses are the nonparametric time-frequency, Benjamini-Hochberg, and Benjamini-Yekutieli correlation techniques, as well as the time-varying Granger causality. Highlights from the results are as follows. Renewable energy, technology, and carbon markets exhibit time and frequency variations in their relationships, with significant correlations notably present during periods marked by major shifts in energy policy. Secondly, renewable energy and carbon markets exhibit very weak or even absent correlation, indicating their suitability for portfolio diversification. Furthermore, investors could benefit significantly by including both technology and carbon markets in their portfolios to reduce overall risk. Several additional recommendations are also provided in this study.

Exploring the role of governance in determining public-private investment in energy: New empirical insights from ASEAN

The energy sector plays a pivotal role in driving economic growth and enhancing social welfare. However, the mobilization of sufficient investment including public and private remains crucial for advancing energy infrastructure development. Against this backdrop, this study aims to explore the role of governance in determining public-private investment in energy (PPE). The empirical analysis leverages a comprehensive dataset spanning 25 years from 1998 to 2022 and covering ASEAN nations. The study employs the CS-ARDL (cross-sectionally augmented autoregressive distributed lag) model for regression analysis to assess governance dimensions' long-term and short-term effects on PPE. Additionally, the study conducts robustness analysis by using the FMOLS (fully modified ordinary least square) model and an alternative proxy of governance i.e. EFI (economic freedom index) to validate the findings. The analysis reveals that governance exerts a significant and positive effect on PPE. Specifically, the dimensions of governance such as corruption control (COC), government effectiveness, political stability (POS), regulatory quality, etc. demonstrate robust positive associations with PPE. This positive relationship indicates that stronger governance institutions foster transparency, efficiency, and stability in the energy sector, attracting private-sector investments. The findings of this study have significant policy implications for policymakers, investors, and stakeholders seeking to promote sustainable energy transitions and socio-economic development within the ASEAN region. Specifically, it is essential to strengthen governance institutions, enhance regulatory frameworks, and foster public-private partnerships for energy investment. This study contributes to the existing literature by providing novel insights into the governance-energy investment nexus within the ASEAN region.

Analysis of the Impact of China's Carbon Neutrality Policy on the Environment and Economy at Home and Abroad

China has made remarkable achievements in reducing greenhouse gas emissions, especially in achieving the emission reduction targets set for 2020. This progress is mainly due to China's reduced dependence on coal and other fossil fuels, which not only promotes significant improvements in air quality but also lays the foundation for the transformation of China's economic structure. Especially in the energy and industrial fields, carbon neutrality policies are driving companies to transform into greener and more sustainable operating models. Facing the economic challenges brought about by the COVID-19 epidemic, China is actively seeking a path to low-carbon economic recovery by increasing public investment in renewable energy and other fields. From an international perspective, China's carbon neutrality commitment has the potential to inspire other large carbon-emitting countries, especially countries along the Belt and Road and neighboring countries, to strengthen their emission reduction efforts. At the same time, Southeast Asian countries face shortages of technology, equipment, and raw materials, as well as insufficient investment when developing renewable energy. In this regard, Chinas experience and investment have a significant impact on Southeast Asian countries carbon neutrality policies and renewable energy development. China can use its technological and manufacturing advantages to share resources with neighboring countries in renewable energy technology and equipment manufacturing, and provide support for ASEAN countries to achieve their renewable energy goals.

Dynamic interactions between GDP, renewable energy, innovation, and CO2 emissions in Finland: a fourier-augmented ARDL analysis

This study uses the novel Fourier-augmented ARDL (FARDL) to explore the impact of renewable energy (REN), the number of patent applications (PA) and GDP per capita on CO2 emissions in Finland during 1990–2022. The findings reveal that in the long run, GDP rises CO2 emissions, while REN and PA decrease CO2 emissions. The FARDL short-run results indicate that both REN and PA have a significant negative impact on CO2 emissions, suggesting that higher adoption of renewable energy and technological innovation contribute to emission reductions. However, GDP does not show a significant effect in the short run, which may indicate a decoupling of economic growth from environmental degradation in the short term. Furthermore, the study highlights the need for policies that promote technological innovation and increased investment in renewable energy to achieve sustainable carbon reduction in the long term.

Opportunities in clean energy equity markets: the compelling case for nuclear energy investments

Opportunities in clean energy equity markets: the compelling case for nuclear energy investments

Directions for Increasing Green Energy Capacity of Uzbekistan

General background: The global transition to renewable energy is essential for mitigating climate change and ensuring energy security, and Uzbekistan, with its abundant natural resources, holds significant potential. Specific background: Despite progress, Uzbekistan still relies heavily on fossil fuels, and challenges remain in integrating renewable energy into the national grid. Knowledge gap: Previous studies have focused on the technical and economic benefits of green energy, yet there is limited research on the interplay between market reforms and renewable energy adoption in developing nations like Uzbekistan. Aims: This research aims to assess the current renewable energy policies and propose strategies to enhance Uzbekistan’s capacity, particularly in solar and wind energy. Results: The findings reveal that while Uzbekistan has made strides, substantial reforms in market liberalization and increased investment are necessary to meet its 2030 green energy targets. Novelty: This study offers new insights by integrating a market-based approach to energy reforms with the need for targeted subsidies and international investment, filling a critical gap in the literature on green energy transitions in developing economies. Implications: The results suggest that further policy adjustments, enhanced international cooperation, and financial incentives are vital for accelerating Uzbekistan’s green energy transition, providing a model for similar economies. Highlights: Uzbekistan needs substantial market reforms to increase green energy capacity. Solar and wind energy are key to meeting the 2030 renewable energy goals. Targeted subsidies and international investment are essential for sustainable energy development. Keywords: Solar Energy, Wind Energy, Energy Subsidies, Energy Investments, Market Liberalization

Comparison of Trends in Sustainable Energy Development in the Czech Republic and Poland

The contemporary process of economic development necessitates a heightened focus on matters of sustainability, with a particular emphasis on sustainable energy policy. This is of paramount importance for the protection of the natural environment and the achievement of long-term economic growth. In the context of countries such as the Czech Republic and Poland, which have historically relied on high-carbon energy sources, the transition to a more sustainable energy system represents a significant challenge. The objective of this paper is to undertake a comparative analysis of the trends in energy sustainability in the Czech Republic and Poland from 2017 to 2021, with a particular focus on key performance indicators. The analysis, based on data from the OECD database, revealed notable discrepancies in the rate of change between the two countries, with Poland exhibiting a more pronounced surge in the proportion of renewable energy sources (RES). A Student’s t-test confirmed the existence of statistically significant differences in key indicators between the Czech Republic and Poland, thereby underscoring the diverse challenges that both countries encounter in their pursuit of sustainable energy development. The Granger causality test was employed to ascertain whether variables exhibit temporal relationships that may suggest potential correlations. However, it is important to note that this test does not prove direct causality, but rather indicates that the variables are related at a specific point in time. Interpretation of the results must be undertaken with caution, as the test does not account for the full complexity of relationships between variables, including external factors and structural changes in the economy. Meanwhile, the LMDI decomposition analysis identified the principal drivers of alterations in CO2 emissions. The findings indicate that, despite advancements in sustainable energy development, Poland and the Czech Republic are confronted with distinctive challenges that necessitate the implementation of tailored policy responses. It is therefore recommended that further investment in renewable energy and the modernisation of energy infrastructure be made in order to achieve long-term sustainability goals.

Consumer Motivations for Solar Energy Adoption in Economically Challenged Regions

This study aims to investigate the factors contributing to and affecting consumer behavior toward renewable energy by following the theories of reasoned action and planned behavior. For this reason, a quantitative research method was employed and primary data were collected via a questionnaire, resulting in a random sample of 450 respondents. Structural equation modeling (SEM) revealed that concern for environmental commitment positively affects attitudes toward solar energy (β = 0.272, p < 0.001), positive subjective norms toward environmental commitment positively influence attitudes (β = 0.092, p < 0.001), perceptions of solar energy values significantly shape attitudes (β = 0.533, p < 0.001), social influence also plays a role in shaping attitudes (β = 0.047, p < 0.001), and that regulations (behavioral control) have a negative impact on attitudes (β = −0.204, p < 0.001). A positive attitude toward solar energy strongly predicts purchase intention (β = 0.944, p < 0.001). The overall model highlights the direct influence of attitude on buying intention and underscores the roles of environmental concern and functional utility in shaping consumer attitudes. This study contributes to the existing literature on renewable energy adoption by providing empirical evidence on the factors influencing consumers’ attitudes toward solar energy systems. By identifying key predictors, the study offers valuable insights into how these elements shape consumer attitudes and subsequent purchase intentions. Additionally, the study enhances the understanding of the role of positive attitudes in driving investment in solar energy, thereby contributing to both theoretical frameworks and practical applications in energy policy and marketing strategies.

Suistanable Electrical Energy Development In Solar Energy On Maritime Governance In Batam City

The use of fossil energy in the maritime industry has become a major source of carbon emissions and vulnerability to fuel price fluctuations. In an effort to overcome these challenges and move towards a more sustainable future, the use of solar energy has emerged as a significant potential solution. Batam City, with its strategic location and rapidly growing maritime interests, has great potential to adopt solar energy in its maritime operations. This study aims to investigate the potential and challenges of developing solar-based sustainable electrical energy in the maritime sector in Batam City. We identify the most suitable locations for solar panel installations, explore efficient energy storage technologies, and analyze reliable maritime grid system integration. Additionally, we discuss personnel training and environmental awareness efforts necessary to support this transition. This study also reviews the role of policy and regulation in encouraging investment in solar energy and encouraging collaboration with relevant stakeholders. The research results show that the use of solar energy in maritime governance in Batam City can reduce carbon emissions, increase energy security and reduce operational costs in the long term. This study provides valuable insights for decision making and strategic planning for local governments, industry players and academic institutions interested in realizing sustainable and future-oriented maritime governance.

Spatial national multi-period long-term energy and carbon planning scenarios in Ecuador’s electric system

The Republic of Ecuador is developing a comprehensive plan to meet the increasing residential, industrial, and commercial energy demands. With a population of 17.08 million in 2018, the country is experiencing an annual average energy growth of approximately 7.13% until 2027. This research aims to model the incorporation of new and proposed power plants strategically planned to cater to the expanding demand needs. Ensuring that our existing energy infrastructure can adequately meet the current and growing needs of the residential, commercial, and industrial sectors should be made possible. In this paper, we present several hypotheses that need to be made to identify the potential demands for residential, industrial, and commercial requirements, making it more accessible to build new facilities that use renewable energy. Traditional and unconventional renewable energy sources, such as hydro-power, wind, and solar power, are being explored to generate electricity. The research employs quantitative methodology, beginning with gathering information and a detailed data analysis. Subsequently, a scenario-based model will examine the impact on energy demand and supply from 2020 to 2035. The results show that the Santiago hydroelectric project is becoming essential for the country’s energy development and that the current national power system will only be able to supply the electricity demand when the industrial city of Posorja is being developed. We suggest that to maintain Ecuador’s electricity trade balance as an electricity exporter, we continue with the energy investment plans currently issued by the Ministry of Energy and Mines. This study is relevant for establishing global financing arrangements involving the public and private sectors. In doing so, we can meet our hypothetical scenarios, ensuring that all energy needs are met by 2035. This will involve developing a robust national grid system with sufficient reserve capacity, meeting residential and projected commercial and industrial demand.

Tradeoffs between economy wide future net zero and net negative economy systems: The case of Chile

Given the possible economic consequences, poorer countries have more challenges in delivering their Nationally Determined Contributions. As a developing country, Chile has pledged to attain carbon neutrality by 2050. While Chile has implemented several mitigation measures, it still relies heavily on carbon sequestration, intending to sequester around 65 MtCO2e by 2050. However, heavy reliance on sequestration poses several risks as the literature shows that natural sinks, particularly forest and land, are exposed to severe impacts from global warming and climate change. Fortunately, Chile has significant renewable energy potential, which, if fully utilized, may move the country towards a net negative emissions context. To assess if such a net-negative system is feasible in the context of Chile, a new regional version of the Global Change Analysis Model for Chile is developed. The model is used to investigate the effects and required levels of investment in renewable energy and decarbonization of end-use sectors to achieve economy-wide net negative emissions scenarios. The design of net negative pathways follows a statistical approach based on the expected sequestration capacity in 2050 and its corresponding confidence interval. The results are compared to scenarios that are aligned with the objective of carbon neutrality by 2050. The findings show that obtaining net-zero emissions by 2050 is possible, however achieving net negative systems will be dependent on existing sequestration capacity and the application of economic incentives to boost green energy deployment in Chile as well as to push such green energy, in the form of electricity or e-fuels, into hard to decarbonize final demand sectors, such as transport, mining, and industry demand sectors. The results also indicate that after significantly reducing CO2 emissions from the energy sector (primarily the power sector), the agricultural sector and other urban and industrial sectors still contribute to non-significant levels of CH4 and N2O emissions.

IMPACT OF RENEWABLE AND NON-RENEWABLE ENERGY ON FOREIGN DIRECT INVESTMENT AND ECONOMIC GROWTH

This study examines the impact of renewable and non-renewable energy on foreign direct investment (FDI) and economic growth in Nigeria from 1980 to 2017. The objectives are to assess how renewable energy influences economic growth, FDI, and the interplay between renewable and non-renewable energy. Using techniques such as the Augmented Dickey-Fuller test, Co-integration, and the Auto Regressive Distributed Lag (ARDL) model, secondary data from the World Bank were analyzed, focusing on GDP, renewable energy, non-renewable energy, and FDI. The findings indicate that GDP positively influences renewable energy in the long run, while non-renewable energy has a negative effect. In the short run, non-renewable energy and GDP significantly impact renewable energy, while FDI shows no effect. Recommendations include fostering a stable political environment to attract FDI and providing incentives like subsidies and tax holidays to promote trade and investment in renewable energy. Effective macroeconomic management is essential for translating economic growth into increased renewable energy consumption in Nigeria. KEYWORDS: Renewable Energy, Non-Renewable Energy, Foreign Direct Investment and Economic Growth.

Ranking Energy Storage Technologies Using Analytical Hierarchy Process (AHP) and VIKOR

Abstract Due to increasing global average temperatures, it is imperative to increase investment in renewable energy and energy storage technologies to reduce the negative impact to the environment. As such, improvements associated with renewable energy intermittency and variability is a priority. One solution is through the use of energy storage technologies (ESTs) to improve the reliability and stability of power supplies. ESTs come in various selections, each with its own application and attributes. Since no EST is universally applicable, utilization of MADM methods helps in narrowing selected technologies in a specific application. In this study, a hybrid AHP and VIKOR method is utilized for stationary power applications. AHP is used for determining weights associated with each EST attribute from surveyed experts in academe and industry. The attributes efficiency and cycle life obtained the highest weights of 0.2384 and 0.2322 respectively. VIKOR is used in ranking ESTs based on available data gathered. Supercapacitor is ranked as best alternative due to its cycle efficiency, storage lifetime, power capacity, and power density. Subsequent rankings are flywheel, pumped-hydro, and lithium-ion battery. Technology readiness level and specific application details could be incorporated in further studies to improve ranking. This study demonstrates the potential of hybrid AHP-VIKOR in guiding researchers and decision makers select the appropriate EST given competing performance in different criteria.

Bridging the Gap between Policy and Net-Zero Realization in Indonesia: An Outlook of Available Approaches

Abstract Indonesia has been ambitious with its efforts to tackle climate change and achieve net zero carbon emission. This is reflected by the Nationally Determined Contribution (NDC) that has been defined by the Government and presented during the Copenhagen Accord, Paris Agreement, and Glasgow Climate Pact. In realization, Indonesia has also pledged to achieve net-zero carbon emission by 2060, especially in the energy sector. The Ministry of Energy and Mineral Resources (MEMR/KESDM) of Indonesia has published its plan to achieve said targets through diversification and intensification of new and renewable energy resources. New and renewable energy bill is also currently being discussed in Indonesia’s House of Representative (DPR-RI). However, the reality is that the country is facing several challenges in meeting its targets, and the plans and targets set by the government in the energy sector are not being achieved. In this paper, we analyze the factors that have hindered the implementation of Indonesia’s energy transition plan and suggest potential solutions for filling the gaps. To achieve the NDC, we suggest that Indonesia must identify new resources and intensify the use of existing resources. Additionally, the paper provides recommendations on energy market policy that can help to accelerate the transition to sustainable energy. This paper would provide a future outlook on Indonesia’s energy policy and energy market. by adopting new energy technologies, increasing investment in renewable energy, and developing policies that support the transition to a low-carbon economy. Our analysis highlights the importance of addressing the challenges faced by Indonesia’s energy sector and the need for a comprehensive strategy that takes into account the complex interplay of factors that affect the energy transition process.

Investment cost analysis in small hydropower plants in terms of efficiency and a case study in the Euphrates and Tigris basins

Flow rate is the basic parameter for calculating the energy capacity and investment costs of small hydropower plants. Because energy costs are directly related to energy capacity. While the energy capacity increases, the investment cost of the hydropower plant increases also. However, if the energy capacity is high, the energy production will be high and the investment cost will be amortized in a short time. In this study, small rivers in the Euphrates and Tigris Basins with previously determined hydropower capacities were selected, and the investment costs of small hydroelectric power plants to be designed on these rivers were analysed. For this analysis, 10 streams were selected from the Euphrates and Tigris Basins, and only Baskoy and Celebiyan streams have flow observation stations. The flow values of the remaining 8 streams were found by regression analysis using the basin and flow values of Baskoy and Celebiyan streams. Therefore, cost–benefit analyses were carried out separately for these flows in this study. In this study, because it includes the most effective hydrological parameters as well as many technical and economical parameters, the SMART Mini Hydro Tool Program was used.

Optimal dimensioning of renewable energy generation and storage systems

With high energy demand and large available area, agricultural farms offer significant potential for renewable energy investments, like photovoltaic systems and electrical energy storages. However, the profitability of such investments depends strongly on self-consumption, so accurate planning requires computation-intensive simulation and optimization considering local consumption. This study presents a novel methodology for the optimal dimensioning and configuration of photovoltaic systems and electrical energy storages using efficient techniques from continuous non-linear optimization. Combining physical and economic models with measured consumption data, an investment’s net present value over 20 years is maximized. Using gradient-based solver WORHP, the simulation, optimal control, and optimal dimensioning of the local energy system are calculated simultaneously, allowing for efficient computation over an entire year of hourly data to capture both daily and seasonal variations.The approach is demonstrated with simple use cases, including an exemplary day of a dairy farm’s consumption, for which optimal systems with and without storage achieve 77% and 43% of autarky, respectively. Saturation effects of optimal plant size can be observed when sizes are large enough for optimal self-consumption but not expanded further for grid export. With energy storage, this saturation is reached at higher values. Optimizing photovoltaic plants with different orientations to match the specific consumption patterns characteristic of the dairy farm achieves similar autarky as a single plant while reducing investment costs by more than 20%. While thorough validation and comparison against heuristic methods predominantly used in the field is part of ongoing research, the presented use cases demonstrate the flexibility and efficiency of the proposed method and highlight its promise as a planning tool in the agricultural domain and beyond.

Role of Energy Intensity and Investment in Reducing Emissions in Türkiye

Addressing the challenge of rising carbon dioxide (CO2) and greenhouse gas (GHG) emissions is a critical priority in global efforts to combat climate change. The primary aim is to assess the relationship between energy intensity, private investments in energy, renewable energy consumption, export-related factors, and their influence on CO2 and GHG emissions in Turkey. The study employs a multi-level approach using correlation and regression analyses to explore the impact of the selected variables. A Bayesian correlation analysis was conducted to evaluate the strength of relationships between variables, and a regression model was used to test the significance of each factor. Data were gathered from official sources on energy intensity, renewable energy consumption, private investments in energy, and export-related variables in Turkey from 2007 to 2022. The study employed the JASP statistical software. The analysis showed that energy intensity and private energy investments are the most significant predictors of CO2 and GHG emissions. Energy intensity exhibited a strong negative correlation with CO2 emissions per capita (r = -0.717, BF₁₀ = 10.456) and GHG emissions (r = -0.802, BF₁₀ = 44.224), highlighting the critical role of energy efficiency in reducing emissions. Renewable energy consumption also played a role, though its influence was less pronounced than energy efficiency and investment. Based on the findings, it is recommended that policymakers prioritize energy efficiency improvements and create incentives for private investment in renewable energy technologies. Future studies should focus on sector-specific energy efficiency improvements and policy frameworks to enhance private sector engagement in clean energy initiatives.