Direct effect from the PLS-SEM estimation.

The concern for environmental sustainability comes along with sustainable energy for consumption. Therefore, this study aims to explore the direct and indirect effects of renewable energy on economic growth and carbon emissions by employing Partial Least Square Structure Equation Modeling and Granger Causality Test and the data for this study is from 1990 to 2021. The results from the Partial Least Squares Structure Equation Modeling indicate that renewable energy consumption causes carbon emissions and has no effect on economic growth. Financial inclusion and foreign direct investment have positive effects on carbon emissions. However, renewable energy has an indirect negative effect on carbon emissions through economic growth. Foreign direct investment affects economic growth positively. Furthermore, the results from the Granger causality test indicate that renewable energy has a unidirectional causality relationship with financial inclusion and foreign direct investment and has a feedback causality relationship with economic growth. In addition, there is a feedback causal effect between financial inclusion and carbon emissions, a unidirectional effect running from carbon emissions to foreign direct investment, and a causal effect from economic growth to foreign direct investment. This study has suggested comprehensive policy recommendations for policymakers based on the findings.

环境可持续性的议题与消费端的可持续能源发展相辅相成。有鉴于此，本研究采用偏最小二乘结构方程模型（Partial Least Square Structure Equation Modeling）与格兰杰因果检验（Granger Causality Test），旨在探究可再生能源对经济增长与碳排放的直接及间接影响，本研究的数据集时间跨度为1990年至2021年。偏最小二乘结构方程模型的分析结果显示：可再生能源消费会导致碳排放增加，且对经济增长无显著影响；金融包容性（Financial Inclusion）与外商直接投资（Foreign Direct Investment）对碳排放存在正向影响。不过，可再生能源可通过经济增长路径对碳排放产生间接负向作用；外商直接投资则对经济增长具有正向推动效应。此外，格兰杰因果检验结果表明：可再生能源与金融包容性、外商直接投资之间均存在单向因果关系，而与经济增长之间存在双向反馈因果关系。进一步来看，金融包容性与碳排放之间存在双向反馈因果关系；碳排放对外国直接投资存在单向因果效应，经济增长对外国直接投资同样存在单向因果影响。本研究基于上述研究发现，为政策制定者提出了系统性的政策建议。