Dynamic association between technological advancement, green finance, energy efficiency and sustainable development: evidence from Vietnam

Abstract

GHG emissions growth of Vietnam is highest all over the globe and the carbon intensity of this economy is considered second highest in Asian economies. As the energy intensity level is rising constantly, thereby, the predictions indicate that Vietnam will become highest GHG emission in the region. In order to address the issue, the current article aims to investigate the impact of green finance, technology advancement, energy efficiency, industrialization, and population growth on sustainable development in Vietnamese context. The time chosen for the study is 1991 to 2020. The study has used the Dynamic Auto-regressive Distributed Lags (DARDL) and the Bayesian Auto-regressive Distributed Lags (BARDL) model for data analysis. Findings exposed that green finance, technology advancement, REO, REC, industrialization, and population growth all are positively connected with sustainable development. The study guides the regulators in establishing regulations related to sustainable development through the adoption of green finance, energy, and technology.

Keywords:

• Green finance
• technology advancement
• energy efficiency
• industrialization
• population growth
• sustainable development

JEL CODES:

• O16; O13; P18; Q01; O14

Disclosure statement

No potential conflict of interest was reported by the authors.

Ethical approval

The authors declare that they have no known competing financial interests or personal relationships that seem to affect the work reported in this article.

Additional information

Funding

This research is partly funded by the University of Economics Ho Chi Minh City (UEH) and Van Lang University, Vietnam. This research is also funded by Vietnam National Foundation for Science and Technology Development (NAFOSTED) under grant number 502.02-2020.26.