The nexus among green financial development and renewable energy: investment in the wake of the Covid-19 pandemic

Figures & data

Table 1. CO2 emissions (kg per 2010 US$of GDP).

Sr.	Year	CO2 emissions (kg per 2010 US$ of GDP)
1	2005	0.910
2	2006	0.918
3	2007	0.953
4	2008	0.938
5	2009	0.911
6	2010	0.957
7	2011	0.943
8	2012	0.903
9	2013	0.889
10	2014	0.886
11	2015	0.874
12	2016	0.884

Source: Census and Economic Information Center (CEIC) Data World Bank.

Figure 1. CO2 emissions (metric tons per capita) in Pakistan.

Source: Census and Economic Information Center (CEIC) Data World Bank.

Table 2. Variables with measurements.

S#	Variables	Measurement	Sources
01	Investment in Renewable Energy	Logarithm of investment on renewable energy sector development programs	Asian Development Bank
02	Green Credit	The ratio of green credit to total credit	State Bank of Pakistan
03	Green Investment	The ratio of environmental protection of public expenditure	State Bank of Pakistan
04	Green Securities	The ratio of environmental protection companies market value	State Bank of Pakistan
05	CSR Reporting	A 1/0 indicator variable where 1 identifies that country is publishing CSR report in year t	Thomson Reuters Data Stream
06	Economic Growth	GDP growth (annual %)	World Bank Database

Table 3. Descriptive statistics.

Variable	Obs	Mean	Std. Dev.	Min	Max
IRE	45	5.450	3.639	7.634	13.288
GC	45	0.377	0.574	0.202	0.435
GS	45	0.554	0.367	0.286	0.716
GINV	45	0.368	0.065	0.084	0.634
CSRR	45	0.643	0.843	0.000	1.000
EG	45	3.566	4.950	2.440	3.448

Source: authors estimation.

Figure 2. Descriptive statistics.

Source: authors estimations.

Figure 3. Scatterplot matrix.

Source: authors estimations.

Table 4. Correlation matrix.

Variables	IRE	GC	GS	GINV	CSRR	EG
IRE	1.000
GC	0.451	1.000
GS	0.484	0.654	1.000
GINV	0.470	0.465	0.797	1.000
CSRR	0.549	0.651	0.792	0.845	1.000
EG	0.220	0.573	0.547	0.677	0.467	1.000

Source: authors estimation.

Table 5. Unit root test.

Augmented Dickey-Fuller Test (ADF)	Level	t-statistics	p-values
IRE	I(1)	−7.8129	0.0000
GC	I(1)	−9.5160	0.0000
GS	I(1)	−5.7969	0.0000
GINV	I(1)	−6.1079	0.0000
CSRR	I(1)	−6.5992	0.0000
EG	I(1)	−4.8054	0.0002

Source: authors estimation.

Table 6. Unrestricted co-integration rank test (trace).

Hypothesized		Trace	0.05
No. of CE(s)	Eigenvalue	Statistic	Critical Value	Prob.**
None**	0.538963	99.59343	93.8373	0.0402
At most 1	0.459299	67.14898	76.97177	0.2213
At most 2	0.428328	41.17318	54.07804	0.4145
At most 3	0.254643	18.75739	35.19175	0.7959
At most 4	0.119033	7.344216	20.16184	0.8785
At most 5	0.071923	2.610853	9.144546	0.6546

Source: authors estimation.

Table 7. Error correction model.

Variable	Coefficient	Std. Error	t-Statistic	Prob.
D(GS)	1.561098	0.179265	8.708326	0.0000
D(GINV)	0.135345	0.064106	2.111268	0.0321
D(GC)	0.452276	0.241657	1.871562	0.0753
D(EG)	1.524372	0.220123	6.925092	0.0000
D(CSRR)	0.665342	0.083828	7.936990	0.0000
ECT(-1)	−1.076252	0.123059	−8.745821	0.0000
C	0.872625	0.329373	2.649352	0.0312
R-squared	0.767262	Mean dependent var		−0.146528
Adjusted R-squared	0.742309	S.D. dependent var		3.565338
F-statistic	20.39289	Prob(F-statistic)		0.000000

Source: authors estimation.

Figure 4. Regression analysis.

Source: authors estimations.

Table 8. Robustness test.

Variable	Coefficient	Std. Error	t-Statistic	Prob.
D(GS)	0.369240	0.106902	3.454006	0.0019
D(GC)	0.322834	0.107669	2.998403	0.0059
D(EG)	0.955681	0.265161	3.604159	0.0013
D(GINV)	0.804539	0.277102	2.903405	0.0074
CointEq(-1)*	−0.707262	0.111239	−6.358035	0.0000
R-squared	0.742505	Mean dependent var		−0.074997
Adjusted R-squared	0.676055	S.D. dependent var		3.622024

Source: authors estimation.