Affiliation:
1. School of Business, Faculty of Business and Law University of Wollongong Wollongong Australia
2. Alma Mater Europaea ECM Maribor Slovenia
3. Tasmanian School of Business and Economics University of Tasmania Hobart Australia
4. University of Economics Ho Chi Minh City Vietnam
Abstract
AbstractGiven its versatility, energy security's importance to economic growth cannot be overstated. Existing empirical research has not, however, taken into account the significance of energy security in achieving sustainable economic and financial development. The objective of this study is to provide an empirical response to the question, “How can we exploit energy potentials without compromising the sustainable development agenda?”. Our research indicates that energy security enhances economic and financial sustainability. However, the influence varies between quantiles. Initially, energy security inhibited sustainable economic development; this may have been due to excessive reliance on fossil fuel as a source of energy generation; however, the energy transition to renewable energy mitigated this negative impact, thereby fostering sustainable economic development. Likewise, energy security promotes long‐term sustainable financial development. Energy security is the heart of sustainable economic and financial development hence, the need for diversification of energy sources by promoting the adoption of renewable energy technologies became necessary. Encourage investments in solar, wind, hydro, geothermal, and other renewable sources to reduce dependence on fossil fuels and mitigate environmental impacts.
Subject
Development,Renewable Energy, Sustainability and the Environment
Cited by
4 articles.
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