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All Journal ETIKONOMI Economic Journal of Emerging Markets JDM (Jurnal Dinamika Manajemen) Jurnal Promosi Pendidikan Ekonomi Inovasi : Jurnal Ekonomi, Keuangan, dan Manajemen NUSANTARA : Jurnal Ilmu Pengetahuan Sosial At-Tadbir : jurnal ilmiah manajemen EQIEN - JURNAL EKONOMI DAN BISNIS Jambura Equilibrium Journal Jurnal Maksipreneur: Manajemen, Koperasi, dan Entrepreneurship Almana : Jurnal Manajemen dan Bisnis EKUITAS (Jurnal Ekonomi dan Keuangan) Jurnal Manajerial EVOLUSI : Jurnal Sains dan Manajemen Jurnal Ilmu Komputer dan Bisnis International Journal of Financial, Accounting, and Management International Journal of Economics, Business and Accounting Research (IJEBAR) Journal of Global Business and Management Review Management Studies and Entrepreneurship Journal (MSEJ) Jurnal Pengabdian kepada Masyarakat Nusantara Studi Ilmu Manajemen dan Organisasi juremi: jurnal riset ekonomi JWM (JURNAL WAWASAN MANAJEMEN) Jurnal Ilmiah MEA (Manajemen, Ekonomi, dan Akuntansi) Jurnal For Management Student (JFMS) Jurnal Dinamika Akuntansi dan Bisnis (JDAB) Mestaka: Jurnal Pengabdian Kepada Masyarakat Moneter : Jurnal Keuangan dan Perbankan
Hesniati, Hesniati
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Journal : Economic Journal of Emerging Markets

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How does Green Finance affect the environment in the ASEAN emerging countries? Agustin, Isnaini Nuzula; Mahendra, Rizky Adi; Hesniati, Hesniati
Economic Journal of Emerging Markets Volume 17 Issue 1, 2025
Publisher : Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/ejem.vol17.iss1.art6

Abstract

Purpose — This study examines how economic growth, green finance, and renewable energy affect environmental quality (CO2 emissions) under the Environment Kuznets Curve (EKC) hypothesis framework. Methods — This study uses data from ASEAN-6 developing countries, including Indonesia, Malaysia, Thailand, Vietnam, the Philippines, and Cambodia, from 2000 to 2020. It employs Panel Autoregressive Distributed Lag (ARDL), which is widely used for time series analysis since it can capture the short-run and long-run effects among variables.Findings — The result shows the presence of the EKC Hypothesis in ASEAN developing countries. Green Finance and Renewable Energy reduce CO2 emissions only in the long run. In contrast, in the short run, Green Finance shows no effect in lowering CO2 Emissions due to initial costs, infrastructure challenges, market dynamics, and delayed policy implementation; the effect seems to increase in the long run as economies evolve, technologies mature, and awareness of environmental issues rises within emerging economies.Implication — This study suggests that ASEAN developing countries should enhance their green finance efforts and expedite the transition to renewable energy by attracting additional investments in green finance and renewable energy transition. Governments in the Southeast Asian region must improve their policies and laws. Originality — Revisiting the EKC hypothesis by including Green Finance within the ASEAN-6 emerging countries, which has been scarcely conducted in recent literature, this study contributes to the region's policymakers regarding green finance allocation and its relationship to environmental quality.
Co-Authors Agustin, Conny Andrew Andrew, Andrew Angel Lim, Michelle Angelina, Winna Arviano, Hengky Aurellia, Angeline Candy, Candy Carol, Carol Chuadra, Wiriya Dharma Cuandra, Fendy Diarti, Yen Elida, Shelly Ellen Ellen Erlen, Erlen Fernando Fernando, Fernando Feronika Romadoni, Salsabilah Hartono, Benedicte Hartono, Cindy Hery Haryanto Isnaini Isnaini Isnaini Nuzula Agustin Jasmine, Florentina Jenny, Jenny Jessica Novia Joey, Joey Johny Budiman Jolin, Jolin Joycelin, Joycelin Kelly Kelly Kelvin Kelvin Kho, Celine Koo, Felicia Lady, Lady Lie, Kelvin Limgestu, Rico Lina Lina Lindawati Lindawati Mahendra, Rizky Adi Maitri, Badra Marheni, Dewi Khornida Novilia Novilia, Novilia Putri, Shieny Tan Ramadani, Arienda Gitty Robin Robin, Robin Rudiyanto Rudiyanto, Rudiyanto Safitri, Destiana Santi Santi Sisca, Veni Sonata, Vina Steven Steven Suprapto, Yandi Susanti Susanti Valentina, Cindy Verandi, Rizal Vernando, Lovis Vincent Vincent, Vincent Viviani, Viviani Vivyanti, Vivyanti Winardy, Jeffri Yulfiswandi, Yulfiswandi