Table 1 Variable descriptions and data sources.
Variable | Symbol | Description | Unit | Data source |
|---|---|---|---|---|
Dependent variable | ||||
CO2 emissions | CO2 | Consumption-based carbon emissions | MtCO2e (Million tonnes) | Global Carbon Atlas (2023) |
Independent variables | ||||
Financial inclusion | FI | Composite index constructed using PCA from five components: • Number of ATMs per 100,000 adults • Branches of commercial banks per 100,000 adults • Number of commercial bank institutions • Outstanding deposits with commercial banks (% of GDP) • Outstanding loans from commercial banks (% of GDP) | Index | World Bank Financial Access Survey & Global Financial Development Database |
Renewable energy | RE | Renewable energy consumption as a percentage of total final energy consumption | Percentage (%) | World Bank, World Development Indicators |
Control variables | ||||
Economic growth | GDP | Gross Domestic Product at constant prices | Constant 2010 US$ | World Bank, World Development Indicators |
Energy intensity | EI | Energy use per unit of GDP | MJ per $2017 PPP GDP | |
Natural resources rents | NR | Total natural resources rents, including oil, natural gas, coal, mineral, and forest rents | % of GDP | |
Interaction term | ||||
FI × RE | FI*RE | Interaction between financial inclusion and renewable energy | - | Authors’ calculation |
