Exploring the impacts of natural resources, and financial development on green energy: Novel findings from top natural resources abundant economies

This study explored the impacts of natural resources, financial development, and economic growth on green energy consumption. It is the first study to assess the impact of natural resources on green energy in top natural resource-rich economies over the entire period of 1994-2020. The study employed the advanced panel approach of moment's quintile regression to assess the interconnections among the selected variables. The empirical results showed that financial development has no significant impact on green energy utilisation. Additionally, the primary empirical outcome is that natural resources negatively impact green energy utilisation. The results suggest that top natural resource economies increase the need for fossil fuel energy use rather than green energy use. However, green energy is a highly efficient and effective energy source and demands attention in current research. In this context, the present study proposes that policymakers formulate new strategies to promote green energy using financial development and natural resources channels.