Politická ekonomie X:X | DOI: 10.18267/j.polek.1535

Green Finance and Energy Security: Pathways to Resilient Economic Growth

Hao Zhu ORCID...
Shanghai Sanda University, Business School, Shanghai 201209, China

The transition to sustainable energy systems represents one of the most critical challenges of our time, requiring careful balancing of energy security, economic growth, and environmental sustainability. This study examines the complex relationship between green finance mechanisms and energy security outcomes across 10 major economies from 2000-2023, with diverse energy profiles and development trajectories. Using a dynamic panel data approach, we analyse how different financial instruments and policy frameworks contribute to resilient energy systems while addressing the persistent challenges of fossil fuel dependency and price volatility. Our findings reveal that energy security exhibits strong path dependency, where historical investments and institutional quality create long-lasting effects that either reinforce resilience or perpetuate vulnerability. Renewables boost energy security, but require strong grids, storage, and fair access to be effective.

Keywords: Energy security; renewable energy; carbon emissions; economic growth; sustainability

Vloženo: 28. květen 2025; Revidováno: 6. září 2025; Přijato: 27. září 2025; Zveřejněno online: 17. únor 2026 

Stáhnout citaci
  • BibTeX (.bib)
  • Bookends (.ris)
  • EasyBib (.ris)
  • EndNote (.enw)
  • EndNote 8 (.xml)
  • ISI WoS (.isi)
  • Medlars (.medlars)
  • Mendeley (.ris)
  • MODS (.xml)
  • Papers (.ris)
  • RefWorks (.txt)
  • RefManager (.ris)
  • RIS (.ris)
  • MS Word (.xml)
  • Zotero (.ris)
    • Zobrazit celý článek

    Reference

    1. Ahmed, B., Wahab, S., Rahim, S., Imran, M., Khan, A.A., Ageli, M.M., 2024. Assessing the impact of geopolitical, economic, and institutional factors on China's environmental management in the Russian-Ukraine conflicting era. J. Environ. Manage. 356, 1-50. https://doi.org/10.1016/j.jenvman.2024.120579 Přejít k původnímu zdroji...
    2. Cherp, A., Jewell, J., 2014. The concept of energy security: Beyond the four as. Energy Policy 75, 415-421. https://doi.org/10.1016/j.enpol.2014.09.005 Přejít k původnímu zdroji...
    3. Chu, L.K., Ghosh, S., Doğan, B., Nguyen, N.H., Shahbaz, M., 2023. Energy security as new determinant of renewable energy: The role of economic complexity in top energy users. Energy 263, 1-29. https://doi.org/10.1016/j.energy.2022.125799 Přejít k původnímu zdroji...
    4. Danish, Tauseef, S., Khan, I., 2025. Achieving net-zero carbon emission targets in OECD countries : The role of the energy transition , institutional quality , and green technological innovation. Gondwana Res. 144, 20-32. https://doi.org/10.1016/j.gr.2025.03.012 Přejít k původnímu zdroji...
    5. EIA, 2019. U. S . Energy-Related Carbon Dioxide Emissions , 2018 U.S. Department of Energy Washington, DC 20585.
    6. Eke, P.O., Omankhanlen, A.E., 2019. Public-private partnership and financial structure development: Cointegration lessons for selected sub-sahara African economies. Ann. Econ. Financ. 20, 783-802.
    7. European Investment Bankgroup, 2022. Gender equality and women's economic empowerment.
    8. Fthenakis, V., Mason, J.E., Zweibel, K., 2009. The technical, geographical, and economic feasibility for solar energy to supply the energy needs of the US. Energy Policy 37, 387-399. https://doi.org/10.1016/j.enpol.2008.08.011 Přejít k původnímu zdroji...
    9. Gasparatos, A., Gadda, T., 2009. Environmental support, energy security and economic growth in Japan. Energy Policy 37, 4038-4048. https://doi.org/10.1016/j.enpol.2009.05.011 Přejít k původnímu zdroji...
    10. Grigoryev, L.M., Medzhidova, D.D., 2020. Global energy trilemma. Russ. J. Econ. 6, 437-462. https://doi.org/10.32609/j.ruje.6.58683 Přejít k původnímu zdroji...
    11. Guru, B.K., Yadav, I.S., 2019. Financial development and economic growth: panel evidence from BRICS. J. Econ. Financ. Adm. Sci. 24, 113-126. https://doi.org/10.1108/JEFAS-12-2017-0125 Přejít k původnímu zdroji...
    12. IEA, 2019. Energy security Reliable, affordable access to all fuels and energy sources, https://www.iea.org/topics/energy-security. Int. Energy Agency.
    13. IEA, 2020. World Energy Investment 2020, The energy industry that emerges from the Covid-19 crisis will be significantly different from the one that came before. World Energy Invest. 2020 2018-2019. https://doi.org/10.1787/6f552938-en Přejít k původnímu zdroji...
    14. Khan, I., 2025. The Energy Trilemma: An overview of balancing security, sustainability, and affordability. Habitable Planet 1, 56-68. https://doi.org/https://doi.org/10.63335/j.hp.2025.0006 Přejít k původnímu zdroji...
    15. Li, L., 2023. Commodity prices volatility and economic growth: Empirical evidence from natural resources industries of China. Resour. Policy 80, 1-20. https://doi.org/10.1016/j.resourpol.2022.103152 Přejít k původnímu zdroji...
    16. Liu, S.Q., Huang, X., Li, X., Masoud, M., Chung, S.-H., Yin, Y., 2021. How is China's energy security affected by exogenous shocks? Evidence of China-US trade dispute and COVID-19 pandemic. Discov. Energy 1, 1-64. https://doi.org/10.1007/s43937-021-00002-6 Přejít k původnímu zdroji...
    17. Luciani, G., 2020. The impacts of the energy transition on growth and income distribution, Lecture Notes in Energy. Springer International Publishing. https://doi.org/10.1007/978-3-030-39066-2_13 Přejít k původnímu zdroji...
    18. Mohamued, E.A., Ahmed, M., Pypłacz, P., Liczmańska-Kopcewicz, K., Khan, M.A., 2021. Global oil price and innovation for sustainability: The impact of r&d spending, oil price and oil price volatility on ghg emissions. Energies 14. https://doi.org/10.3390/en14061757 Přejít k původnímu zdroji...
    19. Naseem, S., Guangji, T., Kashif, U., 2020. Exploring the impact of energy consumption, food security on CO2 emissions: A piece of new evidence from Pakistan. Environ. Sci. Pollut. Res. 20, 115-127.
    20. Nepal, R., Paija, N., Tyagi, B., Harvie, C., 2021. Energy security, economic growth and environmental sustainability in India: Does FDI and trade openness play a role? J. Environ. Manage. 281, 111886. https://doi.org/10.1016/j.jenvman.2020.111886 Přejít k původnímu zdroji...
    21. Payne, J.E., Truong, H.H.D., Chu, L.K., Doğan, B., Ghosh, S., 2023. The effect of economic complexity and energy security on measures of energy efficiency: Evidence from panel quantile analysis. Energy Policy 177. https://doi.org/10.1016/j.enpol.2023.113547 Přejít k původnímu zdroji...
    22. Pérez-Fortes, M., Schöneberger, J.C., Boulamanti, A., Harrison, G., Tzimas, E., 2016. Formic acid synthesis using CO2 as raw material: Techno-economic and environmental evaluation and market potential. Int. J. Hydrogen Energy 41, 16444-16462. https://doi.org/10.1016/j.ijhydene.2016.05.199 Přejít k původnímu zdroji...
    23. Qi, T., Zhang, X., Karplus, V.J., 2013. The Impact of Renewable Energy Development on Energy and CO2 Emissions in China. Transit. to Renew. Energy Syst. 68, 29-46. https://doi.org/10.1002/9783527673872.ch3 Přejít k původnímu zdroji...
    24. Razmi, S.F., Ramezanian Bajgiran, B., Behname, M., Salari, T.E., Razmi, S.M.J., 2020. The relationship of renewable energy consumption to stock market development and economic growth in Iran. Renew. Energy 145, 2019-2024. https://doi.org/10.1016/j.renene.2019.06.166 Přejít k původnímu zdroji...
    25. Sarkodie, S.A., Adams, S., 2018. Renewable energy, nuclear energy, and environmental pollution: Accounting for political institutional quality in South Africa. Sci. Total Environ. 643, 1590-1601. https://doi.org/10.1016/j.scitotenv.2018.06.320 Přejít k původnímu zdroji...
    26. Satrovic, E., Khan, I., Zafar, M.W., 2025. Unriddling the Environmental Implications of Energy Resources, Globalization, Biocapacity, and Open Trading: Does Human Capital Provoke a Change in Emerging 7? Environ. Model. Assess. https://doi.org/10.1007/s10666-025-10055-9 Přejít k původnímu zdroji...
    27. Shen, Y., Su, Z.-W., Malik, M.Y., Umar, M., Khan, Z., Khan, M., 2021. Does green investment, financial development and natural resources rent limit carbon emissions? A provincial panel analysis of China. Sci. Total Environ. 755, 142538. https://doi.org/https://doi.org/10.1016/j.scitotenv.2020.142538 Přejít k původnímu zdroji...
    28. Taghizadeh-Hesary, F., Zakari, A., Yoshino, N., Khan, I., 2022. LEVERAGING on ENERGY SECURITY to ALLEVIATE POVERTY in ASIAN ECONOMIES. Singapore Econ. Rev. 1-28. https://doi.org/10.1142/S0217590822440015 Přejít k původnímu zdroji...
    29. Wang, L., Yang, Y., Yang, D., Zhou, Y., 2024. Role of supply chain disruptions and digitalization on renewable energy innovation: Evidence from G7 nations. Energy Econ. 140, 108016. https://doi.org/10.1016/j.eneco.2024.108016 Přejít k původnímu zdroji...
    30. Wang, Y., Li, J., 2019. Spatial spillover effect of non-fossil fuel power generation on carbon dioxide emissions across China's provinces. Renew. Energy 136, 317-330. https://doi.org/10.1016/j.renene.2019.01.012 Přejít k původnímu zdroji...

    Tento článek je publikován v režimu tzv. otevřeného přístupu k vědeckým informacím (Open Access), který je distribuován pod licencí Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License (CC BY NC ND 4.0), která umožňuje nekomerční distribuci, reprodukci a změny, pokud je původní dílo řádně ocitováno. Není povolena distribuce, reprodukce nebo změna, která není v souladu s podmínkami této licence.


    Návrat zpět