Testing Green Financing for Greater Renewable Electricity Generation and Energy Eciency: Implications for Post COVID-19 Time

There is a possibility that worldwide expenditures in renewable energy and energy eciency projects could fall much further in 2017 and 2018. This may jeopardize the Sustainable Development Goals (SDGs) and the Paris climate change agreement. Lack of access to private nancing slows the development of green initiatives. Now that sustainable energy isn't about science and technology, it's all about getting nancing. Therefore, recent study intended to investigate the role of green nancing for maximum renewable electricity generation and eciency of energy in United States of America (USA). Our study suggested to value environmental initiatives, like other infrastructure initiatives, for greater electricity generation and energy eciency in USA. Such infrastructural projects need long-term nancing and capital-intensiveness. Our ndings suggest that to sustain growth, development, and energy poverty reduction, around $26 trillion would be required, in terms of green nancing, in the USA alone by the year 2030 to enhance energy eciency. To achieve energy sustainability goals in USA, recent research suggested some policy implication considering the post COVID-19 time. If suggested policy implications are implemented successfully there are chances that green nancing would make energy generation and energy eciency as effective.


Introduction
There is a possibility that worldwide expenditures in renewable energy and energy e ciency projects could fall much further in 2017 and 2018 (Gielen et al, 2019). This may jeopardize the Sustainable Development Goals (SDGs) and the Paris climate change agreement (Alemzero et al, 2021). Lack of access to private nancing slows the development of green initiatives. Now that sustainable energy isn't about science and technology, it's all about getting nancing . A lot of people regard environmental initiatives, like other infrastructure initiatives. Infrastructural projects are long-term and capital-intensive. The Asian Development Bank claims that to sustain growth, development, and poverty reduction, $26 trillion would be required in the area alone by the year 2030. The majority of the $14.7 trillion overall investment requirements for the period 2016-2030 will be for energy (power).
When it comes to green energy initiatives, two key problems exist: (a) lesser returns, and (b) a larger risk of investment. Banks don't fund green energy projects because of the inherent risk and because of the Basel capital requirements (Anh Tu et al, 2021). Risk is di cult to protect since traditionally, utility prices were distributed among customers in regulated utility service. But because of the absence of PPA contracts in developing nations, uncertainty is increased and investment is made more risky. The third main factor for the shrinking new investment in renewable energy is fast technology advancement and cost reduction. Renewable energy technologies cost less thanks to technology advancements. Averaged over the 2009-2016 period, PV module costs have decreased by 80%, while wind turbine costs have decreased by between 30-40%. However, this news leads investors to halt and observe how far the prices would fall on the opposite side .
Problems for renewable energy continued with the COVID-19 outbreak . Incubation of corona positive individuals (a health emergency) combined with a fall in the energy market because of unanticipated decrease in oil prices (Iqbal et al, 2020). As a result, these challenges plunged world economies into a recession (Yoshino et al, 2021). Besides, e ciency is in uenced by climate change and improved responses of carbon emission during the epidemic (Alemzero et al, 2021). The estimations revealed that during pandemic lockdown, 17% of the world's climatic changes were recorded, and this shift decreased energy e ciency by 32%. Carbon output is projected to decrease in the pandemic era and there is a likelihood of a 1.2% drop in energy e ciency. Another research by Iqbal et al (2020) found that the COVID-19 crisis had caused a 10% decline in energy e ciency. This suggests that more populous and oil-addicted nations witnessed a major decrease in energy e ciency (Anh Tu et al, 2021).
Renewable power production and energy e ciency funding have been seen as signi cant concerns in rising seven economies (e.g. E7) as resource-intensive and carbon-based growth increases (Child et al, 2018). Carbon-intensive economies are also popular growing economies. The two estimates show a large growth in the PE in the US, Japan, and the rest of the world's global Renewable electricity generation (Campisi et al, 2018). Emerging nation's population rose by 36%, from 2.9 billion to 4.0 billion, throughout the decade 2000-2015. That Asia is poised to have a major impact on the world's food security as it grows in signi cance with respect to population and economic power in the latter option (Kabir et al, 2018). Many nations, particularly those in the early phases of development, are vulnerable to losing both their environmental variety and health from climate change.
Increased environmental change now boosts the need for solid and long-term energy solutions . Greening the economy is the most powerful path to take. Sustaining the energy system and increasing energy e ciency need some proactive public assistance (Taghizadeh-Hesary and Rasoulinezhad, 2020). Also, this fosters economic resource mobility and economic development under eco-environment openness (Li et al, 2021). So governmental incentives to promote energy e ciency help spur green development by reducing carbon emissions (Cheng et al, 2020). Reducing our reliance on fossil fuels is important in today's time, amid the COVID-19 epidemic . The latest research contributes to a better understanding of critical factors that in uence public supports for renewable energy (Corrocher and Cappa, 2020). Too far, no comprehensive research on renewable energy and public support has been done. While public papers from various government agencies and ministries offer the foundation for future research in linking these constructions. can give theoretical assist in creating the theoretical framework connecting public subsidies and energy e ciency in crisis periods During the period from 2014-2017, $2 trillion will be spent in these three sectors following the COVID-19 outbreak. Public sources said that $X in green energy nancing will be spent in renewable, clean, and green energy projects (Taghizadeh-Hesary and Yoshino, 2020).
Extending to it, green nancing has become a vital way forward to nance for the environment related issues to clean (Falcon and Sica, 2019). Such nancing technique is modern tool giving way to the global world for nancing and managing environment and growth related aspects helping economies to sustain and grow on green basis. In short, green nancing through green nancing is modern solution to the globe for green development (Zhou, Tang and Zhang, 2020). One of the obstacles for green development is how to effectively nance green projects from the public, private and not-for-pro t sectors (UN Environment). This argument unlocked the new avenues of nancing and holds the potential to replace traditional modes of nancing, such as, government subsidies and public nancing (Bal et al, 2014). Importantly, there is a dire need to develop the market mechanism that can pool nancial markets more effectively to fund green projects (Wang and Zhi, 2016).
Green nancing is the latest nancing option. Previous studies highlighted that green nancing are less studied in the domain of renewable electricity generation energy e ciency systems and warranted to investigate to add up in the body of knowledge by giving solutions to for post COVID-19 time. To the best of our reading, none of study is found studying green bonds, energy e ciency investment and economic growth, and presenting way forwards to manage the post COVID-19 time. However, there is a need to test green nancing with renewable electricity generation for energy e ciency and to present the policy implications controlling the post COVID-19 tenure. Hence, the objective of the study is to test this novel connection between these constructs and present best possible solutions to the associated stakeholders.

Literature Review
Many countries the cleanest environment of any nation in the world, excelling in air quality, sanitation, clean drinking water, waste management, and addressing climate change with a goal to reduce GHG emissions by 70% by 2030 (Mihelcic and Zimmerman, 2021). A long history of success in renewable energy development is evident (Kilkis, 2019). Developing renewable energy to stabilise the environment is something to learn from this all. This is evidence that the government can close the gap between investment payments and renewable sector revenues by implementing suitable legislation (Shahbaz et al, 2020). Most electricity in Denmark is generated by wind power. This nation has long relied on foreign oil. Energy dependence did not begin until the post-1973 oil crisis. Ever since then, Denmark has poured millions into renewables, notably wind power (Cheng and Yao, 2021). Renewable output accounted for 47% of total energy output in 2019. Denmark's aims are to provide more than half of their energy needs with renewables by 2030, and to have gotten rid of fossil fuels for energy production by 2050.
A whole supply chain from commodities to components has been impacted by the COVID-19 epidemic. This is clear, since the power production in Denmark initially dropped since 2000. Other studies demonstrate that the reduction in gross power output may be linked to the reduction in net power output from wind turbines (Erdogan et al, 2020). Bloomberg New Energy Finance has suggested that over dependence on a single kind of renewable energy might be detrimental during emergency situations. The following discussion accounts for our ndings (Bersalli, Menanteau and El-Methani, 2020). The outcomes of the COVID-19 pandemic are likely to vary greatly over the world, as a result of regional, national, and geopolitical factors. Therefore, unique characteristics, such tight containment procedures, rst-aid, or palliative care, give information on the consequences of the pandemic. Delay of infection seemed to be less in Denmark compared to other European nations because to the installation of stringent lockdown, social distance, and government assistance (Caruso, Colantonio and Gattone, 2020). The short-and long-term consequences of these policies are without debate.
This mission complements the ultimate objective of sourcing all of her energy from carbon-free, environmentally-friendly sources (Kreps, 2020). The rise in renewable power production over the last decades and a signi cant potential (Göhlich et al, 2021). Since renewable energy sources have major economic implications, we must investigate how it is generated to comprehend the economic state postpandemic. Recently, a literary strand has explored environmental innovations' involvement with nancial issues ( Since investing in energy e ciency would boost contract win rates, it also boosts the usage rates of the ships, and that may be a signi cant consideration in an oversupplied market (Tiwari and Mishra, 2012; Maczulak, 2010). Despite that, energy e ciency is unlikely to be completely re ected in charter prices owing to the ambiguity as to whether the market would compensate for fuel e cient ships (Agnolucci et al., 2014). Ship-owners must either own their own ships or enter into long-term arrangements with charterers if they want to recuperate their investments in fuel economy. Furthermore, Tiwari and Mishra, (2012) observe that charterers may be hesitant to pay a premium to represent energy e ciency, since it might decrease the number of potential charter customers by driving up shipping costs. Verifying fuel usage claims given by the owners also adds to that resistance. Ship management organizations' wariness about charter fees for both energy e ciency and investment in energy e ciency was also mentioned by Carrasco et al, (2006). Thus, the debate regarding the effects of energy e ciency relies on new technology, notably the nancial risk associated with unproven fuel savings. Adding more costly, environment-friendly fuel is connected with slower speed and longer cargo time. However, better fuel quality does not seem to effect ship speed (Alemzero et al, 2021).
In addition, there is very little evidence that nancial savings accrued from shipping fuel-e cient ships incentivizes ship-owners to purchase more fuel-e cient ships. In the instance of dry bulk shipping, Agnolucci et al. (2014) found that only 40% of the nancial savings achieved by energy e ciency is received by ship-owners. Other dry bulk ship sizes were also covered in Adland et al. (2017). Less than half of the fuel cost reductions are shared with ship-owners by means of increased time charter charges, and only under normal market circumstances. Additionally, ine cient tonnage is often rewarded in rising markets. This has important implications for how time charter contracts set prices for energy e ciency.
During prosperous times, owners of energy e cient tonnage might be punished. The ndings of Winkel et al. (2015) are in favor of the adoption of smart charter contracts, in which speed choice is adjustable, the chartering fee is closer to the cost of fuel, and risks and pro ts are shared among charterers and shipowners.
It is interesting to note that renewable energy sources have considerable potential to preserve current energy consumption patterns and energy e ciency, but to do so, there is a large deal of public support required. International Energy Agency (IEA) calculated a total public support need of roughly $16 trillion USD, stretching from 2015 to 2050. This idea is in-line with the Paris Agreement objective commitment.
However, in the energy sector, support for energy e ciency is sluggish going (Barbier, 2020 and ending in 2017. In order to give information on the frequency and length of electricity system interruptions experienced by end-consumers, the EIA compiled data for the study of Form EIA861, which they had been collecting since 2013. Some utilities submitted data ranging from a few years to many decades. As a consequence, our dataset has 198 yearly observations between 2016 and 2020, with just half of the data included in each of those years.

Measurement of the Constructs
SAIDI is a score used to determine the length (typically measured in minutes) of interruptions in the power supply for end-users. the average time interruption lasts, which is often referred to as the system average interruption frequency index (SAIFI) (i.e., the number of times a customer has gone without power during the year). The IEEE designed two AI characters: SAIDI and SAIFI (1998). In standard terminology, the two indices are used by utilities that want to track the overall quality of their electrical grid (Eto et al., 2012).
In a DMU division, Tone uses slack-based effectiveness determination to nd a unique opportunity (i.e., opportunity indicated by DMUj, (j = 1,…,n)). For this, an output unit serving the DMU for the empirical estimate is established that serves the DMU, which is fed with x, which is set to R mk^+, y, which is set to R sk^+, and z, which is set to R dk^+. More so, the invention opportunity indicating two-stage subsets with the following arrangement; PPSstage1={ (x,z)|x ⩾ ∑ n j = 1 χ j λ j , z ⩽ ∑ n j = 1 z j λ j , j = 1, . . . , n} 1 PPSstage1={ (y,z)|z ⩾ ∑ n j = 1 z j μ j , y ⩽ ∑ n j = 1 y j μ j , j = 1, . . . , n} 2 DMUk application adoption is a potential invention opportunity, which reveals its capability when extended with a dual-step identi cation that demonstrates DMUk's declaration of consistent evolved to the point where it could survive a construct with ejected well-organized units, and which show that the system could survive amorphous conditions. However, the study done on competent position DMUs employs an association structure. Therefore, the intermediate trial's weakness may impact the overall effect. The contribution of midway meals must be taken into consideration while assessing the e ciency and positioning of the competent unit. However, the study shows the a novel connected and integrated model using the ranking method on the basis oc outputs generate by the fundamental occurrence. For empirical analysis, DEA based technique is used to assess the interplay between constructs in empirical way. However, study applied DEA technique to present the inference between the constructs.
Results And Discussion

Empirical results
This study examined 28 areas on the mainland of these countries, excluding the table on the basis of the lack of associated energy and release data and exclusion combined in Austria in Finland and together are considered a single region as a result of increasingly high energy e ciency and market reforms in Austria due to lack of separate data in Luxembourg. The model results of these countries therefore are many studies deal with energy e ciency and market changes, but do not reach the highest possible degree of energy e ciency. This research thoroughly proposes the creation of lower-cost power supplied across border nations for renewable energy marketplaces. This present research focuses on 28 high carbonstrong market reforms for new targets and low emissions with high primary energy dependence. We must also characterize these nations, their provinces, autonomous regions and municipalities further in terms of development and political considerations usually in three major categories: East, central and comprehensive data on areas and regions is shown in Table 1 and Table 2.
As indicated in Table 2 the eastern area includes 11 regions including eight coastal provinces, the fastest economic development in the past 30 years in those nations and the average GDP output throughout the research period (2010-2014) accounts for almost half of the total GDP in these countries. Most lighting and many heavy industries are situated in the eastern area, and the majority of foreign industrial and commercial services in those nations are located. This region also draws the biggest international investment and technology thanks to its comfortable transit system and infrastructure. These nations have high access to GDP and highest power use in all sectors. Today, greenhouse gases with green energy sources such as wind, solar, thermal and biogas are decreasing throughout the globe. Market changes are extremely bene cial to academics, researchers and governments. In this region, economic development, attractiveness and technology are less than in the East, but greater than in the West. In the north-east there are also heavy industries. They are producing and exporting millions of tons of coal eastwards. Higher technology boosts the economy of the nation and confronts the CO2 emission countries with the nest power reforms. Based on the aforementioned ndings, we concluded that technological development is one of the key reasons for energy e ciency and electricity reform. This development typically involves a decrease in the intensity of energy. Even while this decrease in energy intensity in some developing economies such as China has already been seen, it is still greater than many other nations in the globe, particularly highly developed ones. In this instance, it is an e cient method to increase energy e ciency using energy technology for emerging countries. Furthermore, it has been noted that most developing and rising countries still rely signi cantly on non-renewable energy sources such as fossil fuels and coal despite their active reform of their energy consumption structures as well as their strong efforts to create clean energy and renewables. Therefore, the basic structural adjustments in energy production, distribution and consumption seem to be required. Reforms on the markets presently play a signi cant in uence in national advances in renewable energy. The fast economic developments in developing countries such as China have drawn lots of attention from the government, academics and the public. In recent years, a number of energy and electricity regulations were adopted in power sector in emerging countries and the energy e ciency of generation, consumption or distribution is anticipated to be increased e ciently. The electricity industry is regarded one of the leading drivers of economic development. The installed thermal power plants that account for more or less 75% of the total capacity generated in the emerging countries. Coal is the major electrical fossil fuel, representing 90% of the thermal capacity built. Emerging countries such as Turkey are continually increasing its energy demand fast and this increasing requirement continues to be ful lled via fossil fuel use, especially through coal burning for electricity. In 2018, electricity consumption was recorded up to 303.2 billion kilowatts an hour in a single developing country like Turquie, therefore indicating projected rise to 357.4 terawatts an hour (approximately 5.5% increase) by 2023. Furthermore, Turkey's energy consumption indices showed that coal was generated by 37.3% of power production in 2018, while gas, hydropower, wind, solar, geothermal and other sources jointly produced by 29.8%, 19.8%, 6.6%, 2.6% and 2.5% in the same year. This explains the electricity percentage quanti cation.
As heavy industries in certain areas of this sector are very densely involved, energy consumption and associated pollutant emissions are considerable. The West spans more than half of the area of these nations and covers one municipality This region also has a low population density and a large stock of resources such as coal, oil, natural gas and other minerals in the other two places. The western region of these nations is also the least developed territory. However, it is well protected in certain parts of this area owing to the low density of industry and people. A comparison of three economic regions Tables show growth, energy usage and emission of pollutants.   Based on the aforementioned ndings, ensuring adequate energy is not enough for Asia-Paci c nations (Sovacool, 2011). The aim stresses ecologically friendly energy production method and sources. In other words, energy sources are clean, not harming the environment (Yang and Hanson, 2009). Most energy now originates from fossil fuel burning. Fossil fuel burning process produces carbon emissions and other greenhouse gases, which are environmentally harmful and contribute to climate change (Vivoda, 2010). Therefore, ensuring energy security while also preserving the environment is essential. Accordingly, this thesis' goals are: assessing energy e ciency and sustainability at regional and national level, evaluate and propose green and sustainable energy routes for energy security and climate change mitigation, energy reforms for Asia-Paci c are linked to energy e ciency.

Conclusion And Policy Implication
This research was performed to identify Asia-Paci c nations' energy e ciency as a crucial element in reforming energy markets and maintaining economic development as the basis of the national economy.
In recent years, with the increasing modernization of the economy of these nations and expanding urbanization, energy consumption has risen signi cantly; generating environmental issues caused by energy usage would raise broad concern worldwide. Society. Research on the environmental e ciency of energy consumption in the provinces of these nations may offer a foundation for decision-making in the formulation of energy and environmental policies and policy reforms. Renewable energy development and policy implications presented in this research may assist the government overcome these obstacles to a seamless transition to renewable power.
The outcomes are many points. (1) Environmental energy e ciency in study 28 nations and their provinces still has lots of space to enhance energy e ciency, and production growth and CO2 emission reduction still have promise. (2) As demonstrated in the non-parameter test ndings, energy e ciency in three main areas These nations have substantial geographical variations, exhibiting a development pattern The East-Middle-West and Eastern region e ciency are greater than the Central and Western, moreover, the difference between them continues to grow. Combining energy e ciency with environmental energy in three areas is helpful in study. (3) After reviewing the loss of e ciency caused by regulatory and environmental regulatory costs in 2014 for each province, showing that most provinces have environmental regulatory costs and that their economic development depends primarily on environmental capacity with signi cant environmental costs for economic growth. Therefore, altering economic development mode and enhancing environmental quality is an essential need.
Within a joint production framework of both favorable output (GDP) and unfavorable output (CO2 and SO2), as well as energy input (total energy consumption) and non-energy input (labor and capital stock), this study uses an envelope-based data-set model to evaluate the total energy and environmental e ciency factor of 25 administrative regions and three of these countries. This research also uses DEA window analysis methods to evaluate e ciency on cross-sectional and data-varying data to compute e ciency score throughout the periods of study 2010-2014. And empirical ndings indicate that these nations' eastern region has better energy and environmental e ciency than the center area, and the westward area's e ciency is lowest. The e ciency of all three sectors varies similarly, and typically, the energy and environmental e ciency of these nations improved somewhat from 2016 to 2020. The Eastern region's energy and energy e ciency and environment do better than the middle and western regions. These nations enhance market reforms with lower-price future energy markets.
Differences in the three regions' e ciency may come from the economic development imbalance, not too much. High energy and country-wide environmental e ciency may be induced by the economic growth style of these nations. Effective energy and environmental protection regulations established and implemented by government during the last decade, however, may have helped to improving energy and environmental e ciency. Electricity market reforms in Asia-Paci c nations offer more precise data availability in various policy making periods, and greater energy e ciency provides stronger market changes. Indeed, a series of signi cant policy changes in these areas are currently underway and have produced tangible bene ts. Energy prices have been modi ed since2010, high-tech, less energy-intensive smartphone and mobile device manufacturing has increased export shares, and the importance of the economy's state sector has progressively decreased with private sector growth. In addition to this positive phenomenon, there is the current trend globally towards green and sustainable energy usage, which has a direct impact on APE's energy production agenda.
Declarations 39. Zhou, X., Tang, X., and Zhang, R., 2020. Impact of green nance on economic development and environmental quality: a study based on provincial panel data from China. Environmental Science and Pollution Research 27(16), 19915-19932. https://doi.org /10.1007/s11356-020-08383-2. Figure 1 Renewable energy e ciency through electricity generation Green nancing in uences on study constructs Case-wise role of indicators and their sensitivity responses