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The impact of financial development and economic complexity on energy and carbon intensity: evidence of the top 10 complex countries.

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Title: The impact of financial development and economic complexity on energy and carbon intensity: evidence of the top 10 complex countries.
Authors: Ferraz, Diogo1,2,3 (AUTHOR) diogoferraz@usp.br, Shahzadi, Irum4,5 (AUTHOR), Moralles, Herick Fernando6 (AUTHOR), Doğan, Buhari7,8,9 (AUTHOR)
Source: Energy Sources Part B: Economics, Planning & Policy. Dec2025, Vol. 20 Issue 1, p1-24. 24p.
Subjects: Carbon dioxide mitigation, Technological innovations, Renewable energy sources, Financialization, Energy consumption, Renewable energy transition (Government policy), Economic sectors
Abstract: This paper explores the impact of economic complexity and financial development on energy efficiency through two indicators: energy intensity and carbon intensity, within the top 10 complex economies. Other control variables, such as economic growth, urbanization, and human capital, are also included in the models. Random and fixed-effects estimators with heteroskedasticity-consistent standard errors were used. Clustered random and fixed-effects estimators were considered to handle within-group (cluster) dependence. The study utilized the Driscoll-Kraay (DK) method to address non-spherical disturbances and ensure consistent standard errors and robustness against dependence. Feasible Generalized Least Squares (FGLS) considered entity-specific autocorrelation, and System Generalized Method of Moments (Sys-GMM) accommodated unobserved panel-level effects, were also employed. Our findings reveal that economic complexity is crucial in reducing carbon and energy intensity, highlighting the significance of fostering technological sectors to diversify and sophisticate the productive structure. However, the influence of financial development on these intensity measures remains ambiguous and necessitates further exploration. We propose policy implications aimed at boosting technological sectors, facilitating a green transition in the economy, and advancing the adoption of renewable energy technologies. [ABSTRACT FROM AUTHOR]
Copyright of Energy Sources Part B: Economics, Planning & Policy is the property of Taylor & Francis Ltd and its content may not be copied or emailed to multiple sites without the copyright holder's express written permission. Additionally, content may not be used with any artificial intelligence tools or machine learning technologies. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
Database: Engineering Source
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Header DbId: egs
DbLabel: Engineering Source
An: 190206710
AccessLevel: 6
PubType: Academic Journal
PubTypeId: academicJournal
PreciseRelevancyScore: 0
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  Data: The impact of financial development and economic complexity on energy and carbon intensity: evidence of the top 10 complex countries.
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  Data: <searchLink fieldCode="JN" term="%22Energy+Sources+Part+B%3A+Economics%2C+Planning+%26+Policy%22">Energy Sources Part B: Economics, Planning & Policy</searchLink>. Dec2025, Vol. 20 Issue 1, p1-24. 24p.
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  Data: <searchLink fieldCode="DE" term="%22Carbon+dioxide+mitigation%22">Carbon dioxide mitigation</searchLink><br /><searchLink fieldCode="DE" term="%22Technological+innovations%22">Technological innovations</searchLink><br /><searchLink fieldCode="DE" term="%22Renewable+energy+sources%22">Renewable energy sources</searchLink><br /><searchLink fieldCode="DE" term="%22Financialization%22">Financialization</searchLink><br /><searchLink fieldCode="DE" term="%22Energy+consumption%22">Energy consumption</searchLink><br /><searchLink fieldCode="DE" term="%22Renewable+energy+transition+%28Government+policy%29%22">Renewable energy transition (Government policy)</searchLink><br /><searchLink fieldCode="DE" term="%22Economic+sectors%22">Economic sectors</searchLink>
– Name: Abstract
  Label: Abstract
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  Data: This paper explores the impact of economic complexity and financial development on energy efficiency through two indicators: energy intensity and carbon intensity, within the top 10 complex economies. Other control variables, such as economic growth, urbanization, and human capital, are also included in the models. Random and fixed-effects estimators with heteroskedasticity-consistent standard errors were used. Clustered random and fixed-effects estimators were considered to handle within-group (cluster) dependence. The study utilized the Driscoll-Kraay (DK) method to address non-spherical disturbances and ensure consistent standard errors and robustness against dependence. Feasible Generalized Least Squares (FGLS) considered entity-specific autocorrelation, and System Generalized Method of Moments (Sys-GMM) accommodated unobserved panel-level effects, were also employed. Our findings reveal that economic complexity is crucial in reducing carbon and energy intensity, highlighting the significance of fostering technological sectors to diversify and sophisticate the productive structure. However, the influence of financial development on these intensity measures remains ambiguous and necessitates further exploration. We propose policy implications aimed at boosting technological sectors, facilitating a green transition in the economy, and advancing the adoption of renewable energy technologies. [ABSTRACT FROM AUTHOR]
– Name: AbstractSuppliedCopyright
  Label:
  Group: Ab
  Data: <i>Copyright of Energy Sources Part B: Economics, Planning & Policy is the property of Taylor & Francis Ltd and its content may not be copied or emailed to multiple sites without the copyright holder's express written permission. Additionally, content may not be used with any artificial intelligence tools or machine learning technologies. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract.</i> (Copyright applies to all Abstracts.)
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        Value: 10.1080/15567249.2025.2516447
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      – Code: eng
        Text: English
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        PageCount: 24
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        Type: general
      – SubjectFull: Technological innovations
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      – SubjectFull: Renewable energy sources
        Type: general
      – SubjectFull: Financialization
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      – SubjectFull: Energy consumption
        Type: general
      – SubjectFull: Renewable energy transition (Government policy)
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      – SubjectFull: Economic sectors
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      – TitleFull: The impact of financial development and economic complexity on energy and carbon intensity: evidence of the top 10 complex countries.
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            NameFull: Ferraz, Diogo
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            – D: 01
              M: 12
              Text: Dec2025
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