Role of research and development in green economic growth through renewable energy development: Empirical evidence from South Asia

The study focuses on examining the impact of R&D and industrialization on green economic growth. Financial assistance for environmentally friendly initiatives, the advancement of new technologies, and the growth of a green economy may all be achieved via greenfinancing. Because of this, it is a key driver of green economic development and industrial structural change. This investigates the impact of renewable energy, R&D, and industrialization on the green economic growth of the South Asian region from 2008 to 2020. The endogeneity of this connection is addressed using a two-step ordinary least square (O.L.S.). The findings show that upgrading industries and R&D reduce carbon emissions and
achieve green economic recovery. As a result, 33.4% of the energy was saved, and 35.2% of the emissions were reduced. The partial mediation impactfindings show the policy's affecting framework. The empirical results showed that technology spillover had the most responsibility to minimize tiers of CO2 emissions, accompanied by improvements in industrial structure change. Ourfindings suggest that
developing nations gain more from the industrialization initiative than developed countries because of
the stronger economic impacts of the strategy.