Green investments and development of renewable energy projects: Evidence from 15 RCEP member countries

This paper investigates the potential of 15 RCEP (The Regional Comprehensive Economic Partnership) member countries to advance green investments from 2000 to 2021. Based on the results from the Panel Pooled Mean Group (PMG) technique, the investment potential has positive short- and long-term coefficients. The EKC (Environmental Kuznets Curve) hypothesis exists, indicating that gross domestic product per capita in the short term is the factor that inhibits the growth of renewable energy consumption. The financial development index has a non-significant coefficient in the short term. However, it has a positive coefficient in the long term. The climate policy uncertainty negatively impacts renewable energy deployment in the short- and long-term. The conclusions provide some policy implications, such as the support of green SMEs, the establishment of a digital green financing market, and the creation of green multilateralism through the establishment of a green investment network.