Green innovation and green economic growth in regional comprehensive economic partnership (rcep) countries: moderating effect of financial development

This study examines the relationship between green innovation and green economic growth in Regional Comprehensive Economic Partnership (RCEP) member countries from 2000 to 2021, with a focus on the moderating role of financial development. Using a two-way fixed effects (TWFE) model, the analysis reveals that green innovation significantly enhances green economic growth by improving production efficiency and reducing reliance on resource-intensive industries. Financial development amplifies this effect by optimising resource allocation and providing long-term capital support. These findings are confirmed by robustness tests, highlighting the critical role of financial development in maximising the benefits of green innovation. In addition, the contributions of human capital, research and development (R&D) personnel, and clean energy production are discussed. A well-educated workforce accelerates the adoption of green technologies, R&D personnel drives their innovation and industrilialisation, and clean energy production reduces fossil fuel dependency, laying a stable foundation for sustainable growth. Accordingly, policies that strengthen financial systems, incentivise green R&D, and promote regional cooperation are essential to achieving sustainable economic growth in RCEP countries.

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