Evaluating sustainable economic development

Recent concerns in global warming and other environmental issues challenge scientists and engineers toward development of cleaner as well as low-carbon and hence sustainable technologies. One of the general beliefs is that the development of market mechanisms and appropriate regulatory framework may be sufficient to catalyze the transition from fossil fuel-dominated unsustainable technologies to a renewable and sustainable technologies. There is no doubt that finance plays an important role in commercializing and implementing such technologies for a cleaner world. However, this is not the entire story as reported by Best (2017). Best (2017) studied the influence of financial capital on the changes in the energy mix for 137 countries during the period from 1998 to 2013. …