Investigating Green Financing Factors to Entice Private Sector Investment in Renewables via Digital Media: Energy Efficiency and Sustainable Development in the Post-COVID-19 Era

Abstract

Funding for developing-country investments in renewable energy sources has been considered an essential factor for sustainable development after COVID-19. Solar energy investments can be very beneficial in reducing fossil fuel usage. A poll of investors, stakeholders, industry experts, and media personalities in Pakistan was used to gather data for this study, which examines individual investors’ intentions to invest in solar energy. This study’s primary objective is to enhance investment intention connected with investment in solar energy projects after COVID-19. Investing in solar power projects in the post-COVID-19 period is the focus of this study. To evaluate the study’s hypotheses, we used partial least squares structural equation modeling (PLS-SEM). We used the purposive sampling technique for data collection in this study. The findings show that attitudes, subjective norms, perceived investment attitudes, and evaluations of the regulatory framework influence one’s willingness to invest in renewable energy initiatives. The study identified a correlation between environmental concern, financial rewards, and investing behavior. Investors’ desire to make these kinds of investments was found to be unaffected by risk aversion. According to the data, regulatory framework evaluation is the most significant determinant. Previous research that looked at investment behavior or other forms of pro-environmental intention or behavior came to different conclusions. In addition, this study examined how the theory of planned behavior (TPB) influences investors’ intentions to invest in solar energy by evaluating the regulatory environment. The study results show that people’s attitudes and perceptions of energy efficiency indirectly impact their willingness to invest in solar power. Subjective norms do not influence investors’ plans to put money into solar energy. Policymakers will benefit from this study’s realistic advice on how to increase solar energy investments.