Assessing Stakeholder Engagement in Public Spending, Green Finance and Sustainable Economic Recovery in the Highest Emitting Economies

The generally held belief is that government spending on education and research and development is to bring about direct impacts on the advancement and sustainability of an economy. Nonetheless, this evidence is not prevalent within industrialized and third-world economies, particularly among the foremost ten carbon dioxide releasing economies. Therefore, the OLS and the DEA are used to estimate the relationship between government public spending on research and development plus green economic advancement, utilizing data from several countries between 2008 and 2018. The findings reveal a varying green economic expansion indicator, which is a result of inadequate government programs to deliver results. Subsequently, for types of expenditure where formal juxtaposition can be made, such as RE compared with conventional energy, the authors detect that multipliers on green cost are almost twofold their traditional sources. The point approximate of the multipliers is 1.1–1.7 for green energy financing and 0.4 and 0.7 for conventional energy financing, depending on time and modeling. These results passed all the required sensitivity analyses. They provided backing to the bottom-up analysis, which reveals that controlling global warming, including preventing biodiversity extinction, works hand in hand with creating economic development and advancement.