In order to achieve the goal of carbon neutrality, as defined in the Paris climate agreement, the United States, the second-largest greenhouse gas emitter, must intensify its use of zero-carbon sources such as renewable energy. In this paper, we use the nonlinear autoregressive distributed lags (NARDL) model to investigate the influence of financial development on renewable energy consumption in the U.S. from 1975Q1 to 2019Q4. More precisely, three measures of financial development are considered: the overall financial development, bank-based financial development, and stock-based financial development indices. The model is augmented to control for the effects of real oil prices, real GDP, and trade openness. The empirical results show evidence of a long-run asymmetric effect of overall and stock-based financial development measures. Positive and negative changes in financial development measures dictate renewable energy consumption. In the short run, only negative changes of overall and stock-based financial development measures significantly impact renewable energy consumption. The latter impact is contemporaneously positive and negative at the one-lagged period. Renewable energy consumption does not react to a short-run change in bank-based financial development. Our empirical findings possess important policy implications.

为了实现巴黎气候协议所定义的碳中和目标，作为第二大温室气体排放国的美国必须加大对可再生能源等零碳资源的利用。在本文中，我们使用非线性自回归分布滞后（NARDL）模型来研究金融发展对美国 1975 年第一季度至 2019 年第四季度可再生能源消费的影响。更准确地说，考虑了金融发展的三个衡量指标：整体金融发展、银行金融发展和股票金融发展指数。该模型被增强以控制实际石油价格、实际 GDP 和贸易开放度的影响。实证结果显示了整体和基于股票的金融发展措施的长期不对称效应的证据。金融发展措施的积极和消极变化决定了可再生能源的消费。短期内，只有整体和股票型金融发展措施的负面变化才会对可再生能源消费产生显着影响。后者的影响在一个滞后时期同时是正面和负面的。可再生能源消费不会对银行金融发展的短期变化做出反应。我们的实证研究结果具有重要的政策含义。可再生能源消费不会对银行金融发展的短期变化做出反应。我们的实证研究结果具有重要的政策含义。可再生能源消费不会对银行金融发展的短期变化做出反应。我们的实证研究结果具有重要的政策含义。