This study explores the nexus between foreign direct investment, financial development, energy consumption, economic growth and globalization for a selected panel of Belt and Road Initiative (BRI) countries over the period 1990–2016. After employing appropriate panel unit root tests, the Westerlund co-integration test, the DSUR long-run panel estimation approach and the Dumitrescu-Hurlin panel causality test, the results reveal a significant long-run relationship among the analyzed variables. The DSUR results show that energy consumption is boosted by 0.023 and 0.790% when a 1% rise occurs in foreign direct investment and economic growth. A 1% increase in financial development and globalization reduces energy consumption by 0.049 and 0.621%, respectively. We also found bidirectional relationships of energy consumption with financial development and foreign direct investment with globalization for the selected sample of our study. A unidirectional causal relationship exists, moving from energy consumption towards both financial development and foreign direct investment. An increase in FDI, the introduction of energy-efficient technology, and development of the financial sector lead to sustainable economic growth. The findings reveal the need to formulate policies that promote energy efficiency among Belt and Road (BR) countries. The policy implications of this study are presented in the Conclusion.

本研究探讨了 1990 年至 2016 年期间选定的“一带一路”倡议（BRI）国家的外国直接投资、金融发展、能源消费、经济增长和全球化之间的关系。在采用适当的面板单位根检验、Westerlund 协整检验、DSUR 长期面板估计方法和 Dumitrescu-Hurlin 面板因果关系检验后，结果显示分析变量之间存在显着的长期关系。DSUR 结果表明，当外商直接投资和经济增长 1% 时，能源消耗增加 0.023% 和 0.790%。金融发展和全球化每增加 1%，能源消耗将分别减少 0.049% 和 0.621%。我们还发现了能源消费与金融发展和外国直接投资与全球化之间的双向关系。存在单向因果关系，从能源消耗转向金融发展和外国直接投资。外国直接投资的增加、节能技术的引进和金融部门的发展导致了可持续的经济增长。调查结果表明，有必要制定促进“一带一路”（BR）国家能源效率的政策。本研究的政策含义在结论中提出。从能源消费转向金融发展和外国直接投资。外国直接投资的增加、节能技术的引进和金融部门的发展导致了可持续的经济增长。调查结果表明，有必要制定促进“一带一路”（BR）国家能源效率的政策。本研究的政策含义在结论中提出。从能源消费转向金融发展和外国直接投资。外国直接投资的增加、节能技术的引进和金融部门的发展导致了可持续的经济增长。调查结果表明，有必要制定促进“一带一路”（BR）国家能源效率的政策。本研究的政策含义在结论中提出。