Renewable energy finance may incur an economic or fiscal shock due to uncertainty and destruction from armed conflicts. Using cross-country panel data over the period 1996–2018, this research therefore examines the impact of armed conflicts on renewable energy finance based on linear and non-linear regression techniques. From the linear dynamic panel model we find that armed conflicts exhibit a negative shock on renewable energy finance. The results from the panel threshold model and the panel quantile method show that the impact of armed conflict on renewable energy finance depends on economic development level and renewable energy investment. We also present that armed conflicts generate heterogeneous linear and non-linear effects on wind, geothermal, and solar energy finance. Further analysis shows that armed conflict reduces green innovation through renewable energy finance. Our findings deepen the literature's understanding concerning the impact of armed conflicts on renewable energy finance.

由于武装冲突造成的不确定性和破坏，可再生能源融资可能会招致经济或财政冲击。因此，本研究使用 1996-2018 年期间的跨国面板数据，基于线性和非线性回归技术检验了武装冲突对可再生能源融资的影响。从线性动态面板模型中，我们发现武装冲突对可再生能源融资表现出负面冲击。面板阈值模型和面板分位数法的结果表明，武装冲突对可再生能源金融的影响取决于经济发展水平和可再生能源投资。我们还提出，武装冲突会对风能、地热能和太阳能金融产生异质的线性和非线性影响。进一步分析表明，武装冲突通过可再生能源融资减少了绿色创新。我们的研究结果加深了文献对武装冲突对可再生能源融资影响的理解。