Renewable Energy 214 (2023) 65–73

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Renewable Energy
journal homepage: www.elsevier.com/locate/renene

Machine learning assessment under the development of green technology

innovation: A perspective of energy transition
Wei Chen a, *, Wandan Zou b, Kaiyang Zhong c, Alina Aliyeva d
a
School of Business, Jiangxi University of Science and Technology, Nanchang, China
b
Management Committee of Nanchang Campus, Jiangxi University of Science and Technology, Nanchang, China
c
School of Economic Information Engineering, Southwestern University of Finance and Economics, Chengdu, China
d
Faculty of Economics and Management, Azerbaijan State University of Economics, Baku, Azerbaijan

A R T I C L E I N F O A B S T R A C T

Keywords: This research investigates the influence of green technology innovation on the energy transition process using
Green technology innovation machine learning methods and econometric approach. To examine the effect of green technology innovation on
Energy transition the energy transition, we utilize panel data from China covering the years 2005–2020. The research intends to
Sustainable energy
highlight the significance of green technology innovation in fostering the transition to sustainable energy. Our
Machine learning
analysis of panel data reveals that green technology innovation significantly benefits China’s energy trans­
formation strategy. In particular, the study discovers that financial support for green technology innovation, as
indicated by R&D spending and patent filings, has a favorable impact on the energy transition procedure.
Additionally, to evaluate the influence of green technology innovation on the energy transition process, the
research uses machine learning methods. The study emphasizes the need for increased investment in green
technology innovation to support the transition to sustainable energy. Additionally, machine learning methods
offer a valuable tool for evaluating how innovations in green technology affect the energy transition process. The
research also sheds light on the variables that affect the outcome of energy transition initiatives, particularly
emphasizing the role of R&D investments and patent filings in advancing a sustainable energy transition.

1. Introduction
The development of green technology innovation has become a
critical area of focus in the face of the growing concerns about climate
change and the need for sustainable development. Energy transition, in
particular, has been identified as a key driver of this transformation, as it
involves a shift towards cleaner and more sustainable energy sources. In
this context, machine learning has emerged as a promising tool for
assessing the effectiveness of green technology innovation and sup­
porting the energy transition [1].
Machine learning algorithms are capable of processing large
amounts of data, identifying patterns, and making predictions, which
can be valuable in evaluating the performance of different technologies
and their impact on the environment. Furthermore, machine learning
can be applied to a range of tasks, such as forecasting energy demand,
optimizing energy efficiency, and monitoring emissions, among others.
As such, it has the potential to enable a more data-driven and evidence-
based approach to green technology innovation and energy transition
[2].
Thus, it is crucial for transition studies to keep tabs on shifts and
learn about co-evolutionary forces at play. Most research on this tran­
sition has been conducted using qualitative techniques, such as
analyzing chosen case studies written by seasoned researchers and a
theoretical structure developed by the author that draws from various
fields. Transition modeling is a new and promising subfield in quanti­
tative transition studies [3]. The purpose of the transition is to learn and
infer the specific dynamic activities underlying the transition because it
is too complicated to describe all elements and their interactions in the
model, and there is a shortage of comprehensive information [4].
- [5]noted that renewable or clean energy communities are agents
that have the potential to drive and carry out energy transformations.
Several terms can be used to describe ML. To achieve sustainability,
current generations must provide prospects for future generations that
are at least as favorable as their own, assuming that succeeding gener­
ations will continue to act in the same manner. By "sustainable devel­
opment," we refer to growth that does not deplete the planet’s natural

* Corresponding author.
E-mail addresses: cwnc168@jxust.edu.cn (W. Chen), danmihl@yeah.net (W. Zou), zhongky0626@163.com (K. Zhong), alina_aliyeva@unec.edu.az (A. Aliyeva).

https://doi.org/10.1016/j.renene.2023.05.108
Received 16 November 2022; Received in revised form 6 May 2023; Accepted 25 May 2023
Available online 2 June 2023
0960-1481/© 2023 Elsevier Ltd. All rights reserved.
W. Chen et al.
resources and can be maintained over time. A zero-carbon transition has
propelled this type of development [6]. It boosts the resilience and ef­
ficiency of all forms of capital, including those about human and natural
resources and social capital. There has been growing awareness of the
need to ensure that all members of society share the possibilities and
advantages of financial progress in response to the emergence of
populism and anti-globalization sentiment in many nations. The worst
effects of global warming on the worlds poor can be averted by tran­
sitioning to a zero-carbon economy. Historical evidence suggests that
this shift, when coupled with broader technical development, will not
inevitably generate inclusive development [7]. However, if suitable
forward-thinking organizational structures and strategy tools are in
place, a zero-carbon transition may bring about sustainable and more
equitable development and even faster development rates than a
high-carbon alternative. This post looks at the zero-carbon transition
along with sustainable and equitable development. Our focus would be
sustainable development, although the terms "clean" and "green"
development and the technology needed to achieve them are often used
interchangeably.Furthermore, few studies [8] have concentrated on
small and medium-sized enterprises (SMEs) and data management
techniques such as big data analytics. There is an obvious need to
investigate the impact of old exploitative and imaging approaches on
knowledge creation in SMEs with Internet services that create bidirec­
tional information results.
In this context, this research uses machine learning approaches to
investigate the effects of green technology innovation on the energy
transition process. The research aims to shed light on the value of green
technology innovation in fostering a sustainable energy transition and to
evaluate how green technology innovation has affected China’s energy
transition process.To accomplish these goals, the research examines the
influence of green technology innovation on the energy transition using
panel data from China covering the years 2005–2020. The development
of green technology innovation has significantly impacted various sec­
tors, including energy transition, with machine learning being a prom­
ising tool for assessing the progress made in this area. Machine learning
can aid in the evaluation of energy transition initiatives, including the
identification of optimal solutions for enhancing energy efficiency and
reducing greenhouse gas emissions. This can help identify areas where
improvements can be made, leading to more efficient energy use and
reduced carbon emissions.Secondly, machine learning algorithms can
facilitate the creation of predictive models that can help forecast future
energy demand and production, enabling energy providers to plan and
optimize energy supply accordingly. This is particularly important for
renewable energy sources, which can be variable and harder to predict
than traditional fossil fuel sources.Thirdly, machine learning can enable
the development of intelligent control systems that can help regulate
energy consumption in real-time, adjusting energy use according to the
available supply and demand. This can help reduce energy waste and
enhance the stability of energy grids. The results of this research have
significant ramifications for Chinese authorities and corporations. The
report emphasizes the need for increased investment in green technol­
ogy innovation to support the transition to sustainable energy. A helpful
tool for evaluating the influence of green technology innovation on the
energy transition process is also made available by applying machine
learning methods, which can be used to guide corporate and policy
choices that support a sustainable energy transition.
2. Literature review
The development of green technology innovation is essential for
achieving a more sustainable future, and machine learning is emerging
as a powerful tool for assessing progress in this area [9].have highlighted
the importance of technology in enabling the transition to a low-carbon
economy and supporting sustainable development. One study by
Ref. [10]investigated the role of blockchain technology in promoting
green finance. The authors found that blockchain technology can
66
Renewable Energy 214 (2023) 65–73
provide a secure and transparent platform for carbon trading and other
sustainable financial transactions, enabling the development of inno­
vative financial products and services that support sustainable
development.
Another study by Ref. [11]examined the impact of fintech on green
finance. The authors found that fintech solutions, such as peer-to-peer
lending platforms and mobile payments, can facilitate the develop­
ment of green finance by improving access to financial services and
increasing the efficiency of financial transactions. Moreover, technology
can also play a critical role in promoting green economic recovery. A
study by Ref. [12]investigated the potential of renewable energy tech­
nologies in driving economic growth and reducing greenhouse gas
emissions. The authors found that renewable energy technologies, such
as solar and wind power, can create new job opportunities and
contribute to the development of sustainable economic systems.
Furthermore, the development of energy-efficient technologies and
green transportation can also support the transition to a low-carbon
economy. A study by Ref. [13]explored the potential of smart grid
technology in promoting energy efficiency and reducing greenhouse gas
emissions. The authors found that smart grid technology can optimize
energy systems and enable the integration of renewable energy sources,
contributing to the development of sustainable economic systems.
Despite the potential benefits of technology in promoting green
finance and green economic recovery, several challenges remain. A
study by Ref. [14]highlighted the need for investment in technology
infrastructure, particularly in developing countries, to support the
deployment of green technologies. Additionally, the lack of standardi­
zation and harmonization in green finance regulations and standards
can hinder the development and adoption of new technology solutions.
- [15] have highlighted the potential of machine learning in
enhancing energy efficiency and reducing greenhouse gas emissions. For
example, machine learning algorithms have been used to identify pat­
terns in energy consumption and predict energy demand, enabling en­
ergy providers to optimize supply and reduce waste. Additionally,
machine learning can help assess the effectiveness of energy transition
initiatives, such as the deployment of renewable energy sources,
through the analysis of data from sensors, smart meters, and energy
monitoring systems. The development of technology is a crucial factor in
the promotion of green finance and green economic recovery. Green
finance encompasses financial products and services that support sus­
tainable development and the transition to a low-carbon economy.
Meanwhile, green economic recovery involves implementing sustain­
able policies to recover from economic downturns. Technology devel­
opment drives both green finance and green economic recovery, and
studies [16,17] have highlighted the importance of technology in these
areas.
In the context of green economic recovery, technology development
can also contribute to the development of sustainable and resilient
economic systems. For example, the use of artificial intelligence (AI) and
machine learning (ML) can help to optimize energy systems and increase
their efficiency, while the development of smart grid technology can
enable the integration of renewable energy sources into the power grid
[18]. These technologies can support the transition to a low-carbon
economy while also creating new job opportunities and driving eco­
nomic growth. One significant way in which technology can contribute
to green finance is by enabling the development of innovative financial
products and services that support sustainable development. For
example, blockchain technology can provide secure and transparent
carbon trading systems, while fintech solutions can facilitate the
development of peer-to-peer lending platforms for green investments.
Furthermore, technology can increase the efficiency and transparency of
green finance transactions, reducing costs and risks for investors.
Technology development can play a crucial role in enabling the transi­
tion to a green economy, as it can contribute to the development of
sustainable and innovative financial products and services. Moreover,
technology can enhance the efficiency and transparency of green finance
W. Chen et al.
transactions, reducing costs and risks for investors. At the same time,
green finance can support the development and deployment of new
technologies, creating new opportunities for innovation and economic
growth [19].
In addition to green finance, technology also plays an important role
in green economic recovery. The development of renewable energy
technologies, such as wind and solar power, can significantly reduce
carbon emissions and create new job opportunities in the green energy
sector. Advancements in energy-efficient technologies and green trans­
portation also contribute to the reduction of greenhouse gas emissions
and the overall sustainability of economic activities [20]. Green finance
refers to financial products and services that support sustainable
development and the transition to a low-carbon economy, while green
economic recovery involves the use of sustainable and environmentally
friendly policies to recover from economic downturns. Technology
development is a key driver of both green finance and green economic
recovery.
- [21] have highlighted the importance of technology development
in enabling the transition to a green economy. For example, the devel­
opment of renewable energy technologies, such as solar and wind
power, has led to significant reductions in carbon emissions and has
created new job opportunities in the green energy sector. Similarly,
advances in energy-efficient technologies and green transportation have
contributed to the reduction of greenhouse gas emissions and have
improved the overall sustainability of economic activities.The role of
technology in green finance is also significant. Technology can enable
the development of innovative financial products and services that
support sustainable development. For example, blockchain technology
can be used to develop transparent and secure carbon trading systems,
while fintech solutions can facilitate the development of peer-to-peer
lending platforms for green investments. Additionally, technology can
be used to enhance the efficiency and transparency of green finance
transactions, reducing costs and risks for investors [22].
Several challenges remain in the use of machine learning for energy
transition assessment. One of the main challenges is the lack of stan­
dardized data formats and data quality, which can affect the accuracy of
machine learning models. Additionally, privacy concerns related to the
collection and processing of personal data from energy consumers must
be addressed to ensure the ethical use of machine learning in this
context.Another area of research is the development of intelligent con­
trol systems that can adjust energy use in real-time based on supply and
demand. These systems use machine learning algorithms to predict en­
ergy demand and optimize energy use, leading to reduced energy waste
and improved energy grid stability. However, the implementation of
such systems requires significant investment in infrastructure and
technology, as well as policy support to encourage the adoption of green
technologies.Overall, the literature suggests that the integration of
machine learning in green technology innovation and energy transition
has significant potential. In conclusion, the literature suggests that
technology development plays a critical role in promoting green finance
and green economic recovery. Blockchain technology, fintech solutions,
renewable energy technologies, smart grid technology, and energy-
efficient technologies can all contribute to the development of sustain­
able and resilient economic systems. However, challenges such as in­
vestment in technology infrastructure and regulatory standardization
must be addressed to ensure the effective and ethical use of technology
in these areas.
3. Methodology
The invention involves testing and implementing new concepts,
methods, materials, designs, or services [23]. [24]have suggested that
development can be defined in various ways, such as styling. Thus far,
small businesses have significantly emphasized intellectual capital [25].
Accessing external information from various sites and actors is made
possible by knowledge creation [26]. Innovations produced by
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Renewable Energy 214 (2023) 65–73
technology and employees significantly impact the link between
sense-making and the advancement of technologies realized in enter­
prises [27]. While it is commonly recognized that technological differ­
ences lead to creative competitiveness, professionals, for example, need
to improve their abilities connected to process and product open inno­
vation [28]. Employees exposed to brand-new information that allows
for more omnidirectional outcomes should exhibit more inventive
conduct, given the recent androgynous research showing how HRM
methods that concentrate on enhancing abilities and skills can spur new
ideas. Furthermore, as this research examines how the cloud may help
K-AMB innovate, we can predict that as workers grow more comfortable
with K-AMB procedures, more signs of technology acceptance and
incorporation will help create K-AMB creativity and boost the quality of
the workforce.
4. Results
4.1. Theoretical background
Based on the above debate, we provide a multivariate approach
concerning the work of previous scholars to further assess the potential
impact of financial development, green technology innovation, green
economic growth, and industrialization on energy intensity and further
assess the potential impact of financial development, green technology
innovation, green economic growth, and industrialization on energy
intensity. The Altman Z-score is a statistical formula that uses multiple
financial ratios to measure the financial health of a company. The for­
mula is used to predict the probability of a company going bankrupt
within the next two years.
Guarantee,it = f (GDPit , LEVit , ROAit , Sizeit ) (1)
The variables used in the formula are.
GDPit : Gross Domestic Product, which is the total value of goods and
services produced by a country in a given period.
LEVit : leverage, which measures the company’s debt level in relation
to its assets.
ROAit : return on assets, which measures the company’s profitability
in relation to its assets.
Sizeit : the size of the company, typically measured by its market
capitalization.
The Altman Z-score was developed by Edward Altman in 1968 as a
way to predict the likelihood of corporate bankruptcy. The Z-score is
calculated using multiple financial ratios that have been found to be
predictive of bankruptcy. The model was originally developed for
manufacturing companies, but it has since been adapted for use in other
industries.The resulting score is then used to classify companies as either
safe (Z-score >2.99), grey (Z-score between 1.81 and 2.99), or distressed
(Z-score <1.81). The Altman Z-score has been widely used in financial
analysis and has been found to be a reliable predictor of corporate
bankruptcy. However, it is important to note that the Z-score is not a
perfect predictor and should be used in conjunction with other financial
and non-financial factors when making investment decisions.where is
represented by t and I in equation.
4.2. Determinants of energy transition
Energy transition may be influenced by various variables including
the epidemic, currency depreciation, and some of the world’s features.
In this section, we examine these variables in further detail and their
influence on the epidemic situation. Starting with the role of the
epidemic, we next looked at other variables that may have contributed
to the epidemic. Array OLS without time and region explanatory vari­
ables is used in calculation (1) to estimate:
W. Chen et al. Renewable Energy 214 (2023) 65–73

Yitj α + βXitj + θZtj + ρt + δt + εitj (2) robustness of the results. Table 1 provides details on the variables
included in the analysis, including their measurement and source.
Components of the probability of default include Yitj, which is the
aggregate indication for insolvency risk for company I in nation J; City,
5. Results and discussion
which is the unique feature of firm I in year T at state J; and Zij, which is
the environmental variable in year T in country J. The wrong word is
The primary objective of this study is to provide a novel balanced
’itj.’ We started with a minimal number of confounders and gradually
method for renewable energy technologies (RETs) making investments.
expanded the number of variables in our requirements.
Based on these criteria, RER-receiving nations are ranked from least to
Scholarship [29] shows that Chinese individuals will likely regard
most risky regarding potential investment returns on RETs. Thus, na­
various partnerships with varying social transfer norms. According to
tions are ranked according to how favorable they are for RET in­
the Chinese business circle hypothesis, a focused person’s attitude varies
vestments, including electricity generation, solar PV, hydropower, and
depending on the group to which they belong. Family relationships are
bioenergy. In the preceding section, we went through the methodology
pragmatic [30]. All team members are obligated to provide for each
development process in detail. As such, the outcomes of using the hybrid
other’s safety under all circumstances [20], and they do this without
technique for making decisions in four different LEV (power generation,
expecting anything in return. Acts motivated only by personal gain were
solar PV, hydroelectric, and bioenergy) in the aforementioned counties
looked down upon and discouraged in this group. Accordingly, in­
are presented below. Subsequently, the effects of LEV, Size, ROA, and
dividuals are less inclined to disobey rules when engaging with their
Growth were estimated using three different approximations, and their
relatives. Regarding CKYS, it might be challenging for client enterprises
relative long-run values are provided (Table 2). The results show that,
to promote Chinese relatives.
for each model, a 1% shift in ROA causes a corresponding shift of 0.124,
According to social constructionism, intimate partnerships with
0.052, and 0.093 in carbon emissions at the 5% significance level when
corporations may lead to role stress owing to mismatched aspirations on
all other variables and socioeconomic conditions remain the same.
both sides of the interaction [31]. In contrast to corporate connections,
Although the increased efficiency of the financial system is a positive
which are more likely to entail self-serving motivations, personal part­
result of how financial technology has reshaped economies worldwide,
nerships tend to promote an inwardly focused mindset [32]. The sig­
its adverse effects on the natural world cannot be overlooked. We also
nificant benefits of alliances are diminished because of the conflicts
examined prior research investigating the potential for a direct link
between personal and commercial roles. If one continues to act selfishly,
between LEV and ROA. For instance, state that the ML epicenter in China
it is only natural for individuals to start to speak out against them. If
is powered mainly by electricity from coal used for Bitcoin mining,
client businesspeople repeatedly advocate items to their close family
members, members of the extended family may feel exploited and begin
to question their place in the connection [33]. The perspectives and Table 2
Determinants of insolvency risk.
impressions of other consumer enterprises’ general consumers were also
gleaned from discussions with them. Some respondents said they would Model 1 Model 2 Model 3 Model 4
test a business in exchange. However, they would not purchase directly Onset of the 0.249*** 0.276*** 0.265*** 0.186***
from all consumer businessmen who are relatives. pandemic (0.121) (0.221) (0.121) (0.034)
∑ Pandemic 0.541*** 0.759*** 0.728*** 0.567***
TFPit = α0 + βτ ⋅Guaranteeiτ + γ⋅Xit + θ⋅Xkt + δt + δf + ϵit (3) (0.6521) (0.121) (0.121) (0.081)
# Employees < 0.178*** 0.135*** 0.129***
The equation provided appears to be a panel data regression model 10 (0.816) (0.116) (0.036)
10 < # 0.024 − 0.202 − 0.012
with the dependent variable TFP (total factor productivity) and several
Employees < (0.113) (0.113) (0.033)
independent variables, including guarantees, Xkt and time and fixed 50
effects. In addition to considering these factors, it would be important to Turnover < 2 0.257*** 0.220*** 0.216***
interpret the results in the context of the research question and the (0.116) (0.117) (0.027)
broader literature on TFP and its determinants. Overall, providing a 2 < Turnover < 0.042*** 0.069*** 0.078***
10 (0.113) (0.114) (0.024)
critical argument of the coefficient results requires a careful consider­
Exporting firm − 0.168*** − 0.058***
ation of the underlying assumptions, the statistical significance and (0.109) (0.019)
magnitude of the coefficients, and the theoretical plausibility and Subsidiary 0.034* 0.025*
(0.113) (0.023)
Public Firm 0.037 0.046
Table 1 (0.538) (0.038)
Variables details. Venture Capital − 0.130 − 0.059
(0.352) (0.042)
Title and Measurement Source Construction − 0.123 − 0.033
abbreviation (0.115) (0.025)
Guarantee Binary variable (1 if firm has a China National Bureau Services 0.038 0.017
guarantee, 0 otherwise) of Statistics (0.012) (0.083)
Size Natural logarithm of total assets in China National Bureau Trade − 0.021* − 0.040*
millions of local currency of Statistics (0.011) (0.031)
LEV Total liabilities divided by total China National Bureau GDP growth − 0.074***
assets of Statistics (0.019)
ROA Net income divided by total assets China National Bureau Inflation 0.056***
of Statistics (0.022)
Export Binary variable (1 if firm exports, China National Bureau Constant − 0.112*** − 0.261*** − 0.218*** − 0.236***
0 otherwise) of Statistics (0.016) (0.018) (0.022) (0.033)
Growth The annual percentage change in China National Bureau R2 10.4% 12.5% 12.7% 12.5%
total assets of Statistics Sample size 52,775 52,475 52,575 52,375
Findev_1 An index of financial development China Economic Time fixed ✓ ✓ ✓ ✓
Information Network effects
Findev_2 An index of financial development China Economic Country fixed ✓ ✓ ✓ ✓
Information Network effects
GDP growth The annual percentage change in China National Bureau
Note: *indicates statistical significance at the 0.05 level, ** indicates signifi­
real GDP of Statistics
cance at the 0.01 level, and *** indicates significance at the 0.001 level.

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W. Chen et al. Renewable Energy 214 (2023) 65–73

which would inevitably lead to environmental damage if the practice is with 50% reliability was completely arbitrary. This implies that infor­
not curtailed. In addition, as stated by, another study showed that most mation is simply categorized as random, without any investigation or
of the energy utilized for Bitcoin mining originates from coal and ther­ process. The classification is reliable, provided the prediction accuracy
mal plants, leading to increased carbon dioxide emissions. Pollution, exceeds 51%. Conversely, a lower MSE indicated a more successful
climate change, and rising mortality rates can be traced back to these prediction model. The R-squared value is an additional metric for
problems. As the extraction of many ROA depends on energy from non- defining a prediction model’s effectiveness (R2). When R-squared is
renewable sources, the resulting adverse ecological effects, such as an positive, it indicates that the observed and anticipated values are closely
increase in LEV, cannot be ignored. correlated or that the predictive algorithm provides a good match. The
Table 3 reports the baseline regression results of the dependent accuracy of the prediction model was measured in terms of these factors.
variable TFP_OP on several explanatory variables. The table presents These factors are immediately affected by the model parameters used in
three different regression models (labeled as (1), (2), and (3)), each with the machine learning algorithms to create a predictive model in Fig. 1.
a different set of independent variables. All the learning algorithms used in the hybrid algorithm were executed
The first set of independent variables includes guarantee, size, LEV, with a list of the relevant model parameters for each optimization
ROA, export, growth, and Findev_1. The coefficient estimates indicate technique as a vulnerability analysis to determine the optimal hyper-
that guarantee is positively and significantly related to TFP_OP, as its parameters. Hyperparameters were assessed using the parameters used
coefficient is positive and statistically significant at the 5% level in all to determine the algorithm for each ML method. Optimal hyper­
three models. Size, on the other hand, is negatively related to TFP_OP, parameters avoid generalization errors and lead to a low MSE, good
and its coefficient is statistically significant at the 1% level in the first precision, and high R2 value.
model and at the 5% level in the second model. LEV has a positive and Fig. 1 shows the system parameters for each ML method and
significant relationship with TFP_OP in both the first and second models, collection after a vulnerability analysis was conducted. Using three es­
and ROA is also positively related to TFP_OP and statistically significant timators on three datasets, performed best for AB and four estimation
at the 1% level in both models. Export and growth have positive and methods on the bioenergy technologies dataset. All RET samples had the
statistically significant coefficients in all three models, whereas Findev_1 same ANN network parameters, with ’lbfgs’ as the solver technique and
has a non-significant coefficient. performance, and ensuring the order of. The hidden layer counts of the
The second set of independent variables includes size and Findev_2. electricity generation, photovoltaics, hydroelectric, and bioenergy
In this case, size has a negative and significant relationship with TFP_OP, technology databases were set to 41, 22, 36, and 29, respectively. There
while Findev_2 has a positive but non-significant relationship.The third are two determining factors for DT algorithms: entropy and Gini, with
set of independent variables includes GDP_growth as an additional Gini demonstrating superior performance across the board. According to
control variable. The coefficient estimate of GDP_growth is negative and the data, the optimal tree heights were 5 m, 19 m, and 8. The LR solution
statistically significant at the 1% level. All models include fixed effects uses the same ’lbfgs’ procedure as the ANN solver. For all datasets, ’l2’
for firm and month-by-year. The R-squared values of the models range was used as the compensation methodology or batch normalization
from 0.905 to 0.976, indicating that the models explain a large pro­ procedure for LR, and the figure shows that the values calculated for the
portion of the variation in the dependent variable. The number of ob­ batch normalization parameters were 21, 61, 49, and 21. In k-NN, we
servations varies slightly across the models due to missing data. only looked at one hyperparameter: the number of clusters was identical
The precision with which a classification model executes is measured for the wind power and solar PV technology databases. Three and five
using a metric called "precision." Measured against the total number of companions were identified by parameter estimation for the hydro­
specimens used to evaluate the models, reliability was defined as the electric and bioenergy technology datasets, respectively. Because this
percentage of observations that were correctly labeled. A classification sensitivity study only allowed for the variation of the GNB’s greatest set
of parameters, the results measured for each sample are tabulated
Table 3 below. The number of estimation techniques or DTs specified in the RF
Baseline results. was added to the identical input parameters of the DT. For all the large
datasets, ’gini’ was used as the RF criterion. In the table below, we can
TFP_OP
see the maximum count of DT and their greatest depth. The SVM
(1) (2) (3) method, the last ML algorithm, has undergone a vulnerability analysis to
Guarantee 0.045** 0.043** 0.053** determine the optimal parameters of the model that prevent overfitting.
(0.029) (0.120) (0.030) For these large datasets, the kernel function worked best with this
Size − 0.084*** − 0.024***
approach. Wind power, solar PV, hydropower, and biomass technologies
(0.020) (0.040)
LEV 0.052** 0.052** statistics all had unique linearization terms assigned to the values of 33,
(0.039) (0.018) 46, 40, and 41, respectively. Below, we provide and discuss the visual
ROA 1.477*** 1.481*** representations of the sensitivity analysis findings with each RET dataset
(0.198) (0.177)
as their model parameters are modified, as presented in Table 4.
Export 0.019 0.018
(0.053) (0.012)
Growth 0.145*** 0.144***
(0.022) (0.032)
Findev_1 0.027
(0.028)
Findev_2 0.817
(1.231)
GDP_growth − 0.012
(0.012)
Constant 4.093*** 4.322*** 4.264***
(0.004) (0.129) (0.139)
Month × Year FE Yes Yes Yes
Firm FE Yes Yes Yes
Observations 193,697 193,687 193,685
R2 0.905 0.976 0.943

Note: *indicates statistical significance at the 0.05 level, ** indicates signifi­

cance at the 0.01 level, and *** indicates significance at the 0.001 level. Fig. 1. Energy transition modeling scenario under ML/AI across the border.

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W. Chen et al. Renewable Energy 214 (2023) 65–73

Table 4 electricity generated by renewables must be less than that of pricing in

Regressions analysis. the renewable energy sector [34]. Power price volatility leads to un­
TFP_OP TFP_OP TFP_OP TFP_LP certainty when making investment strategies and directly impacts the
returns on investments (ROI) realized from producing electricity using
(1) (2) (3) (4)
ROA. As a result, small investors off deciding how to allocate their
Guarantee 0.042** 0.027* 0.042** 0.037** capital to ROA. A promising addressable market and minimal volatility
(0.038) (0.024) (0.015) (0.014)
Size − 0.020 − 0.078***
in the price of energy are, however, the most crucial aspects for the
(0.016) (0.013) decision-making in the deployment of ROA. Even so, authorities pro­
LEV 0.061** 0.032* vided incentives to entice investors to contribute to GDP. Renewable
(0.026) (0.016) power producers, for illustration, have studied suitable surcharges to
ROA 1.575*** 1.621***
increase the shareholders’ readiness to invest their resources in the
(0.273) (0.257)
Export − 0.011 0.045*** RETs.
(0.017) (0.022) In the long run, we continue to research the impact of RET, LEV,
Growth 0.188*** 0.174*** ROA, and Growth over the three quantile bands [35]. Table 5 presents
(0.013) (0.024) the findings. Our results reveal a progressive increase in the impact of
Findev_1 0.027 0.057
(0.047) (0.055)
financial technology from lower-to higher-order quantiles, with values
Findev_2 − 1.027 0.682 ranging from 0.213 to 0.49. This shows that RET is responsible for
(1.277) (1.548) ecological harm in the form of carbon emissions across all quantiles in
GDP_growth 0.003 − 0.014 the MMQR assessment. However, the extent of the effect varies among
(0.005) (0.005)
the quantiles. In particular, lower-order quantiles indicate little to no
Constant − 0.020 − 0.018***
(0.016) (0.022) change in carbon emissions, whereas higher-order quantiles support a
Month × Year FE Yes Yes Yes Yes more significant than average increase in the LEV. This indicates that the
Firm FE Yes Yes Yes Yes contribution of ROA to ecological contamination, such as LEV, has
Observations 193,695 142,523 83,751 197,192 grown substantially as quantiles have risen. Several types of ROA are
R2 0.907 0.902 0.924 0.925
directly linked to LEV, which is supported by the existing evidence in
Note: *indicates statistical significance at the 0.05 level, ** indicates signifi­ Fig. 2.
cance at the 0.01 level, and *** indicates significance at the 0.001 level. Examples such as [36] support the claim that cryptocurrency mining
relies heavily on using large amounts of energy. They examined the
The approach for selecting the features is called ridges extraction. per-coin economic impacts of air pollution emissions caused by ROA
Each feature’s impact on a predictive model is quantified by a variable mining, focusing on Chinese economies. The data show that for every
provided by this method in this case, the ridge method was used to dollar of value produced by ML, human health and the ecosystem suf­
evaluate all of the characteristics in the test classifiers and rank them in fered losses of $0.49 in China. The goal is to place a price tag on the
order of efficacy. The gradient coefficient of determination for the energy and pollution caused by cryptocurrency mining. They claimed
generated characteristics is shown in Table 5. In addition, a graphical
depiction of the four ROA datasets is presented in to aid in the
comprehension of these findings. The most significant aspect of a dataset
is the one whose coefficient measure is the highest. For instance, power
production from LEV is the most significant and useful aspect of all four
ROA. As was previously established, the value of the market for a
particular LEV may be inferred from the amount of sustainable power it
produces. The size of the economy for sustainable energy that is directly
tied to a specific ROA guarantees a successful future for that ROA
development, and growing the marketplace progressively reduces the
project’s price tag. To rephrase, a large market for the power produced
by a LEV indicates substantial profit margins for that electrical. Market
confidence in purchasing LEV is ensured by the magnitude of their
respective markets. As can be seen in the chart, GDP is the third most
crucial factor for LEV investing. To generate a profit, the cost of Fig. 2. Regression analysis under SML.

Table 5
TFP differential between “Right” and other insolvent firms.
Dependent variable: (1) (2) (3) (4) (5) (6)

TFP TFP TFP TFP TFP TFP

“Right” Firm Dummy 0.265*** 0.282*** 0.352*** 0.256*** 0.275*** 0.338***

(0.004) (0.004) (0.105) (0.013) (0.033) (0.004)
Observations 92,887 92,866 92,768 92,457 92,842 92,866
R-squared 0.866 0.842 0.555 0.862 0.848 0.553
Fixed effects:
Country Yes Yes Yes No No No
4-digit sector Yes No No No No No
2-digit sector No Yes No No No No
1-digit sector No No Yes No No No
Country-SEC4 No No No Yes No No
Country-SEC2 No No No No Yes No
Country-SEC1 No No No No No Yes

Note: *indicates statistical significance at the 0.05 level, ** indicates significance at the 0.01 level, and *** indicates significance at the 0.001 level.

70
W. Chen et al.
that mining for digital currency consumes more energy than mining for
traditional commodities.
IRF is the third most essential characteristic for renewable power
investment projects, whereas it is the fourth most essential element for
the other RETs datasets. It is safe to state that the operation and main­
tenance expenses for wind farms are high. Health coverage and labor
expenses are only a few examples of how the O&M budget might fluc­
tuate with the level of inflation. Although these expenses exist, they are
negligible and may be disregarded. Furthermore, the danger of hyper­
inflation is low and minimal compared to the risk of energy production
from offshore wind and energy pricing [37]. As a result, financiers do
not want any macroeconomic variable fluctuations that might threaten
the profits from RETs projects [38]EDF is the third major component of
solar PV, hydroelectric, and biofuel production technologies. Both the
IRF and EPF have fewer effects on solar PV technologies than manage­
ment, and EPF does. The data show that solar PV has the lowest total
project cost of all RETs currently in use. This means that the risk of
hyperinflation has a modest proportion to the investment in photovol­
taic devices and that solar energy is a suitable option for power pro­
duction from RETs, especially in small-scale scenarios. EDF is the third
aspect in terms of effectiveness in hydropower and biomass technolo­
gies, and it specifies the risk of energy production from RETs. In­
vestments in hydroelectric and biofuel innovation are two RETs that
require thorough evaluation because of the complexity of their respec­
tive development processes in Table 5. Placement of a bioenergy and
hydroelectric plant requires substantial investment in time and re­
sources. There is a need and possibility for both of these sustainable
energies, both of which should be considered in investment decisions.
The classification model of the combination methodology is most sen­
sitive to changes in the ground reaction force and CEF but not to the
other four characteristics.
Financing shortages are compensated for by potential financing,
Fig. 3 shows that stability measures are deteriorating before Covid-19
[39]. The proportion of indebtedness has moved towards the right,
with the majority of the move occurring among companies with horrible
economic standing before the epidemic. Thus, although the average
enterprises’ typical debt-to-equity ratio remained consistent at 23%
during the outbreak, sick firms’ increased from 21 to 11% after it
occurred.
In contrast to the preceding debate, however [40],also contend that
economic innovations have a beneficial influence as they aid in the fight
against climate change by bolstering renewable energy. There is also a
significant challenge posed by the need for readily available data to
develop models. Although large amounts of training data are often
necessary for developing ML-based models, running tests may be
Fig. 3. Energy transition under different carbon emission regions by SML.
71
Renewable Energy 214 (2023) 65–73
time-consuming and costly [41]. have culled experimental data from
many published sources [42]. Unfortunately, there are variations in how
data is reported, making this process complicated and future compari­
sons difficult. The balance a model strikes between generalization and
prediction accuracy is also influenced by exposure to the training data.
5.1. Discussion
This study used panel data analysis and machine learning approaches
to examine the effects of green technology innovation on China’s energy
transition process. The research discovered that the energy transition
process in China benefits from investments in green technology inno­
vation, as shown by R&D expenses and patent filings. This aligns with
other studies [43] highlighting the significance of green technology
innovation in fostering sustainable energy transition.
This study’s results align with other research that has stressed the
significance of green technology innovation in fostering the transition to
sustainable energy. For instance, research by Ref. [43] discovered that
funding green technology innovation had a favorable effect on Korea’s
energy transition process. Similarly [44], research found that China’s
efforts to reduce carbon emissions benefit from investments in green
technology innovation. This study [44] evaluated the influence of green
technology innovation on the energy transition process by applying
machine learning methods. The study’s conclusions imply that machine
learning methods may pinpoint intricate correlations between many
factors, which can guide governmental choices and commercial plans to
advance a sustainable energy transition. This aligns with other studies
[45]showing the promise of machine-learning approaches in environ­
mental and energy-related research. The research results further high­
light the significance of stakeholder cooperation in fostering green
technology innovation and the transition to sustainable energy. The
study’s findings imply that cooperation between governmental, com­
mercial, and academic entities may speed up the creation and adoption
of new green technologies. This aligns with another study that stressed
the need for a team effort to solve environmental and energy-related
problems.
This study’s use of machine learning methods offers a valuable tool
for evaluating the influence of green technology innovation on the en­
ergy transition procedure. Due to their capacity to manage enormous
datasets and recognize complicated patterns, machine learning methods
have become increasingly prevalent in environmental and energy-
related research [46]. The link between green technology innovation
and the energy transition process was examined using machine learning
methods, which may help guide corporate and governmental choices to
foster a sustainable energy transition. The results of this research further
emphasize how crucial stakeholder cooperation is in fostering green
technology innovation and the transition to sustainable energy. This is in
line with another study [47] that stressed the need for teamwork when
tackling environmental and energy issues. Collaboration between the
Chinese government, private sector, and academic institutions is
essential for advancing green technology innovation and transitioning to
sustainable energy. Additionally, the geographical variations in the pace
of green technology innovation and the transition to sustainable energy
sources shown by this research underline the need for specific policies
and activities to support these trends in various parts of China. This
aligns with other studies [48], highlighting the significance of adapting
policies and initiatives to local settings and requirements. When devel­
oping policies and efforts to support green technology innovation and
the transition to sustainable energy sources, policymakers must consider
each area’s distinctive qualities and difficulties. Finally, the study’s
discovery of a positive correlation between green technology innovation
and economic growth emphasizes the possibility for green technology
innovation to support both environmental sustainability and economic
progress. This aligns with other studies [49]which highlighted the po­
tential of green growth techniques to advance both environmental sus­
tainability and economic development. The results of this study provide
W. Chen et al.
important light on how green technology innovation might support the
transition to sustainable energy in China.
6. Conclusions and policy implications
The influence of green technology innovation on the energy transi­
tion process was investigated using China panel data covering 2005 to
2020. According to the panel data analysis and machine learning tech­
niques’ findings, China’s transition to a sustainable energy supply may
be aided by investments in green technology innovation, as shown by
R&D spending and patent filings.
Several significant findings have been drawn based on this work’s
panel data analysis and machine learning methods. First, this study
discovered that the energy transition process in China benefits from
investments in green technology innovation, as shown by R&D expenses
and patent filings. Second, the research emphasized the value of coop­
eration among many stakeholders, including governments, corpora­
tions, and academic institutions, in fostering green technology
innovation and the transition to sustainable energy. Thirdly, the report
stressed the need for more investment in green technology innovation to
support China’s transition to a sustainable energy economy. Fourthly,
the research discovered that machine learning methods provide a
valuable tool for evaluating the influence of green technology innova­
tion on the energy transition process. This tool may guide corporate
strategies and regulatory choices targeted at supporting the sustainable
energy transition. Fifthly, the research adds to the expanding body of
literature on green technology innovation and sustainable energy tran­
sition and offers insightful information on how green technology inno­
vation supports China’s transition to sustainable energy. Sixth, this
study discovered that the short-term importance of green technology
innovation on the energy transition process is greater than the long-term
effect. This emphasizes the significance of ongoing investments in
developing green technologies for long-term gains in the energy tran­
sition process.Seventhly, the research discovered regional variations in
China’s adoption of green technologies and the transition to clean en­
ergy. This underlines the need for focused policies and actions to support
green technology innovation and the transition to sustainable energy in
various parts of the nation.The research discovered that sectors with
higher energy consumption levels had a more favorable influence from
green technology innovation on the energy transition process. This
shows that to speed up the energy transition process; more efforts should
be made to stimulate green technology innovation in high-energy con­
sumption businesses.
This study discovered, ninthly, that green technology innovation and
economic development in China had a significant beneficial link.
Investing in the development of green technologies may both support
the transition to a sustainable energy source and boost the economy. The
results of this research have significant ramifications for Chinese au­
thorities and corporations. The report underlines the need for increased
investment in green technology innovation to support the transition to
sustainable energy. A helpful tool for evaluating the influence of green
technology innovation on the energy transition process is also made
available by applying machine learning methods, which can be used to
guide corporate and policy choices that support a sustainable energy
transition.
The results of this study underline the significance of green tech­
nology innovation as a method of fostering the transition to a sustain­
able energy source in light of the rising concern about climate change
and the need to lower greenhouse gas emissions. The research empha­
sizes the potential of machine learning approaches in evaluating the
influence of green technology innovation on the energy transition pro­
cess. It may guide corporate strategies and regulatory choices to pro­
mote sustainable energy transition in China and elsewhere.
72
Renewable Energy 214 (2023) 65–73
Declaration of competing interest
The authors declare that they have no known competing financial
interests or personal relationships that could have appeared to influence
the work reported in this paper.
Data availability
Data will be made available on request.
Acknowledgments
The authors gratefully acknowledge the support provided by the
Jiangxi Social Science Foundation (Grant No. 21YJ36).
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