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Article

Investigating Green Financing Factors to Entice Private Sector Investment in Renewables via Digital Media: Energy Efficiency and Sustainable Development in the Post-COVID-19 Era

by
Muhammad Waqas Rana
1,2,*,
Sufang Zhang
1,3,
Shahid Ali
1 and
Iqra Hamid
2
1
School of Economics and Management, North China Electric Power University, Beijing 102206, China
2
Department of Mass Communication, Superior University, Lahore 54000, Pakistan
3
Institute for Low Carbon Economy and Trade, North China Electric Power University, Beijing 102206, China
*
Author to whom correspondence should be addressed.
Sustainability 2022, 14(20), 13119; https://doi.org/10.3390/su142013119
Submission received: 7 August 2022 / Revised: 8 September 2022 / Accepted: 13 September 2022 / Published: 13 October 2022
(This article belongs to the Section Energy Sustainability)
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Abstract

:
Funding for developing-country investments in renewable energy sources has been considered an essential factor for sustainable development after COVID-19. Solar energy investments can be very beneficial in reducing fossil fuel usage. A poll of investors, stakeholders, industry experts, and media personalities in Pakistan was used to gather data for this study, which examines individual investors’ intentions to invest in solar energy. This study’s primary objective is to enhance investment intention connected with investment in solar energy projects after COVID-19. Investing in solar power projects in the post-COVID-19 period is the focus of this study. To evaluate the study’s hypotheses, we used partial least squares structural equation modeling (PLS-SEM). We used the purposive sampling technique for data collection in this study. The findings show that attitudes, subjective norms, perceived investment attitudes, and evaluations of the regulatory framework influence one’s willingness to invest in renewable energy initiatives. The study identified a correlation between environmental concern, financial rewards, and investing behavior. Investors’ desire to make these kinds of investments was found to be unaffected by risk aversion. According to the data, regulatory framework evaluation is the most significant determinant. Previous research that looked at investment behavior or other forms of pro-environmental intention or behavior came to different conclusions. In addition, this study examined how the theory of planned behavior (TPB) influences investors’ intentions to invest in solar energy by evaluating the regulatory environment. The study results show that people’s attitudes and perceptions of energy efficiency indirectly impact their willingness to invest in solar power. Subjective norms do not influence investors’ plans to put money into solar energy. Policymakers will benefit from this study’s realistic advice on how to increase solar energy investments.

1. Introduction

The worldwide economic and trade configuration has been seriously affected due to the outbreak of COVID-19 in 2020 [1]. COVID-19 caused an energy crisis that directly affected the energy sector and brought severe challenges to production, consumption, and energy supply [2]. The average weekly energy demand in countries with a full lockdown decreased by 25% in April 2020, while countries with a partial lockdown decreased by 18% [3]. The geopolitical instability of energy has increased in the post-COVID-19 era, due to increasing worldwide energy market relations [4]. Local and foreign investors are not sure about the pandemic and feel it is risky to invest in renewable energy (RE) in Pakistan during the COVID-19 era. In the post-COVID-19 period, at least 51 million Pakistanis, or 27% of the country’s entire population, lacked access to electricity, and half of the country’s population do not have access to safe cooking facilities [5].
The Ministry of Water and Power created Pakistan’s first Renewable Energy Policy in 2006, which envisions the inclusion of renewable energy in the country’s growth goals. In the sixteen years since the implementation of the first energy policy in 2006, Pakistan has generated only 3709 GWh of electricity from renewable sources. Customers are confronted by not only expensive electricity, but also by power outages, due to expensive electricity generation from imported furnace oil, RLNG, gas, other energy sources, technical faults in power plants, and other factors [6]. In 2021, according to the International Energy Agency (IEA), the economic recovery from the COVID-19 pandemic, together with extraordinary weather circumstances, resulted in an increase in electricity consumption of more than 6% [7]. However, under a strategy that includes reduced prices for solar systems, as well as tax incentives, the Pakistani government hopes to construct solar power projects totaling roughly 14,000 megawatts in 2022, as an alternative energy source to the expensive electricity generated using imported fuel [8].
This research explored green financing factors that may attract private sector investment in solar energy during and after the COVID-19 pandemic. In investing in the energy field, local investors are confused, due to the uncertain long-lasting situation of the pandemic. The relevant literature shows a positive impact of green technology strategies on the sustainable development of solar power projects. However, investors have assessed the COVID-19 pandemic situation, and many other factors do not support investing in solar energy ventures. Nevertheless, there is a high need for such investment in Pakistan. The overused energy due to household and commercial consumption during the COVID-19 lockdown in Pakistan required investment in new energy projects [9].
In the post-COVID-19 era, significant worldwide challenges and opportunities exist for an energy-transition roadmap, including green financing instruments, enhancing green recovery plans, and strengthening international cooperation [10]. However, in the post-COVID-19 era, renewable energy development and energy transition are significantly troubled and uncertain [11]. Legislation and regulations have been implemented worldwide to increase traditional energy consumption [12]. Although many energy policies express a hopeful future for the development of renewable energy [13], the energy sector has had to face unprecedented shock during the COVID-19 pandemic, obstructing the progress of energy transition [14].
The post-pandemic energy transition is a growing concern in developing RE [15]. On 11 March 2020, the World Health Organization (WHO) announced that the COVID-19 outbreak was a global pandemic; many countries took preventive measures to control this pandemic situation and restricted economic activities and travel to unprecedented levels [16]. The RE sector experienced severe and notable effects during the pandemic [17]. The investment structure of many countries was reshaped, due to health and medical expenditures, drawing funds from tax deductions and RE projects [18].
Because of inappropriate policies, Pakistan’s RE sector is now insufficient. The national economy cannot afford fossil fuel dependence. The government must establish a new energy economy involving the use of solar, wind, and biogas to reduce the energy crisis.
The solar energy potential of Pakistan is enormous. The country’s energy challenges can be addressed with the help of favorable legislative incentives, its huge market, its tropical geography, and its research facilities [19]. İn the post-COVID-19 era, the generation of solar energy in Pakistan faces policy issues in attracting private investors, including a prolonged developmental growth rate compared with other countries. Accordingly, different types of barriers are involved in the execution of solar power projects. Investing in solar projects has relatively low risk, but significant project financing is an important factor. The main barrier affecting solar projects at the beginning of the development stage is the policy barrier, but that initial barrier declines gradually, as does the technology barrier. The overall energy barriers themselves can affect investments in the mature stages of a project’s development, and gradually such barriers become the main uncertainty. Unless profit-making tactics are long-term, such projects can only be successful for a short period of time, according to previous studies [20].
The literature has generally argued that the COVID-19 pandemic has had negative consequences in minimizing the volume of capital investment in green energy financing projects [21]. Last year, the effect of COVID-19 reduced the investment volume in solar and wind energy by 28% and 4.9 GW, respectively [22]. The private sector is more active and reliable than the government in investing in environmental projects, due to economic activities involving analytical performance and social responsibilities [23,24]. RE and climate policies need to be restructured due to the circumstances of COVID-19 [25]. The power sector and many businesses involved in renewable energy, solar energy, and the production of sustainable energy have been affected by the COVID-19 pandemic [26]. The capital structure trade-off view has been consistent; businesses have faced dreadful operating disturbances, increased tensions in terms of financial flexibility, and increased capital cost [27]. Businesses are always conscious of and persistent in their capital structure policies, which are subject to macroeconomic shocks [28]. Pakistan faces a severe electricity shortage due to inappropriate energy policies, heavy dependency on fossil fuels, and negligence in utilizing resources [29].
Since the launch of Pakistan’s first renewable policy in 2006, only 3709 GWh of electricity have been generated from renewable sources, of which 1985 MW has come from wind energy, 600 MW has come from solar energy, and only 364 MW has come from bagasse power [7]; however, with the Pakistani government’s new energy strategy, instructions have been made to obtain electricity solely from solar energy. The government administration has devised a strategy to obtain 14,000 megawatts of solar energy in late 2022 [8].
The theory of planned behavior (TPB) served as the foundation for this investigation, which studied people’s intentions to invest in solar energy using digital media (IISEDM—Intention to Invest in Solar Energy using Digital Media). This study aimed to examine whether investment behavior and the COVID-19 investment factor had a moderating influence on IISEDM investors’ propensities to invest in solar energy via digital media and investment behavior. The theoretical foundations of TPB, which claim to have a considerable impact on perceived behavior and environmental control, are likewise consistent with the findings of this study. Our research shows that investor intentions to invest in solar energy through digital media are strongly influenced by descriptive norms, environmental perceptions, information publicity, personal lifestyles, and a projected investing mentality.
The solar energy sector faces some specific barriers. These barriers must be overcome for the production of effective and efficient megaprojects of solar power. The most significant barriers to the initial costs of solar energy projects can result in long-term monetary benefits for investors. This study modified the TPB model to better explain investment behavior with the help of the perception of energy efficiency (PEE). The current study model includes perceived investment attitude (PIA), perceived environment concern (PEC), perceived solar energy benefits (PSB), intention to invest in solar energy through digital media (IISESM), investment behavior (IB), and perceived COVID-19 investment factors (PC-19IF). The formulated suppositions were assessed by the partial least squares’ structural equation modeling (PLS-SEM). However, barriers are essential issues in developing solar energy in Pakistan. The empirical research was conducted by considering the views of stakeholders, industry experts, and investors in addressing these issues. Therefore, this study will answer the following questions to achieve significant investment in renewable energy and attract foreign direct investment by removing energy barriers: What policy and political barriers has the COVID-19 pandemic generated for projects connected with solar energy technology in Pakistan? What barriers have been assessed as the most important barriers by current and potential investors for significant investments in solar energy projects? Are these barriers differentiated on province and country levels, or according to post-pandemic investment characteristics themselves?
Policy and political barriers are identified as significant causes of concern for stakeholders and investors as they avoid large project investments in Pakistan’s solar energy sector. The main purpose of this research is to assess the barriers to implementing solar power projects.
Further, we discuss the theoretical background and the research hypotheses that are relevant to this study. We developed an in-depth literature assessment and conceptual model using TPB as the study’s theoretical underpinning. The research methodology section of this paper explains the research design and the data analysis, and the results describe the testing of the hypotheses. The discussion section of this paper explains the findings and implications. Finally, we provide our conclusions based on the study’s findings.

2. Theoretical Background

2.1. Theory of Planned Behavior, Perceived Investment Attitude, Perceived Environmental Concern, and Perceived Solar Energy Benefits

Many theories have been discussed to assess people’s behavior, with various theoretical frameworks applied by various researchers. The theory of planned behavior (TPB) helps us in assessing people’s behavior and links beliefs to behavior. TPB is a psychological theory that is extensively employed as a behavioral model. However, TPB has generally been adopted in healthcare and in estimating people’s behavior. This theory successfully examines people’s behavior, compared with other models [30]. Modern studies have widely discussed TPB in describing behavioral intentions and the development of people’s behavior [31]. By the end of 2021, TBP will have been applied approximately 93,300 times. The performance of specific activities, such as perceived investment attitudes, may be considered via TPB [32].
The worldwide COVID-19 pandemic influenced investment in renewable energy, especially in the solar energy sector. The global traveling restrictions caused a severe impact on the sustainable development of solar energy. The Pakistani government implemented a prevention policy due to the COVID-19 epidemic. A long-run parameter estimation disclosed that the stock prices of solar energy sources were negatively impacted by the COVID-19 epidemic [33]. The politics of sustainable energy are at a critical stage. Economic recovery is the main post-pandemic factor. The direction and form of the state itself are supportive factors [34].
Investors are conscious of and sensitive to investment losses and the stock markets are expected to reflect such concerns. However, investors’ panic has been so high during COVID-19 that they tended to imprudently sell their assets. While renewable energy development returned in Asia during COVID-19, the fossil fuel energy market of the US has had a significant influence on eastern and western Europe [35]. Various private investors changed their attitudes toward sustainable investing due to the COVID-19 crisis, and these changes affected the financial prosperity and sustainable development of many other sectors [36].
TPB is a reliable theory that indicates that investors are willing to invest in solar energy when they feel they have no severe investment risk in carrying out their investment behavior. Some private groups of investors who have professional skills and economic knowledge about future forecasting of solar energy investments are expected to build peoples’ intentions to invest in solar energy.
Perceived environmental concern (PEC) is people’s awareness of environmental issues and their dedication to removing these issues [37]. PEC’s eco-friendly environment concept expresses renewable energy investment behavior and focuses investment in the energy sector on safeguarding the environment [38,39]. The investment in solar energy was beneficial in eliminating the energy crisis and preventing environmental collapse during the COVID-19 pandemic. The concept of PEC significantly influenced investors’ IISE as a critical factor [40].
With an increasing share in the whole energy mix, renewable energy can play an important role in mitigating CO2 emissions [41]. Solar energy is an important and bottomless energy source that is CO2 emissions-free globally [42]. Investment behavior in solar energy projects positively affects the environment and mitigates CO2 emissions. İnvestors’ behavior and attitudes toward investing in renewable energy, especially in solar energy projects, can mitigate the energy crisis and protect the environment. The intention to invest in solar energy through social media (IISESM) can bring financial and environmental benefits. The environmental impact has a strong favorable influence on IISE. Solar energy systems have environmental ramifications, so proper precautional procedures and attention are required to implement them [43]. Solar energy generation raises health, environmental, and safety concerns, as do other energy sources [44]. While IB takes into account the influence of environmental regulation factors on, the PEC-supported variable was included to explore this sway on investors’ inclinations to invest in solar power.
Solar energy projects provide significant environmental protection and financial benefits [45]. Investment in solar energy systems, such as solar power, solar/thermal systems, and photovoltaics, offer significant environmental benefits when compared with conservative energy sources. Hence, such systems contribute to human financial activities [46].
İn this study, PSEB defined the investment benefits of solar energy in the post-COVID-19 era. The perceived benefits were associated with actual investments in solar energy and required a better understanding of technology and benefits [47]. The investment behavior of investors has a positive influence on IISESM. Solar energy provides numerous benefits for society, including economic development, public health, and environmental protection, and can arguably support grid operations [48].
Our study shows that investment in solar energy significantly impacts environmental protection and positively influences IB. A previous study proved that solar energy projects enhance sustainable economic development in the region [41]. Solar photovoltaic systems are supportive and helpful approaches that can de-carbonize the energy sector and reduce climate change, health impacts, and environmental damages that are connected with fossil fuel-based energy generation sources [49]. All of these examples allow us to formulate this study’s hypotheses.
Hypothesis 1 (H1).
PIA. PEC, PSEB, and PEE are positively associated with the investor’s IISEDM.

2.2. Intention to Invest in Solar Energy

Investors make important decisions to invest in various sectors under specific circumstances. In the renewable energy sector worldwide, a comprehensive range of investment opportunities are available for existing and new investors in this region. However, the behavior is intentional and not 100% looked at freely [50]. TPB envisages careful behavior because investor behavior is intentional and planned. The individual’s behavior influences the behavioral intention as the motivational factor and is considered to perform behavior as strong intention. The intention to invest in the solar energy sector is encouraged by various factors. Investors compared the level of return to invest in available opportunities in renewable energy projects. Investors can earn more returns if they are willing to accept more risk. Moreover, solar power projects are opportunities for investors to invest in social respect. Some investors strongly intend to invest in solar energy, and more expected behavior will perform. In the present study, TPB help to assess the inclusive range of investors’ behavioral intention. Additionally, TPB has been used to assess behavioral intention by applying various methods.
For instance, [51] used this theory to analyze energy-saving behavior [52] applied this theory for the assessment of general intention for vaccination [53] applied this theory for assessing management decisions [54] applied TPB in stock trading to test behavioral intention. TPB has been utilized by [55] to explore investors’ behaviors with the help of influencing factors of the stock exchange. Moreover, TPB has been applied to increase the adoption of solar energy [56]. TPB has been used to influence consumers’ willingness to adopt solar energy [57], and [58] has been used TPB to invest in the serious games’ efficacy with the help of solar technology. These outcomes permit the device of the fourth hypothesis:
Hypothesis 2 (H2).
IISESM shows mediating effect among independent variables (IV), and dependent variable (DV).

2.3. Investment Behavior

Four psychological factors, such as herd behavior, risk psychology, excessive optimism, and overconfidence, provide strong evidence of a significant impact on the investment attitude of the individual investor. The supporting evidence shows that strong interference of gender is related to the attitude and psychological factors towards investment, behavioral intention and attitude, behavioral intention and subjective norms, and finally, behavioral intention and perceived behavioral control of the investors [59]. Trust is the main factor that influences the intention to invest of investors. Investors’ decision has no effect on variables like security, perceived luxury use, and perceived risk [60]. The investor’s decisions can be affected by behavioral and structural factors and the relationship between portfolio performance and RE investment [61].
Hypothesis 3 (H3).
IB dependent variable (DV)shows apositive association with the investor’s IISEDM.

2.4. The Moderating Role of the Perceived COVID-19 Investment Factor (PC-19IF)

The global pandemic caused by tampering with the COVID-19 virus and its consequences on the functions of energy investment has impacted most countries. Consumers now benefit from lower energy costs and the elimination of the energy deficit as a direct result of the large investment in the energy sector that local investors made. As a result of the COVID-19 pandemic, solar energy investment has been halted, which has contributed to a 17 percent decline in Pakistan’s overall investment in the country’s energy sector [62,63,64]. During the COVID-19 pandemic, there has been a concurrent rise in energy consumption and a decrease in energy output. After the COVID-19 outbreak, there has been a considerable reduction in energy production due to a change in investment in solar energy projects. Consequently, there have been high energy expenditures and losses [65]. According to the TPB, investors’ IB may be accurately utilized to predict local investors’ IB when employed as an instrumental variable in IISEDM. This is one of the assertions made by the TPB. However, several studies have revealed that due to the COVID-19 shutdowns, there has been an increase in the amount of investment in solar energy projects. Because of the poor IISEDM, they were forced to expend much more energy than was strictly necessary [66]. Because of the disruptive nature of the COVID-19 outbreak, which stimulates local investors, there is the potential for more investment to be made in solar energy projects. The following hypothesis is one that we think should be considered in light of the preceding reasoning: Figure 1 presents the conceptual framework that was used for this investigation.
Hypothesis 4 (H4).
The COVID-19 investment factor is a positive moderator of the influence of IISEDM on IB.

3. Materials and Methods

In this study, non-probability sampling (purposive sampling) was utilized to evaluate the performance of the intention to invest in solar energy using digital media. The approach of purposive sampling is utilized for specific population features, pilot studies, qualitative research, and exploratory research. Non-probability sampling techniques include quota sampling, snowball sampling, purposive sampling, voluntary response sampling, and convenience sampling. Investors, stakeholders, industry experts, and members of the media in Punjab, Pakistan’s industrial cities (Lahore, Faisalabad, and Gujranwala), (Figure 2) the region of the country that has been significantly affected the most since the COVID-19 epidemic, were asked survey questions between the middle of February and the beginning of August 2021. The research interviewees came from Pakistani national energy institutions, such as NIST (National Institute of Silicon Technology), formed in 1981. (KESC) Karachi Electric Supply Company (The operating and regulating by the government). PCAT (Pakistan Council of Appropriate Technology) was set up in 1985, PCRET (Pakistan Council of Renewable Technology) was shaped in 2002, AEDB (Alternative Energy Development Board) was founded recently, and a legal advisor from MOWP (Ministry of Water and Power). The interviews exposed imaginary and intellectual barriers, such as technical barriers are the most critical barrier to investment. Lahore is the 2nd largest population of Pakistan with 13.5 million population, whereas Faisalabad is 3rd and Gujranwala is 5th biggest city with 3.6 and 2.3 million population respectively. along with many other metropolitans, these cities have been considered the most industrial hub. In order to validate the assumptions, structural equation modeling (SEM) was applied to survey data from 295 individuals. These individuals included 81 business experts, 66 stakeholders, 87 investors, and 61 members of the media. The small amount of study that has been done on the interaction between intellectual factors and various specialists about IISEDM and IB makes this work significant and valuable. İt is a theoretical contribution to the existing body of literature. The findings suggest that an optimistic and statistically significant relationship exists between investors’ perceived investment attitude and IISEDM. These findings align with previous investigations on perceived investment attitudes [67], such as renewable energy adoption [68], energy efficiency labeling [69], COVID-19 investment factors [70], energy conservation, and environmentally responsible purchasing [71]. In keeping with the findings of earlier studies, further studies have shown that participation in PEC events benefited investors’ awareness of the importance of energy efficiency. Findings show that PSEB and PEE are favorably and significantly linked to investors’ intentions to conserve energy. These findings are from the researchers’ observations in this study [72]. By using SEM [73,74,75,76,77] in several investigations, the authors identified a correlation between environmental concern, financial rewards, and investing behavior. Lahore is home to a sizable population, which is why COVID-19 profoundly affected the region. As a consequence of this, Qualtrics Panel Services was utilized to collect data from an online survey. We polled 295 individuals, including 81 professionals in the business, 66 stakeholders, 87 investors, and 61 members of the media. As a result of the lockout imposed by COVID-19, we communicate with them through the What’s Up and LinkedIn programs. Further reassurance was given to the participants that their responses would be strictly secret. A total of 241 responses that had been fully completed were received after completing the survey. The researchers took the liberty of removing any information that was either unreachable or insufficient from the questionnaires. A response rate of 78.9 percent was found across the board after 233 questionnaires were filled out in their entirety. There is demographic information in Table 1 about the people who participated in the survey. Seventy-six percent of people who participated in the survey held a bachelor’s degree or higher in education. A significant percentage of the sample is connected to social individuals (57.2 percent of the total).

Measures

In the present study, all key predictors are showing the constructs that are measured with the help of multiple-item scales, and they were measured using a five-point likert-scale ranging from 1 (“strongly agree”) to 5 (“strongly disagree”). We used four-item scales from previous literature to measure perceived investment attitude, and solar energy investment and investment behavior scales were assessed on an eight-item scale [67]. A sample item is “solar energy investment could reduce carbon emission.” Perceived environmental concern with four items scale and perceived monitory benefits with six items scale was adapted from the preceding literature [68]. A sample item is “I think the investment in solar energy through digital media”. Perceived energy efficiency was also derived from [69] and assessed on a five-item scale. Finally, the COVID-19 investment factor consists of six scales [70].

4. Results

We used Smart-PLS 3 to analyze the data using the SEM technique. To validate our model, we used Smart-PLS for data analysis in a two-step process that included estimations for both the measurement and structural models [71,72]. Measures such as the reliability of components and relationships among them were assessed using MM, while relationships between the five constructs were examined using SEM. A component-focused method explores the research’s relational dimensions. It was decided to utilize PLS-SEM over other covariance-based techniques because it allows researchers to assess calculations and factor structure reliably. Additionally, this investigation can be conducted with a small sample size thanks to PLS-ability SEMs to combine many measurement scales [73,74]. Scholars can use this model for both reflective and instructive purposes. As in this work, the PLS approach is widely accepted in the early stages of model construction. According to previous studies, PLS-SEM can begin with a sample size of 68 [75].

4.1. Measurement Model Assessment

It was necessary to examine the measurement model assessment (Figure 3) to see whether the constructs’ reliability could be confirmed using the four most regularly used measures. The rules indicated that the factor loadings of items should be more than 0.708; all items were found to meet this requirement. It was therefore decided to eliminate from the model those elements with load coefficients of less than 0.70. Secondly, Cronbach’s alpha was computed as the significance level. Third, the dependability of the composite was considered. Finally, an average of the variances was calculated [76]. Such metrics go above and above 0.70 and 0.50, respectively (Table 2). Additionally, the Fornell and Larcker (1981) method assured discriminant validity (Table 3). Thus, the validity and reliability of the study have been established. Heterotrait-Monotrait Ratio (HTMT) approach was also used to examine the construct’s discriminant validity. Table 4 shows the results of the Heterotrait-Monotrait Ratio study. For attaining discriminant validity, the HTMT approach requires HTMT values to be lower than HTMT 0.90 [77]. Correlation values below HTMT 0.90 indicated that the construct is discriminant, according to the HTMT study. Table 5 shows the significance level of results of mediating effects with hypotheses testing.

4.2. Structural Assessment Model

Consequently, the structural model analysis (Figure 4) was conducted with the appropriate measurement model assessment. This study was bootstrapped evaluation of 5000 with an initial sample size to assess the necessity of straight pathways and test the normal flaws. According to the findings, there was a significant and positive impact on perceived investment attitude (β = 0.181; p < 0.001), perceived environmental concern (β = 0.156; p < 0.004). Furthermore, perceived solar energy benefits (β = 0.133; p < 0.022) on the intention to invest in solar energy through digital media, supporting hypotheses H1, H2, and H3. Furthermore, the influence of intention to invest in solar energy on energy investment behavior (β = 0.230; p < 0.000) was found statistically significant and positive, confirming hypothesis H4. In addition, hypotheses H5a and H5b revealed a significant and positive influence on the intention to invest in solar energy to see the perception of energy efficiency (β = 0.384; p < 0.000) and the intention to invest in solar energy through digital media (β = −0.107; p < 0.002). Thus, both are equally important and accepted. Finally, the perceived COVID-19 investment factor moderates the effect of intention to invest in solar energy through digital media (β = 0.521; p < 0.000), confirming H6 only. Furthermore, Perceived Investment Attitude perceived environmental concern, and perceived solar energy benefits explain 74.1% of the variance in investment in solar energy through digital media. The overall model explains a 62.7% variance in solar energy investment behavior, indicating a good model. Table 6; provide the results. This study has used the theory of planned behavior, the model of this study demonstrating mediation and moderation effect. In this study, PIA, PEC, PSEB, and POEE are the independent variables, IISESM shows mediation and PC-19IF indicates moderation, and finally IB is a dependent variable.

5. Discussion and Implications

The theory of planned behavior served as the foundation for this investigation, which investigated people’s intentions to invest in solar energy using digital media. This study aimed to examine whether investment behavior and the COVID-19 Investment Factor had a moderating influence on IISEDM investors’ propensity to invest in solar energy via digital media and investment behavior. The theoretical foundations of TPB, which claim to have a considerable impact on perceived behavior and environmental control, are likewise consistent with the findings of this study (See Appendix A). This research shows that investor intentions to invest in solar energy through digital media are strongly influenced by descriptive norms, environmental perceptions, information publicity, personal lifestyles, and a projected investing mentality [78]. A direct instrumental variable of investment behavior [79], such as investors’ desire to conserve energy, may be used to significantly and positively predict a rise in solar energy production. Furthermore, our research indicated that the Perception of Energy Efficiency had a good and significant impact on both IISEDM and IB. Because PIA in solar energy and PSB induces a psychological drive for action, it is a powerful predictor of real investor behavior, according to the effective event theory [80]. The results showed that IISEDM and IB have a good association. These findings are in complete agreement with the work of [81], who argued that adopting high-efficiency solar energy, and investing in solar energy project-saving devices, is an example of solar investment behavior. Before the outbreak of the COVID-19 pandemic, it may have been easier to identify the variables that led to an increase in consumption. The perceivedCOVID-19 Investment Factor moderates the correlations between investors’ IISEDM and IB, according to our findings. After the onset of COVID-19, solar energy investment has expanded dramatically due to unanticipated demand, which has resulted in cheap energy costs. The results are matched with this study that the investment in solar energy is beneficial for eliminating the energy crisis and preventing environmental collapse during the COVID-19 pandemic. The concept of PEC significantly influences investors’ IISESM as a critical factor [40]. The results are also the same in line that solar energy systems have argumentative environmental ramifications, so proper precaution procedures and attention is required to perform them [43], and solar energy generation has health, environmental, and safety concerns like other energy sources [44].
These findings align with previous investigations on perceived investment attitudes, such as energy conservation and environmentally responsible purchasing [71]. In keeping with the findings of earlier studies, further studies have shown that participation in PEC events benefited investors’ awareness of the importance of energy efficiency. Findings show that PSEB and PEE are favorably and significantly linked to investors’ intentions to conserve energy. These findings are from the researchers’ observations in this study [72]. The authors identified a correlation between environmental concern, financial rewards, and investing behavior.
The findings indicate that PSEB and PEC are positively and significantly associated with the energy conservation intentions of investors. This study’s findings are based on the researchers’ observations. Furthermore, the results align with the study that PIA and PEC are positively and significantly associated with the energy conservation intentions of investors [82]. The Feedback of this research is a line with the study [83] that PSEB and IB are positively and significantly associated with the energy conservation intentions of investors. These results are based on the researchers’ observations. The findings of the study align with [84] that PEC and PSEB are positively and significantly associated with the energy conservation intentions of investors. Finally, the perceived COVID-19 investment factor moderates the effect of intention to invest in solar energy through digital media (β = 0.521; p < 0.000), confirming H6 only.
The present part is empirical research exploring a single country using geographically small areas, but it has in-depth discussions. Pakistan has a high potential for RE, such as solar and wind energy; that’s why Pakistan has been selected. The study conducted in-depth unstructured and semi-structured interviews with the main stakeholders from February to July 2021. For the decision-making process, we involved the main characters and critical experts with solar energy-related working experience in the country, and concerned research questions were asked about their evaluation of barriers. The significance and importance of this study are for South Asian countries. These countries have much potential for renewable energy, especially solar energy.

6. Conclusions

According to this report, investing in renewable energy projects is a major priority for Pakistani private investors. TPB was utilized as a theoretical framework for this study since it focuses on the aim of solar energy investments, which previous studies have not thoroughly studied. Regulatory framework evaluation was added to the model in addition to the four other variables. Investing in solar energy is influenced by a person’s attitude toward solar energy investments, as well as their perception of the benefits of solar energy. Investors’ intentions to make solar energy investments were shown to be most strongly influenced by their assessment of the regulatory environment. New constructs, such as the Perception of Energy Efficiency and the appraisal of regulation, have been introduced to the research model to understand individual investors’ intentions better to participate in solar energy. The predictive power of the TPB model, particularly in renewable energy investments, was boosted by these novel structures. Thus, it demonstrated that TPB might be used in this area. As a result, new information about Pakistan’s solar energy investment opportunities would be added to the body of knowledge. Analysis of regulatory frameworks that have a moderating role in this model will also yield fresh insights, according to the findings of moderating analysis.
The IISEDM and IB of investors, as well as energy efficiency and investment variables, were the focus of this study. IISEDM and IB’s interaction was also examined regarding the perceived COVID-19 Investment Factor. Based on the findings of this research, it is possible to draw the following important conclusions: So, let’s start with the fourth element of perception. Investors’ intentions to enhance energy are favorably and strongly connected with PSB and PEE. The investment mindset has a big and favorable impact on investors’ intentions to save energy. Similarly, as a second point, PAE has a good and significant impact in terms of ISE and the way people think about solar energy. IISEDM’s direct impact on the IB also exhibits a positive correlation. Finally, the perceived COVID-19 investment element strongly modifies the link between IISEDM and IB. According to our research, the Perception of Energy Efficiency had a positive and substantial effect on both IISEDM and IB. Effective event theory [80] asserts that PIA in solar energy and PSB is a powerful predictor of real investor behavior because it produces a psychological motivation to act. The results demonstrated that IISEDM and IB have a strong relationship. Adopting high-efficiency solar energy and investing in solar energy project cost-saving equipment are examples of solar investment behavior, according to [81], who suggested that these actions constitute solar investment behavior Prior to the advent of the COVID-19 pandemic, it may have been simpler to pinpoint the variables responsible for the increase in consumption. According to our findings, the perceived COVID-19 Investment Factor moderates the correlations between investors’ IISEDM and IB. After the emergence of COVID-19, solar energy investment has exploded due to unanticipated demand, resulting in low energy prices. All hypotheses are accepted due to their positive association with the energy conservation intentions of investors. H1, H2, H3, and H4 are accepted with the direct association but H5a and H5b are accepted with moderation.
The primary focus of this investigation was on the participants’ intentions to enhance solar power. Thus, future studies might examine the participants’ more solar-based energy behavior and the differences in investment intentions. In future studies, researchers should focus on northern cities and a wider variety of people who want to invest in solar energy projects. Furthermore, cultural factors may influence the results because all of the variables in this study were acquired through a questionnaire survey. As a result, future studies using solar energy meter bills will have more accurate data on real investment in solar energy. Similarly, the study has maintained the desire to invest in solar energy via digital media and power projects created in Pakistan, an economy in development. Therefore, the research is not valid in both developing and developed nations. Consequently, future authors must investigate the effects of social media on the adoption of solar power projects in developed economies.

Policy Recommendation

Pakistan does not have the financial means or the technological infrastructure required to develop technologies that utilize solar energy to meet the country’s energy requirements. It would be beneficial for the Pakistani government (GOP) to import technologies from other countries to stimulate the growth of local solar energy. In developing and promoting Pakistan’s renewable energy sector, specific policy suggestions have been published by Pakistan’s federal government and Pakistan’s provincial governments [6,7]. The government of Pakistan, non-governmental organizations, and other stakeholders must collaborate in a coordinated manner to increase the demand for solar energy in Pakistan. Solar energy resources need to undergo a cost-benefit analysis that considers the costs of environmental damage and the removal of subsidies for fossil fuels. This future study should be carried out as soon as possible. In order to reduce energy costs, there are several aspects of solar energy that need to be taken into consideration, including reliability, decentralization, transmission, and distribution. Clarification is needed regarding the usefulness and effectiveness of solar energy. The Pakistani government should establish a solar energy fund with favorable terms and conditions, especially for small investors, to encourage and support the expansion of the solar energy sector. This should be done in order to encourage and support the growth of the solar energy sector. The Alternative Energy Development Board (AEDB) and the National Electric Power Regulatory Authority (NEPRA) should collaborate to remove hurdles to expanding the solar energy business. This initiative would be in the best interest of both organizations. It is vital to design purchase systems for energy with the primary objective of commercializing the energy produced by wind and solar projects. The Ministry of the Environment offers several different finance mechanisms, such as the Clean Development Mechanism (CDM) and the Global Environment Facility (GEF), which might be of assistance in the development of the solar energy industry. It is necessary to raise public awareness and disseminate information for the country to be able to maximize its local and private solar energy resources. The people in general should be educated on the policies, operations, incentives, and technologies associated with solar power schemes to facilitate the growth of solar energy.
Developed countries should lend a helping hand to countries that do not have access to solar energy technologies, by sharing their knowledge of efficient solar energy equipment. Additionally, low-cost solar energy devices and the effective management of solar energy research programs and methodologies can help promote solar projects. Such assistance will allow developing countries to assist countries that do not have access to solar energy technologies. A conference should be held on solar-related technologies and the methods of mixed-energy knowledge, local workforce training, the possibility of upgrading manufacturing practices, and the transmission of information related to solar energy so that the government of Pakistan is able to promote the use of solar energy.

Author Contributions

M.W.R.: introduction, conceptualization, methodology, discussion, and conclusion—review and editing, supervision; S.Z. and S.A.: analysis on SMART-PLS, visualization, and methodology, I.H.: data collection and Mendeley references management setting. All authors have read and agreed to the published version of the manuscript.

Funding

This work was carried out for academic purposes and received no grant or other financial support from any financial institution.

Institutional Review Board Statement

Ethical review and approval were waived for this study. However, after reviewing and editing several drafts this paper was approved by Sufang Zhang as an internal supervisor and Abbass Rashid Butt and Mian Javed as external reviewers.

Informed Consent Statement

Informed consent was obtained from all subjects involved in the study.

Data Availability Statement

Data are available in the form of csv files and can be provided on demand.

Acknowledgments

Muhammad Waqas Rana states that it is difficult to overstate how the active supervision of his overseer helped in the execution of this paper. This paper became a reality with the kind support and help from his supervisor, Sufang Zhang. He would also like to thank the School of Economics and Management, North China Electric Power University & Superior University, Lahore, Pakistan, for providing him with the opportunity to carry out the research.

Conflicts of Interest

The authors declare no conflict of interest.

Appendix A

Table
Table A1. Influencing Factors to Entice Private Sector Investment in Renewables.
Table A1. Influencing Factors to Entice Private Sector Investment in Renewables.
VariablesItemsQuestionsPercentage
Investment behaviorIB1Renewable energy is a low-cost energy source for local industry27.5
IB2Performance of industry with energy investment behavior 26.4
IB3Developing investment behavior for adopting solar systems29.7
IB4Private sector energy investment can improve investment behavior16.5
Intention to invest in solar energy through digital mediaIISEDM1Adopting solar systems can enhance the energy supply and the intention to invest in solar energy through digital media15.3
IISEDM2Investing in solar energy through digital media can eliminate the energy crisis19.2
IISEDM3There is a need to attract the intention to invest in solar energy through digital media18.4
IISEDM4Energy supply through digital media can help to minimize the expenses of conservative energy 14.5
IISEDM5Solar energy is a reliable energy and a low-cost source8.1
IISEDM6Intention of private investors to invest in solar energy through digital media7.5
IISEDMIntention of government sectors to invest in solar energy through digital media7.6
IISEDMIntention of local investors to invest in solar energy through digital media9.4
Perceived COVID-19 investment factorsPC-19IF1There is need to consider perceived COVID-19 investment factors27.9
PC-19IF2Perceived solar energy COVID-19 investment factors31.5
PC-19IF3Perceived post-COVID-19 investment factors in renewable energy18.2
PC-19IF4Perceived COVID-19 investment factors for private investors11.3
PC-19IFPerceived COVID-19 investment factors for solar energy5.6
PC-19IFPerceived COVID-19 investment factors in rural areas 5.5
Perceivedenvironmental concernPSSI1There is a need for perceived environmental concern29.3
PSSI2Perceived environmental concern is important for society27.2
PSSI3Solar energy can play an important role in environmental concern22.2
PSSI4Environmental concern should be considered in adopting renewable energy21.3
Perceived energy efficiency, perceived investment attitude, perceived solar benefitsPEE, PIA, PSB1There is a need to perceive energy efficiency29.4
PEE, PIA, PSB2There is a need to encourage solar energy through perceived investment attitude20.8
PEE, PIA, PSB3Perceived solar benefits can attract investors25.5
PEE, PIA, PSB4Perceived solar benefits can play an important role for new investors24.3

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Figure 1. Conceptual Framework.
Figure 1. Conceptual Framework.
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Figure 2. Map of Pakistan, showing the locations of the three major cities of Pakistan.
Figure 2. Map of Pakistan, showing the locations of the three major cities of Pakistan.
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Figure 3. Measurement assessment model.
Figure 3. Measurement assessment model.
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Figure 4. Structural assessment model.
Figure 4. Structural assessment model.
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Table
Table 1. Demographic attributes of the sample.
Table 1. Demographic attributes of the sample.
Feature of RespondentsFrequency%
Gender
Male21488.79
Female2712.61
Age
20–307129.46
31–408334.43
41–505723.65
Above 503012.44
Education of respondent
High school or less3715.35
College level8334.43
Bachelor’s degree 6727.80
Master’ degree5422.40
Diversification in occupation
Stakeholders8133.60
Investors 7330.29
Policymakers4920.33
Digital media persons3815.76
Field experience
3–87129.46
9–146125.31
15–206828.21
Above 204117.01
Brand name of solar panel
Trina solar TSM11547.71
Sun power x2211045.64
Ja solar MR series1606.63
Table
Table 2. Factor loadings of the measurement model.
Table 2. Factor loadings of the measurement model.
ConstructsItemsLoadingsC.B AlphaC.RAVE
Investment behaviorIB10.7560.7980.8680.623
IB20.763
IB30.824
IB40.811
Intention to invest in solar energy through digital mediaIISEDM10.8970.9470.9560.733
IISEDM20.876
IISEDM30.862
IISEDM40.924
IISEDM50.870
IISEDM60.810
IISEDM70.841
IISEDM80.757
Perceived COVID-19 investment factorsPC-19IF10.7670.8640.8980.596
PC-19IF20.720
PC-19IF30.706
PC-19IF40.858
PC-19IF50.748
PC-19IF60.824
Perceived environment concernPEC10.9020.9280.9480.820
PEC20.932
PEC30.922
PEC40.864
Perceived energy efficiencyPEE10.7530.8480.8820.601
PEE20.864
PEE30.764
PEE40.660
PEE50.821
Perceived investment attitudePIA10.8300.9050.9340.780
PIA20.916
PIA30.917
PIA40.866
Perceived solar benefitsPSB10.8930.9280.9440.737
PSB20.811
PSB30.828
PSB40.981
PSB50.877
PSB60.857
Note: N, 241; SFL = standard factor loading; AVE, average variance extracted; CR, composite reliability.
Table
Table 3. Fornell–Larcker analysis.
Table 3. Fornell–Larcker analysis.
S.noVariablesMeanS.D1234567
1IB0.2290.0470.879
2IISEDM0.1040.0350.4900.856
3PC-19IF0.5260.0440.6500.4550.772
4PEC0.1530.0530.7820.5120.6330.905
5PEE0.3890.0470.6610.6080.6860.5990.755
6PIA2.1110.0540.4280.4450.3070.3530.0.3300.883
7PSB01330.05805860.5210.4540.4650.5290.6200.858
Note: N, 241; p < 0.01; Correlation is significant at the 0.05 level, p < 0.05; SD, standard deviation, Correlation is significant at the 0.01 level; PIA, perceived investment attitude; PEC, perceived environmental concern; PSEB, perceived solar energy benefits; IISEDM, intention to invest in solar energy through digital media; IB, investment behavior; PEE, perception of energy efficiency; PCIF; perceived COVID-19 investment factor. These are the AVE values expressed as the square root.
Table
Table 4. Heterotrait–Monotrait ratio (HTMT).
Table 4. Heterotrait–Monotrait ratio (HTMT).
S.noVariables1234567
1IB-
2IIBE0.555-
3PC-19IF0.7710.456-
4PEC0.7630.5210.698-
5PEE0.8220.6090.8520.715-
6PIA0.5070.4680.3480.3890.356
7PSB0.6800.54070.5040.5020.5780.672-
Table
Table 5. Results of mediating effects with hypotheses testing.
Table 5. Results of mediating effects with hypotheses testing.
VariablesB-ValueT-Valuep-ValueDecision
PEC -> IISEDM -> IB0.0362.310.021Accepted
PEE -> IISEDM -> IB0.0884.3480.000Accepted
PIA -> IISEDM -> IB0.0422.8150.005Accepted
PSB -> IISEDM -> IB0.0301.9550.051Accepted
Table
Table 6. Structural model results and hypotheses testing with indirect effects.
Table 6. Structural model results and hypotheses testing with indirect effects.
HypothesesB-Valuest-Valuesp-ValuesDecisions
H1: PIA -> IISEDM0.1813.3790.001Accepted
H2: PEC -> IISEDM0.1562.9280.004Accepted
H3: PSB -> IISEDM0.1332.3040.022Accepted
H4: IISEDM -> IB0.2304.9090.000Accepted
H5a: PEE -> IISEDM0.3848.1770.000Accepted
H5b: IISEDM*PC-19IF -> IB−0.1073.0910.002Accepted
H6: PC-19IF -> IB0.52111.7240.000Accepted
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Rana, M.W.; Zhang, S.; Ali, S.; Hamid, I. Investigating Green Financing Factors to Entice Private Sector Investment in Renewables via Digital Media: Energy Efficiency and Sustainable Development in the Post-COVID-19 Era. Sustainability 2022, 14, 13119. https://doi.org/10.3390/su142013119

AMA Style

Rana MW, Zhang S, Ali S, Hamid I. Investigating Green Financing Factors to Entice Private Sector Investment in Renewables via Digital Media: Energy Efficiency and Sustainable Development in the Post-COVID-19 Era. Sustainability. 2022; 14(20):13119. https://doi.org/10.3390/su142013119

Chicago/Turabian Style

Rana, Muhammad Waqas, Sufang Zhang, Shahid Ali, and Iqra Hamid. 2022. "Investigating Green Financing Factors to Entice Private Sector Investment in Renewables via Digital Media: Energy Efficiency and Sustainable Development in the Post-COVID-19 Era" Sustainability 14, no. 20: 13119. https://doi.org/10.3390/su142013119

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