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Climate finance, institutions and innovation systems in Sub-Saharan Africa
Frank Adu* 
Roshelle Ramfol*
Roshelle Ramfol
Affiliation: College of Accounting Sciences, University of South Africa, Pretoria, South Africa
 0000-0002-4682-2558
Article | Year: 2025 | Pages: 309 - 337 | Volume: 49 | Issue: 2 Received: October 9, 2024 | Accepted: February 20, 2025 | Published online: June 7, 2025
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FULL ARTICLE
FIGURES & DATA
REFERENCES
CROSSMARK POLICY
METRICS
LICENCING
PDF
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Variable
|
Notation
|
Measurement
|
Source
|
|
Dependent variable
|
|
Innovation
|
INNOV
|
Innovation output
sub-index (score 0–100)
|
WIPO
|
|
Independent variable
|
|
Climate finance
|
CF
|
Climate-related development finance Commitment (Current
USD thousand)
|
OECD
|
|
Mediating variable
|
|
Institutional
quality index
|
IQ
|
It is computed as an average of Kaufmann’s six indicators
of institutional quality (Regulatory quality, government effectiveness, rule of
law, control of corruption, voice and accountability, political stability, and
lack of violence)
|
WDI
|
|
Control variables
|
|
Human capital
|
HC
|
School enrolment, tertiary (% gross)
|
WDI
|
|
GDP per capita
|
GDPPC
|
GDP per capita (constant 2015 US$)
|
WDI
|
|
Government expenditure
|
GE
|
General government
final consumption expenditure (% of GDP)
|
WDI
|
|
Digital infrastructure
|
DIFRA
|
Mobile cellular
subscriptions (per 100 people), Individuals using the Internet (% of the population),
Fixed telephone subscriptions (per 100 people) and Fixed broadband subscriptions
(per 100 people)
|
WDI
|
|
Financial development
|
|
Domestic credit
to private sector (% of GDP)
|
WDI
|
Note: WIPO, OECD and WDI represent the World Intellectual Property Organization, Organization for Economic Co-operation and Development and World Governance Indicators, respectively. Source: Authors.
|
Variable
|
Obs.
|
Mean
|
Std. dev.
|
Min.
|
Max.
|
Measurement unit
|
|
INNO
|
276
|
22.152
|
12.735
|
0.300
|
71.800
|
Index score 0–100
|
|
CF
|
275
|
43.724
|
33.943
|
11.000
|
209.102
|
Current USD thousand
|
|
IQ
|
276
|
0.502
|
0.310
|
0.000
|
1.000
|
Index score 0-1
|
|
GDPPC
|
276
|
5,669.880
|
17,113.00
|
262.185
|
90,057.03
|
US$
|
|
HC
|
276
|
89.880
|
72.415
|
1.000
|
222
|
%
|
|
IFRAI
|
276
|
0.525
|
0.236
|
0.000
|
0.992
|
Index score 0-1
|
|
GE
|
276
|
15.233
|
5.837
|
6.697
|
36.143
|
%
|
|
FD
|
276
|
26.672
|
27.283
|
0.000
|
128.838
|
%
|
Note: INNOV, CF, IQ, GDPPC, HC, IFRAD, GE and FD indicate innovation, climate finance, institutional quality index, gross domestic product per capita, human capital, infrastructure development, government expenditure and financial development. Source: Authors.
|
Variables
|
(1)
|
(2)
|
(3)
|
(4)
|
(5)
|
(6)
|
(7)
|
(8)
|
|
(1) INNO
|
1.000
|
|
|
|
|
|
|
|
|
(2) CF
|
0.031
|
1.000
|
|
|
|
|
|
|
|
(3) IQ
|
0.056
|
-0.036
|
1.000
|
|
|
|
|
|
|
(4) GDPPC
|
0.696
|
0.082
|
-0.114
|
1.000
|
|
|
|
|
|
(5) HC
|
0.283
|
0.036
|
0.029
|
0.285
|
1.000
|
|
|
|
|
(6) IFRAI
|
0.022
|
0.023
|
-0.101
|
0.157
|
0.168
|
1.000
|
|
|
|
(7) GE
|
-0.069
|
0.026
|
-0.060
|
-0.086
|
0.085
|
0.050
|
1.000
|
|
|
(8) FD
|
0.207
|
0.041
|
0.052
|
0.060
|
0.042
|
0.154
|
0.307
|
1.000
|
|
Variable
|
CD test
|
Prob. value
|
|
INNOV
|
16.921
|
0.000
|
|
CF
|
9.680
|
0.000
|
|
IQ
|
2.348
|
0.019
|
|
GDPPC
|
21.806
|
0.000
|
|
HC
|
4.205
|
0.000
|
|
INFRAI
|
11.204
|
0.000
|
|
GE
|
2.088
|
0.037
|
|
FD
|
8.552
|
0.000
|
Source: Authors.
|
|
CIPS test
|
CADF test
|
|
Variable
|
I(0)
|
I(1)
|
I(0)
|
I(1)
|
|
INNOV
|
-1.771
|
-2.692***
|
-1.012
|
-2.610***
|
|
CF
|
-2.455**
|
-6.279***
|
-1.925*
|
-2.273**
|
|
IQ
|
-2.311**
|
-3.044***
|
-1.954*
|
-2.740***
|
|
GDPPC
|
-1.545
|
-2.267**
|
-2.081**
|
-2.610***
|
|
HC
|
-1.493
|
-2.938**
|
-0.992
|
-2.610***
|
|
INFRAI
|
-2.645***
|
-4.061***
|
-2.034**
|
-2.475***
|
|
GE
|
-2.129*
|
-3.533***
|
-1.450
|
-2.394***
|
|
FD
|
-0.885
|
-2.180**
|
-0.702
|
-2.611***
|
Note: ***, ** and * represent significant at 1%, 5% and 10% significance level. *, **, *** represent
stationarity. Source: Authors.
|
Variable
|
Coefficient
|
|
System-GMM
|
Difference GMM
|
|
lnINNOVt-1
|
-0.306***
(0.069)
|
-0.184*
(0.108)
|
|
lnCF
|
-1.003***
(0.376)
|
-0.438**
(0.227)
|
|
IQ
|
3.039**
(1.334)
|
1.430*
(0.775)
|
|
lnCF_IQ
|
2.074**
(0.757)
|
0.974*
(0.580)
|
|
lnGDPPC
|
-0.980
(1.339)
|
1.413
(4.054)
|
|
HC
|
0.011**
(0.004)
|
0.003
(0.005)
|
|
IFRAD
|
-1.874*
(1.084)
|
-0.918
(1.039)
|
|
lnGE
|
-10.193**
(4.511)
|
-1.441
(2.577)
|
|
lnFD
|
5.289
(3.899)
|
0.847
(3.372)
|
|
Net/marginal effect
|
3.039**
(1.3339)
|
1.430*
(0.775)
|
|
Constant
|
19.887
(12.593)
|
|
|
AR(2) test statistic
|
-0.67
|
-0.88
|
|
AR(2) P-value
|
0.505
|
0.377
|
|
Hansen test statistic
|
4.94
|
5.89
|
|
Hansen P-value
|
0.895
|
0.751
|
|
No. groups
|
22
|
22
|
|
No. instruments
|
20
|
20
|
Source: Authors.
|
Percentile
|
Percentile values
|
System-GMM
|
Difference GMM
|
|
10
|
0.0212
|
-0.959**
(0.361)
|
-0.418
(0.316)
|
|
25
|
0.2612
|
-0.461**
(0.216)
|
-0.184
(0.184)
|
|
50
|
0.509
|
0.053
(0.172)
|
0.058
(0.084)
|
|
75
|
0.762
|
0.577*
(0.291)
|
0.304**
(0.148)
|
|
90
|
0.922
|
0.910**
(0.397)
|
0.460**
(0.232)
|
Note: ** and * represent significance at 5% and 10%, respectively. Source: Authors.
|
Variables
|
W-bar-Stat.
|
Z-bar-Stat.
|
Prob. value
|
Conclusion
|
|
INNO ˃ CF
|
2.758
|
1.818
|
0.069*
|
↔
|
|
CF ˃ INNOV
|
3.836
|
4.403
|
0.000***
|
|
INNO ˃ IQ
|
7.047
|
12.102
|
0.000***
|
↔
|
|
IQ ˃ INNOV
|
4.472
|
5.927
|
0.000***
|
|
CF ˃ IQ
|
3.366
|
3.275
|
0.001***
|
↔
|
|
IQ ˃ CF
|
5.222
|
7.725
|
0.000***
|
Note: *** and * denote significance at 1% and 10% levels, respectively; > denotes the direction of causality; ↔ signifies a bidirectional causality, and → denotes a one-way causality. Source: Authors.
|
|
Coefficient
|
|
Variable
|
Model 1
|
Model 2
|
Model 3
|
|
lnINNOVt-1
|
-0.253***
(0.059)
|
-0.273***
(0.081)
|
-0.005
(0.012)
|
|
SQCF
|
-1.439*
(0.694)
|
|
|
|
IQ
|
1.435**
(0.608)
|
|
1.541**
(0.681)
|
|
lnCF
|
|
-1.099*
(0.570)
|
-0.052
(0.749)
|
|
SQIQ
|
|
3.463*
(1.871)
|
|
|
lnCF_IQ
|
0.805*
(0.454)
|
2.2529**
(1.078)
|
|
|
SQCF_SQIQ
|
|
|
-3.085**
(1.095)
|
|
lnGDPPC
|
-1.383
(1.549)
|
-1.369
(1.212)
|
2.241**
(0.788)
|
|
HC
|
0.010
(0.005)
|
0.015**
(0.004)
|
0.005
(0.005)
|
|
IFRAD
|
-1.464
(1.167)
|
-0.889
(1.385)
|
0.046
(0.439)
|
|
lnGE
|
-9.912*
(4.972)
|
-11.830**
(4.987)
|
6.330***
(2.126)
|
|
lnFD
|
6.869*
(3.368)
|
5.634
(3.454)
|
-7.057***
(1.295)
|
|
Net/marginal effect
|
1.435**
(0.608)
|
3.463*
(1.871)
|
|
|
Constant
|
18.732
(16.225)
|
25.500
(17.185)
|
-8.477
(7.984)
|
|
AR(2) test statistic
|
-1.06
|
-0.61
|
0.20
|
|
AR(2) P-value
|
0.290
|
0.545
|
0.845
|
|
Hansen test statistic
|
6.88
|
5.56
|
10.34
|
|
Hansen P-value
|
0.737
|
0.724
|
0.500
|
|
No. groups
|
22
|
22
|
22
|
|
No. instruments
|
20
|
20
|
20
|
vv
|
Variable
|
Coefficient
|
|
Model 1 (Corruption)
|
Model 2 (Political stability)
|
|
lnINNOVt-1
|
-0.0224***
(0.0077)
|
-0.0282***
(0.0082)
|
|
lnCF
|
0.2341*
(0.1299)
|
0.2872*
(0.1648)
|
|
IQ
|
0.9704
(1.4483)
|
12.7816***
(4.0337)
|
|
lnCF_IQ
|
0.3464*
(0.1786)
|
0.0278
(0.9146)
|
|
lnGDPPC
|
-2.4345
(1.5679)
|
-3.2546
(1.6244)
|
|
HC
|
-0.0007
(0.0045)
|
0.0045
(0.0029)
|
|
IFRAD
|
0.9363
(0.8260)
|
1.2717**
(0.5709)
|
|
lnGE
|
-6.5124
(3.8685)
|
-6.6579*
(3.7287)
|
|
lnFD
|
0.5256
(1.5001)
|
2.9371
(2.0951)
|
|
Constant
|
35.6356**
(17.7762)
|
36.4524**
(17.1689)
|
|
AR(2) Test statistic
|
-0.91
|
-0.88
|
|
AR(2) P-value
|
0.362
|
0.379
|
|
Hansen test statistic
|
6.43
|
7.04
|
|
Hansen P-value
|
0.696
|
0.633
|
|
No. groups
|
22
|
22
|
|
No. instruments
|
19
|
19
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