Table 1.

Detail of variables.

Acronym	Variable	Role	Measurement	Reference
FEC	Fossil fuel energy consumption	Dependent	Fossil fuel energy consumption (% of total)	[13,29]
REC	Renewable energy consumption	Dependent	Renewable energy consumption (% of total final energy consumption)	[4,7]
TEC	Total energy consumption	Dependent	Energy use (kg of oil equivalent per capita)	[9,13]
GPR	Geopolitical risk	Independent	GPR index	[4,29]
FDI	Foreign investment	Control	Foreign direct investment, net inflows (% of GDP)	[38,39]
ECG	Economic growth	Control	GDP growth (annual %)	[31]
BSD	Banking sector development	Control	Domestic credit to private sector by banks (% of GDP)	[30]
IFR	Inflation rate	Control	Inflation, consumer prices (annual %)	[32]

Source: Previous studies.