Table 1.

Description of the variables.

Variable code	Variable name	Source	Min	Max	Mean
REC%	Renewable energy consumption (% of total final energy consumption)	WDI (World Bank)	0.44	58.65	29.05
GDPpc	Gross Domestic Product per capita (in constant 2010 U.S. Dollars)	WDI (World Bank)	576	26064	4770
FD	Financial Institutions Development Index. It summarizes “how developed financial institutions are in terms of their depth (size and liquidity), access (ability of individuals and companies to access financial services), and efficiency (ability of institutions to provide financial services at low cost and with sustainable revenues)” (http://data.imf.org). The index goes from 0 to 1 and a larger value implies a higher financial development	IMF	0.206	0.812	0.423
GCF%	Gross capital formation (% of GDP)	WDI (World Bank)	14.12	46.66	28.82