The effects of financial technology and renewable energy on energy security: Evidence from 20 OECD countries

The evolution of a balanced energy mix is a global nation's agenda to tackle energy security (ES) risks, promote diversification of energy and attain sustainable development goals. The sophistication of financial and environmental technologies can smooth the renewable transition pathways. Accordingly, this study explores the role of fintech, environmental technology and economic sophistication on renewable energy (RE) to attain ES in organisation for economic co-operation and development nations by applying advanced econometric methods. The empirical findings confirmed that RE and urbanisation ensure ES. The Fintech, environmental technologies, and economic complexity impede ES, which may be due to the induced energy demand and vulnerabilities. Likewise, fintech and environmental technologies support RE production by fostering investment and deploying innovative technologies in the energy sector. The causality test confirmed the reciprocal moment from energy security risk to the Fintech index, environmental technologies, renewable energy consumption, and economic complexity index. The results recommend that governments and policymakers should consider a RE transition with the support of fintech and energy-efficient technologies to enhance ES. Subsequently, governments should provide fiscal incentives for renewable innovations to attain energy, economic and environmental sustainability.