Nexus between renewable energy consumption, foreign capital flows, and financial development: New evidence using CUP-FM and CUP-BC advanced methods

•The study examines the impact of foreign capital flows and financial development on renewable energy.•The panel data set for 17 developing countries is used for the period 1990 to 2020.•Panle cointegration and causality techniques are used for empirical analysis.•Financial development and foreign capital flows have a positive impact on renewable energy consumption in developing countries with both high and low income levels.•Developing countries need to encourage financial development and foreign capital flows to promote sustainable energy resources.