Promoting Sustainable Growth: The Role of Natural Resource Utilization, Green Investment, Digital Finance, Industrial Usage, Energy Efficiency, and Renewable Energy Consumption

Firdaus Abdullah, Abdulrahman Alomair, Amena Sibghatullah and Abdulaziz S. Al Naim
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Firdaus Abdullah: Faculty of Business and Management, Universiti Teknologi MARA, UiTM Malaysia
Abdulrahman Alomair: Department of Accounting, Business School, King Faisal University, Al-Ahsa 31982, Saudi Arabia
Amena Sibghatullah: Faculty of Business and Management, Universiti Teknologi MARA, UiTM, Puncak Alam, Selangor, Malaysia
Abdulaziz S. Al Naim: Department of Accounting, Business School, King Faisal University, Al-Ahsa 31982, Saudi Arabia

International Journal of Energy Economics and Policy, 2024, vol. 14, issue 6, 408-419

Abstract: The current study investigates how sustainable development can be enhanced by the use of natural resources, green investment, digital finance, industrial usage, energy efficiency, and consumption of renewable energy. To the best of the authors’ knowledge, no prior study has analyzed the role of these factors in sustainable economic growth in Belt and Road Initiative countries. Therefore, to fill this literature gap, the present study analyzes the effect of the above mentioned factors on sustainable economic growth in 20 Belt and Road Initiative countries. Taking the data for the period 2010 to 2020, the study employed the Driscoll-Kraay Standard Error model to carry out the empirical estimation. The findings suggest that digital finance and renewable energy consumption are positively, whereas energy intensity, industrial usage and natural resources are negatively associated with sustainable economic growth in BRI countries. Green investment, however, is not found to be significantly associated with sustainable economic growth. On the basis of the findings, the study suggest the selected countries to gain benefits from the opportunities of digital financial inclusion and renewable energy use. Moreover, the results establish the foundation for policymakers to better craft policies to achieve the goals of the Sustainable Development Goals (SDGs).

Keywords: Sustainable Economic Growth; Belt and Road Initiative Countries; Driscoll-Kraay Standard Error Approach (search for similar items in EconPapers)
JEL-codes: O13 P18 P28 P45 P48 Q20 Q42 Z23 (search for similar items in EconPapers)
Date: 2024
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