Exploring the dual role of financial inclusion and mineral resources in elevating sustainable development

Lu Guan and Chang Zhao

Resources Policy, 2024, vol. 90, issue C

Abstract: The empirical paper investigates the relationship between financial inclusion, natural resources, economic growth, and environmental degradation. The importance of financial inclusion in alleviating poverty has been widely acknowledged in the literature. It refers to accessing and using financial services such as credits, transactions, remittances, and payments. By providing individuals with greater financial opportunities, financial inclusion promotes economic development. This study uses BRICS panel data to examine the effects of financial inclusion and natural resources on environmental degradation by considering the influence of renewable energy and GDP. Our findings reveal that financial inclusion and natural resources contribute to a reduction in environmental degradation. Additionally, renewable energy plays a significant role in mitigating environmental impact. Conversely, GDP growth is associated with increased environmental degradation. These empirical outcomes have important implications for policymakers. To promote sustainable development, policymakers should design policies encouraging the accumulation of natural resources, financial inclusion, and the adoption renewable energy. Our findings highlight the need for a holistic approach to economic growth that considers environmental sustainability a key factor.

Keywords: Financial inclusion; Natural resources; Economic growth; Environmental degradation; GDP (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eee:jrpoli:v:90:y:2024:i:c:s0301420723013399

DOI: 10.1016/j.resourpol.2023.104628

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