Navigating the Oil-environment Nexus: Saudi Arabia’s Challenge in Sustainable Development

Ahmed Benlaria, Naima Sadaoui, Naeimah Fahad S. Almawishir and Houcine Benlaria
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Ahmed Benlaria: Faculty of Economics, Business, and Management, Ahmed Draia University of Adrar, Algeria
Naima Sadaoui: Department of Business Administration, Jouf University, Saudi Arabia
Naeimah Fahad S. Almawishir: Department of Business Administration, Jouf University, Saudi Arabia
Houcine Benlaria: Department of Business Administration, Jouf University, Saudi Arabia

International Journal of Energy Economics and Policy, 2024, vol. 14, issue 5, 292-300

Abstract: This paper delves into Saudi Arabia's challenge of aligning its substantial oil production with environmental sustainability goals, particularly within the framework of Vision 2030. Utilizing an Autoregressive Distributed Lag (ARDL) approach, it examines data from 1980 to 2022, analyzing the relationships between oil production, economic growth, CO2 emissions, and environmental regulation compliance. The study highlights the intricate dynamics between oil-driven economic development and environmental conservation, revealing significant long-term correlations that underscore the environmental costs accompanying economic benefits derived from oil. These findings illuminate the delicate balance Saudi Arabia faces, pointing to the need for sustainable practices in the oil industry and diversified economic growth. The research provides strategic insights for policy formulation, aiming to harmonize economic prosperity with environmental health. This work contributes significantly to the discourse on sustainable development in resource-rich economies, offering a vital perspective on managing natural resources responsibly while pursuing economic growth.

Keywords: Saudi Vision 2030; Environmental Sustainability; Oil Production; Energy Policy; Economic Growth; CO2 Emissions (search for similar items in EconPapers)
JEL-codes: E23 O13 O44 Q43 Q53 Q54 (search for similar items in EconPapers)
Date: 2024
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