Green economic development by increasing efficiency of natural resource consumption

Wen Liu, Jiaqi Xu and Shengxiang She

Resources Policy, 2023, vol. 85, issue PB

Abstract: The present study aims to assess the implications of fossil fuels resource efficiency on sustainable development across two distinct cohorts comprising 26 oil-importing economies and 19 oil-exporting economies, spanning the time period from 2000 to 2020. Employing empirical estimations through the Pooled Mean Group (PMG) technique, the research reveals that the sustainable development index in oil-exporting countries exhibits higher sensitivity to the efficiency of fossil fuels resources and the poverty rate, compared to oil-importing nations. Moreover, the impact of carbon dioxide emissions on the sustainable development index is notably more pronounced in oil-importing countries than in their oil-exporting counterparts. Additionally, the sustainable development index in oil-exporting economies demonstrates heightened sensitivity to temperature fluctuations, exceeding that observed in oil-importing nations. In pursuit of fossil fuels resources efficiency and sustainable development, the implementation of strategic measures such as carbon taxation, Fintech-driven initiatives, and the integration of green cryptocurrencies should be encouraged in both country groups.

Keywords: Natural resources; Fossil fuels efficiency; Sustainability; Oil-exporting countries; Oil-importing economies (search for similar items in EconPapers)
JEL-codes: C23 Q01 Q11 (search for similar items in EconPapers)
Date: 2023
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:jrpoli:v:85:y:2023:i:pb:s0301420723006724

DOI: 10.1016/j.resourpol.2023.103961

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