Sustainable financing solutions for the growth of resource-driven economies in the digital economy age

Peng Nie, Juncheng Zhong, Zhengliang Ren and Jinglei Huang

Resources Policy, 2024, vol. 98, issue C

Abstract: This study examines the effects of sustainable finance and digitalization on economic development in 15 resource-rich nations from 2000 to 2020, utilizing the ARDL-CCEMG technique. The results indicate that digitalization significantly boosts economic growth, with a 1% increase in ICT development leading to a 0.45% short-term and 0.32% long-term growth. Green finance positively impacts long-term growth, though short-term effects are minimal. Positive correlations are found between economic factors such as patent ownership, workforce size, investment, and fossil fuel consumption. The study highlights the need to expand and improve the green finance market to tackle sustainability challenges. Recommended strategies include enhancing green finance through digitalization, fostering sustainable development education, linking FDI to sustainability, improving fossil fuel efficiency via green technologies, and increasing private investment in renewable energy projects.

Keywords: Sustainable finance; Economic growth; ICT development; Resource-driven economies; Fossil fuels consumption; ARDL-CCEMG (search for similar items in EconPapers)
JEL-codes: C32 G23 O40 Q32 Q41 (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eee:jrpoli:v:98:y:2024:i:c:s0301420724007177

DOI: 10.1016/j.resourpol.2024.105350

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