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Green economic development by increasing efficiency of natural resource consumption

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  • Liu, Wen
  • Xu, Jiaqi
  • She, Shengxiang

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.

Suggested Citation

  • Liu, Wen & Xu, Jiaqi & She, Shengxiang, 2023. "Green economic development by increasing efficiency of natural resource consumption," Resources Policy, Elsevier, vol. 85(PB).
    • Handle: RePEc:eee:jrpoli:v:85:y:2023:i:pb:s0301420723006724
    DOI: 10.1016/j.resourpol.2023.103961
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    More about this item

    Keywords

    Natural resources; Fossil fuels efficiency; Sustainability; Oil-exporting countries; Oil-importing economies;
    All these keywords.

    JEL classification:

    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models
    • Q11 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Aggregate Supply and Demand Analysis; Prices
    • Q01 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - Sustainable Development

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