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Sustainable development: Maximizing productivity in natural resource markets for a more ecologically friendly future

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  • Xu, Lan
  • Tang, Shuxiang

Abstract

The BRICS countries have had a recurring issue balancing ecological sustainability and economic productivity. Therefore in this study, CUP-FM (Continuously Updated Fully Modified) and CUP-BC (Continuously Updated Bias Corrected) models are utilized to thoroughly analyze the complex interplay between environmental conservation and natural resource markets in the setting of the BRICS countries from 1995 to 2020. The study finds that there is a statistically significant positive link between higher levels of natural resource exploitation within the BRICS states and increased economic productivity as assessed by GDP growth. The findings show a strong positive correlation between investments in green technologies and a decline in environmental degradation. The findings showed that BRICS countries that enforced more stringent environmental laws and sustainable resource management techniques saw a more advantageous equilibrium between ecological sustainability and economic productivity. This result emphasizes how crucial it is to implement proactive policy measures to achieve a mutually beneficial relationship between environmental preservation and economic development.

Suggested Citation

  • Xu, Lan & Tang, Shuxiang, 2024. "Sustainable development: Maximizing productivity in natural resource markets for a more ecologically friendly future," Resources Policy, Elsevier, vol. 89(C).
    • Handle: RePEc:eee:jrpoli:v:89:y:2024:i:c:s0301420723012916
    DOI: 10.1016/j.resourpol.2023.104580
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