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

Author

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  • Nie, Peng
  • Zhong, Juncheng
  • Ren, Zhengliang
  • Huang, Jinglei

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.

Suggested Citation

  • Nie, Peng & Zhong, Juncheng & Ren, Zhengliang & Huang, Jinglei, 2024. "Sustainable financing solutions for the growth of resource-driven economies in the digital economy age," Resources Policy, Elsevier, vol. 98(C).
    • Handle: RePEc:eee:jrpoli:v:98:y:2024:i:c:s0301420724007177
    DOI: 10.1016/j.resourpol.2024.105350
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    Keywords

    Sustainable finance; Economic growth; ICT development; Resource-driven economies; Fossil fuels consumption; ARDL-CCEMG;
    All these keywords.

    JEL classification:

    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
    • C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
    • Q41 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Demand and Supply; Prices
    • Q32 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Exhaustible Resources and Economic Development
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors

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