Blending financial innovation with natural resource utilization: Pathways to green economic expansion

Abstract

The paper examines the impact of natural resource use, green energy, and financial inclusion on the economic expansion rate of ASEAN countries between 2012 and 2022. The study utilizes the MMQR framework and finds that population increases, the use of natural resources, and the availability of renewable energy sources contribute to financial growth in ASEAN countries. The research suggests that governments should create financial regulations to expand access to financial services for ASEAN countries, which can boost economic growth. Efforts to increase access to financial services for ASEAN countries are recommended to enhance economic growth. The paper highlights the importance of the optimal use of natural resources, as it positively affects national economies. The relationship between carbon dioxide emissions, economic development, and alternative energy forms is another topic investigated in this research. Encouraging greater use of electric energy may help lower pollution, protect natural resources, and contribute to the expansion of the economy in a sustainable manner.