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.
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