Resources policies for solar development and eco-tourism expansion in emerging economies

Abstract

This research employs a thorough panel data analysis encompassing 10 emerging economies to assess the influence of solar energy consumption on tourism development spanning from 2000 to 2022. Using the CUP-FM (continuously updated full modified) technique, the results unveil a noteworthy and positive correlation. A 1% increase in solar energy consumption is associated with an approximate 0.35% upswing in tourist arrivals, underscoring the pivotal role of solar energy investment in expanding the tourism sector. Factors such as economic stability, price competitiveness, and a balanced approach to technological advancements play key roles in fostering a thriving tourism industry. The implementation of pragmatic policies, including increased funding for solar projects, the establishment of a green bonds market, digitalization of the green financial sector, and exploration of cryptocurrency for solar initiatives, can significantly bolster the tourism sector and advance sustainable energy initiatives.