The impacts of energy resource and tourism on green growth: Evidence from Asian economies

Abstract

In recent years, the discourse of "Green growth" has been expanded among scholars as an approach to reach environmental protection and a long-term solution to the climate change challenge. The primary purpose of this paper is to explore the impacts of tourism and energy resources (fossil fuels and renewable energy) on green economic growth from 2000 to 2021 for the case of Asian countries divided by the proxy of income level. The findings confirmed that in high-income Asian countries, the long-term impact of the sector of tourism on sustainable GDP (Gross Domestic Product) growth is positive. In contrast, tourism progress is an obstacle to long-term green economic growth in low-income Asian economies. In addition, the consumption of fossil fuels harms the sustainable GDP growth for both groups of examined economies. The recommended practical policies for low-income level Asian economies are enhancing ecotourism policy, green regionalism, and developing a green financial market. The high-income Asian countries should try to have financial and tax support for SMEs and develop green projects guaranteed by green bonds.