Unfolding impact of natural resources, economic growth, and energy nexus on the sustainable environment: Guidelines for green finance goals in 10 Asian countries

Abstract

The evolution of sustainable development goals (SDGs) has attracted attention to sustainability-related issues. The purpose of this paper is to ascertain whether natural resources play a significant role in influencing the sustainability of the environment and greenhouse gas emissions and to evaluate the effects of economic growth, natural resource use, green financing and the use of renewable and non-renewable energy on carbon emissions in ten countries (China, India, Pakistan, Japan, Indonesia, Turkey, South Korea, Thailand, Iran, and Saudi Arabia), chosen for having high gross domestic products (GDP) in the Asian region. Using the panel data estimating technique CS-ARDL, this study covers the period from 1996 through 2022, during which all countries' long-term elasticities were calculated. The results show that renewable and nonrenewable energy helps these nations' economies flourish. Natural resources can impede economic development in certain nations while stimulating it in others. While using renewable energy lowers carbon emissions, using fossil fuels for energy and economic growth both increase carbon emissions. The use of natural resources was a factor in the production of carbon dioxide (CO2) in every country represented on the panel. It is possible to make policy recommendations, such as using green energy sources and green financing that decrease greenhouse gas emissions and improving the educational system, as well as manipulating the government system to increase economic development in examined regions.