Technological Innovation, Natural Resources, Financial Inclusion, and Environmental Degradation in BRI Economies

Ali, Kishwar and Jianguo, Du and Kirikkaleli, Derviş and Bács, Zoltán and Oláh, Judit (2023) Technological Innovation, Natural Resources, Financial Inclusion, and Environmental Degradation in BRI Economies. NATURAL RESOURCE MODELING, 36 (4). No.-12373. ISSN 0890-8575 (print); 1939-7445 (online)

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Abstract

This research aimed to examine the relationshipbetween financial inclusion (FNI), technological inno-vation (TIN), and natural resources (NRS) and theirimpact on environmental degradation in the 45‐beltand road initiative (BRI) region from 2001 to 2018. Thestudy utilized advanced econometric techniques,including the generalized method of moments panelvector autoregressive, as well as traditional methodssuch as ordinary least squares and dynamic ordinaryleast squares, to examine the relationship betweenthese factors and environmental degradation, measuredby carbon footprint (CFP) and ecological footprint(EFP). The long‐run estimate confirms that NRS andFNI appear to have led to higher regional CFPs andEFP pressure. Meanwhile, the relationship with TIN,economic governance institutions (government effec-tiveness and regularity quality), and human capital contribute to overcoming environmental degradationand increasing environmental sustainability. The find-ings of this study have important implications forpolicymakers and central authorities in the BRI regionto address environmental degradation and promotesustainable development.Recommendations for Resource Managers•Natural resources (NRS) and financial inclusionincrease the regional carbon footprint (CFP) andecological footprint.•Human capital and technological innovation posi-tively contribute to environmental sustainability.•Belt and road initiative (BRI) economies shouldretain innovative access to financial services,sustainable forest, and biocapacity developmentto meet environmental disasters.•Moreover, BRI economies should not increase NRSused extensively to minimize the regional CFP.

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