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Role of green finance in enhancing the sustainability in the mining sector in Asia

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  • Chu, Mingbin
  • Li, Bingwei
  • Gu, Weiyu
  • Dai, Xiajing

Abstract

This study delves into the influence of green finance on the mining sector across 12 Asian economies, examining data from 2000 to 2022. Employing the CUP-FM (continuously updated full modified) approach, we uncover a significant correlation: a 1% increase in the green finance market size is associated with a reduction in CO2 emissions from mining. This implies that a larger green finance market fosters sustainable investments and cleaner mining technologies, thereby decreasing the carbon footprint. Additionally, the growth of urban populations is linked to a 0.14% increase in CO2 emissions from mining, underscoring the imperative of sustainable urban development. Moreover, the development of information and communication technology (ICT) shows promise, correlating with a 0.50% reduction in CO2 emissions, highlighting the role of technology in promoting sustainability. However, GDP growth is associated with a 0.04% increase in emissions, emphasizing the challenge of balancing economic growth with environmental responsibility. To advance sustainability, Asian economies should concentrate on expanding the green finance market, enhancing digitalization, employing AI for efficient green financial tools, and promoting green power generation in urban areas.

Suggested Citation

  • Chu, Mingbin & Li, Bingwei & Gu, Weiyu & Dai, Xiajing, 2024. "Role of green finance in enhancing the sustainability in the mining sector in Asia," Resources Policy, Elsevier, vol. 88(C).
    • Handle: RePEc:eee:jrpoli:v:88:y:2024:i:c:s0301420723011844
    DOI: 10.1016/j.resourpol.2023.104473
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    More about this item

    Keywords

    Sustainable mining sector; Green finance; CO2 emissions; Sustainable projects; Asia;
    All these keywords.

    JEL classification:

    • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth
    • Q32 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Exhaustible Resources and Economic Development
    • O53 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East
    • C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation

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