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The sustainable use of natural resource markets: Moving toward greener horizons

Author

Listed:
  • Wu, Jie
  • Guluzada, Esmira
  • Karimzada, Mehriban

Abstract

In light of environmental deterioration, climate change, and resource depletion, the sustainable use of natural resource markets has become an urgent worldwide priority. The article examines the complex issues surrounding the markets for natural resources and offers policy recommendations for achieving greener futures. The Autoregressive Distributed Lag (ARDL) bound test and Non-linear ARDL and asymmetric causality analysis are employed for empirical evaluation using data from 2009 to 2021. Resource markets pose severe challenges to the world's ecological balance because it often exhibit market failures that disregard environmental consequences. This research makes the case that these external costs must be urgently internalized through policies like carbon pricing and eco-taxes. Additionally, mitigating resource demand requires shifting to circular economies that value recycling and extended economic gains. Important ecosystems must be preserved and restored. According to policy reforms that support sustainable land use and green projects are essential. This shift may be facilitated by sustainable financing instruments such as green bonds and international cooperation agreements.

Suggested Citation

  • Wu, Jie & Guluzada, Esmira & Karimzada, Mehriban, 2024. "The sustainable use of natural resource markets: Moving toward greener horizons," Resources Policy, Elsevier, vol. 89(C).
    • Handle: RePEc:eee:jrpoli:v:89:y:2024:i:c:s0301420723011558
    DOI: 10.1016/j.resourpol.2023.104444
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