Unlocking the green potential through Fintech- natural resources, and economic development in resource-rich countries - An MMQR study

The resource-rich nations are the biggest contributors towards the use of Natural Resources(NTR) related pollution all around the world. The extraction of NTR leads to contamination of the environment and results in a serious ecological imbalance. In the quest for economic development, countries have focused on increasing the extraction of NTR to fuel their economies with cheap sources of energy and continue to excel in their source of revenue. This approach has led to serious environmental challenges being faced across the globe and has affected the goal of Environmental Sustainability (ENS). The study identified the role of Fintech (FNT), NTR, Green Growth (GRW) and Economic Development (ECD) using the novel “Method of Moments Quantile Regression” (MMQR) approach. Based on the findings of the study, FNT can be used to support the development of a green economy through the provision of green finance, green credits, etc. NTR, on the other hand, is detrimental to ENS due to its negative impact on the ecological balance and the emission of CO2 gases through its use and extraction. Similarly, the ECD is negatively associated with ENS as the rise in ECD would increase economic activity and the use of energy and waste in the economy. GRW, however, can be one of the key solutions to ENS issues. The use of GRW to achieve growth without sacrificing ENS objectives can be the key to achieving environmental goals for the world. The recommendation of the study includes the development of sustainable supply chain operations of governments across resource-rich nations. This would help to ensure that the overall CO2 emissions of the government are reduced and the pathway towards developing a green economy is developed.