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Does financial inclusion promote a green economic system? Evaluating the role of energy efficiency

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  • Muhammad Tufail
  • Lin Song
  • Alican Umut
  • Nilufar Ismailova
  • Zebo Kuldasheva

Abstract

There are very few studies on the role of financial inclusion and energy efficiency in promoting a sustainable environment in the existing literature. These studies do not address or link financial inclusion to CO2 emissions in any way. Therefore, the purpose of this study is to look into the role of financial inclusion and energy efficiency on carbon emissions, as well as exports, imports, and gross domestic product (G.D.P.) in the BRICS economies from 1990 to 2020. The study additionally considers the panel data's integration, cointegration, cross-country interdependence, and heterogeneity features, resulting in reliable findings and well-founded policy recommendations. The panel Westerlund cointegration tests confirm the long-run relationships among CO2 emissions, financial inclusion, energy efficiency, exports, imports, and G.D.P. Furthermore, the long and short-run outcomes of CS-ARDL revealed that financial inclusion, imports size, and G.D.P. raise CO2 emissions, while energy efficiency and exports size reduce CO2 emissions. The study proposes increasing financial inclusion for controlling pollution and achieving sustainable environmental goals in light of these findings. Public-sector efforts are needed to integrate financial inclusion goals with continued improvements in energy efficiency and environmental policies.

Suggested Citation

  • Muhammad Tufail & Lin Song & Alican Umut & Nilufar Ismailova & Zebo Kuldasheva, 2022. "Does financial inclusion promote a green economic system? Evaluating the role of energy efficiency," Economic Research-Ekonomska Istraživanja, Taylor & Francis Journals, vol. 35(1), pages 6780-6800, December.
    • Handle: RePEc:taf:reroxx:v:35:y:2022:i:1:p:6780-6800
    DOI: 10.1080/1331677X.2022.2053363
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    Citations

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    Cited by:

    1. Wang, Zhe & Teng, Yin-Pei & Wu, Shuzhao & Liu, Yuxiang & Liu, Xianchang, 2023. "Geopolitical risk, financial system and natural resources extraction: Evidence from China," Resources Policy, Elsevier, vol. 82(C).
    2. Su, Chi Wei & Yue, Peiwen & Hou, Xinmeng & Dördüncü, Hazar, 2023. "Sustainable development through digital innovation: A new era for natural resource extraction and trade," Resources Policy, Elsevier, vol. 85(PB).
    3. Zhengxin Li & Md. Qamruzzaman, 2023. "Nexus between Environmental Degradation, Clean Energy, Financial Inclusion, and Poverty: Evidence with DSUR, CUP-FM, and CUP-BC Estimation," Sustainability, MDPI, vol. 15(19), pages 1-31, September.
    4. Zhang, Rongxin & Aljumah, Ahmad Ibrahim & Ghardallou, Wafa & Li, Zeyun & Li, Jinhua & Cifuentes-Faura, Javier, 2023. "How economic development promotes the sustainability targets? Role of natural resources utilization," Resources Policy, Elsevier, vol. 85(PA).
    5. Bai, Rongjun & Liu, Yan, 2023. "Natural resources as a source of financing energy poverty reduction? Resources extraction perspective," Resources Policy, Elsevier, vol. 82(C).
    6. Cai, Yurong & Zhou, Pengfei & Zhang, Yiting & Shen, Yang, 2023. "Natural resources extraction and sustainable environment: COP26 perspective for China," Resources Policy, Elsevier, vol. 82(C).
    7. Cao, Chunyan & Chen, Wei & Aslam, Misbah, 2023. "COP26 perspective of natural resources extraction: Oil and mineral resources perspective of developed economies," Resources Policy, Elsevier, vol. 82(C).
    8. Shi, Lumin & Udemba, Edmund Ntom & Emir, Firat & Khan, Nazakat Ullah & Hussain, Sadam & Boukhris, Imed, 2023. "Mediating role of finance amidst resource and energy policies in carbon control: A sustainable development study of Saudi Arabia," Resources Policy, Elsevier, vol. 82(C).
    9. Hodžić, Sabina & Šikić, Tanja Fatur & Dogan, Eyup, 2023. "Green environment in the EU countries: The role of financial inclusion, natural resources and energy intensity," Resources Policy, Elsevier, vol. 82(C).

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