Driving sustainable development: Fiscal policy and the promotion of natural resource efficiency

The article examines how fiscal policy is crucial in promoting natural resource efficiency and sustainable development. In light of this, this paper analyzes the renewable energy (RE) consumption -based economies in resource -rich nations from 1996 to 2018. Cross-section dependence and slope heterogeneity are addressed by using a cross-section enhanced distributive lag estimator. The study's results, both long- and short-term, show that income decentralization and ecological administration significantly cut RE. The necessity for appropriate policy actions increases as worries about resource depletion and environmental deterioration grow more widespread worldwide. Research findings from countries that implement eco-friendly budgetary policies are used to examine how taxes, subsidies, and green budgeting can encourage a more resource -efficient and sustainable economy. The results show that fiscal policies have to meet environmental goals and that ecological well-being and economic policy must collaborate to achieve long-term sustainable development goals.