Drivers of green growth in the Kingdom of Saudi Arabia: can financial development promote environmentally sustainable economic growth?

被引:24
作者
Abro, Asif Ali [1 ]
Alam, Naushad [2 ]
Murshed, Muntasir [3 ,4 ]
Mahmood, Haider [5 ]
Musah, Mohammed [6 ]
Rahman, A. K. M. Atiqur [3 ]
机构
[1] Newports Inst Commun & Econ, Dept Business Adm, Karachi, Pakistan
[2] Dhofar Univ, Coll Commerce & Business Adm, Dept Finance & Econ, Salalah, Oman
[3] North South Univ, Sch Business & Econ, Dhaka 1229, Bangladesh
[4] Daffodil Int Univ, Dept Journalism Media & Commun, Dhaka, Bangladesh
[5] Prince Sattam Bin Abdulaziz Univ, Coll Business Adm, Dept Finance, Alkharj 11942, Saudi Arabia
[6] Ghana Commun Technol Univ, Sch Business, Dept Accounting Banking & Finance, Accra, Ghana
关键词
Green growth; Environmentally sustainable growth; CO2; emissions; Carbon neutrality; Financial development; Energy efficiency; STATISTICAL-INFERENCE; ENERGY EFFICIENCY; CARBON EMISSIONS; CONSUMPTION; INVESTMENT; COUNTRIES; IMPACT;
D O I
10.1007/s11356-022-23867-z
中图分类号
X [环境科学、安全科学];
学科分类号
08 ; 0830 ;
摘要
The Kingdom of Saudi Arabia has recently declared its vision of turning carbon neutral by 2060. This declaration has motivated policymakers in this Arab nation to design policies that can green economic activities in Saudi Arabia so that environmentally sustainable growth can be ensured. Against this backdrop, this study models the independent and joint effects of financial development, globalization, and energy efficiency rates on green growth of the Saudi Arabian economy. In this regard, green growth in the Kingdom of Saudi Arabia is proxied by the difference between the nation's annual per capita growth rates of gross domestic product and carbon dioxide emission. Utilizing data from 1972 to 2018 and controlling for structural break-induced problems found in the data, the findings from the regression and causality analyses confirm the green growth-inhibiting impacts of financial development and trade globalization. In contrast, greater financial globalization is evidenced to drive green growth in the Kingdom of Saudi Arabia. Furthermore, more efficient uses of energy resources are found to not only directly boost green growth but also partially neutralize the long-run green growth-dampening impacts associated with the development of the financial sector. In addition, financial development and trade globalization are observed to jointly inhibit green growth attainment both in the short and long run. In line with these important findings, it is recommended that the government of Saudi Arabia conceptualizes new green growth policies so that the nation's annual per capita economic growth rate outpaces its annual per capita growth rate of carbon dioxide emissions.
引用
收藏
页码:23764 / 23780
页数:17
相关论文
共 85 条
  • [31] Financial development and economic growth in GCC countries A comparative study between Islamic and conventional finance
    Grassa, Rihab
    Gazdar, Kaouthar
    [J]. INTERNATIONAL JOURNAL OF SOCIAL ECONOMICS, 2014, 41 (06) : 493 - +
  • [32] Gygli S, 2019, REV INT ORGAN, V14, P543, DOI 10.1007/s11558-019-09344-2
  • [33] Research on the relationship between urban public infrastructure, CO2 emission and economic growth in China
    Hao, Yuanyuan
    Cho, Hong Chong
    [J]. ENVIRONMENT DEVELOPMENT AND SUSTAINABILITY, 2022, 24 (05) : 7361 - 7376
  • [34] MEASURING THE IMPACT OF ECONOMIC POLICIES ON CO2 EMISSIONS: WAYS TO ACHIEVE GREEN ECONOMIC RECOVERY IN THE POST-COVID-19 ERA
    Huang, Wenji
    Saydaliev, Hayot Berk
    Iqbal, Wasim
    Irfan, Muhammad
    [J]. CLIMATE CHANGE ECONOMICS, 2022, 13 (03)
  • [35] Huang Y., 2022, ENVIRON SCI POLLUT R
  • [36] Circular economy, degrowth and green growth as pathways for research on sustainable development goals: A global analysis and future agenda
    Jesus Belmonte-Urena, Luis
    Antonio Plaza-Ubeda, Jose
    Vazquez-Brust, Diego
    Yakovleva, Natalia
    [J]. ECOLOGICAL ECONOMICS, 2021, 185
  • [37] The dynamic links among energy transitions, energy consumption, and sustainable economic growth: A novel framework for IEA countries
    Khan, Irfan
    Hou, Fujun
    Zakari, Abdulrasheed
    Tawiah, Vincent Konadu
    [J]. ENERGY, 2021, 222
  • [38] The roles of energy efficiency improvement, renewable electricity production, and financial inclusion in stimulating environmental sustainability in the Next Eleven countries
    Khan, Samiha
    Murshed, Muntasir
    Ozturk, Ilhan
    Khudoykulov, Khurshid
    [J]. RENEWABLE ENERGY, 2022, 193 : 1164 - 1176
  • [39] Does tourism contribute towards zero-carbon in Australia? Evidence from ARDL modelling approach
    Khanal, Avishek
    Rahman, Mohammad Mafizur
    Khanam, Rasheda
    Velayutham, Eswaran
    [J]. ENERGY STRATEGY REVIEWS, 2022, 43
  • [40] Is financial development crucial to achieving the "2030 agenda of sustainable development"? Evidence from Asian countries
    Khemani, Purnima
    Kumar, Dilip
    [J]. INTERNATIONAL JOURNAL OF EMERGING MARKETS, 2023, 18 (11) : 5009 - 5027