FinTech driven green energy transition foreign direct investment and ecological footprint in BRICST countries
Viglioni, M. T. D., Calegario, C. L. L., Viglioni, A. C. D., & Bruhn, N. C. P. Foreign direct investment and environmental degradation: Can intellectual property rights help G20 countries achieve carbon neutrality? Technol. Soc. 77, 102501 (2024).
Huo, Y. et al. Carbon footprint of farming practices in farmland ecosystems on the North and Northeast China plains. J. Environ. Manag. 354, 120378 (2024).
Google Scholar
Murshed, M. An empirical analysis of the non-linear impacts of ICT-trade openness on renewable energy transition, energy efficiency, clean cooking fuel access and environmental sustainability in South Asia. Environ. Sci. Pollut. Res. 27, 36254–36281 (2020).
Google Scholar
Chang, Y. & Wu, P. Influence of fiscal decentralization, fintech, and mineral resources on green productivity of G5 countries. Resour. Polic. 89, 104509 (2024).
Google Scholar
Ahmad, M., Pata, U. K., Ahmed, Z. & Zhao, R. Fintech, natural resources management, green energy transition, and ecological footprint: Empirical insights from EU countries. Resour. Polic. 92, 104972 (2024).
Google Scholar
Yang, X. & Khan, I. Dynamics among economic growth, urbanization, and environmental sustainability in IEA countries: The role of industry value-added. Environ. Sci. Pollut. Res. 29, 4116–4127 (2022).
Google Scholar
Qin, L. et al. The salience of carbon leakage for climate action planning: Evidence from the next eleven countries. Sustain. Product. Consum. 27, 1064–1076 (2021).
Google Scholar
Wang, L., Su, C.-W., Ali, S. & Chang, H.-L. How China is fostering sustainable growth: The interplay of green investment and production-based emission. Environ. Sci. Pollut. Res. 27, 39607–39618 (2020).
Google Scholar
Croutzet, A. & Dabbous, A. Do FinTech trigger renewable energy use? Evidence from OECD countries. Renew. Energy 179, 1608–1617 (2021).
Google Scholar
Udeagha, M. C. & Muchapondwa, E. Green finance, fintech, and environmental sustainability: Fresh policy insights from the BRICS nations. Int. J. Sust. Dev. World 30, 633–649 (2023).
Google Scholar
Nenavath, S. Impact of Fintech and green finance on environmental quality protection in India: By applying the semi-parametric difference-in-differences (SDID). Renew. Energy 193, 913–919 (2022).
Google Scholar
Li, A., Li, S., Chen, S. & Sun, X. The role of Fintech, natural resources, and renewable energy consumption in Shaping environmental sustainability in China: A NARDL perspective. Resour. Polic. 88, 104464 (2024).
Google Scholar
Zhang, Y.-J. & Wang, W. Do renewable energy consumption and service industry development contribute to CO2 emissions reduction in BRICS countries?. Environ. Sci. Pollut. Res. 26, 31632–31643 (2019).
Google Scholar
Wu, L., Liu, S., Liu, D., Fang, Z. & Xu, H. Modelling and forecasting CO2 emissions in the BRICS (Brazil, Russia, India, China, and South Africa) countries using a novel multi-variable grey model. Energy 79, 489–495 (2015).
Google Scholar
Barut, A., Kaya, E., Bekun, F. V. & Cengiz, S. Environmental sustainability amidst financial inclusion in five fragile economies: Evidence from lens of environmental Kuznets curve. Energy 269, 126802 (2023).
Google Scholar
Lin, H.-H., Hsu, C.-C., Wu, P.-H., Shen, C.-C. & Chen, G.-H. Demystifying the interconnections among natural resources, Fintech, green technologies, and sustainable environment in E-7 nations. Resour. Polic. 90, 104698 (2024).
Google Scholar
Zhang, Y., Zheng, K., Xia, F. & Cheng, Z. Fintech, natural resource rents, renewable energy consumption and environmental quality: A perspective of green economic recovery from BRICS economies. Resour. Polic. 89, 104604 (2024).
Google Scholar
Xia, A. & Liu, Q. Modelling the asymmetric impact of fintech, natural resources, and environmental regulations on ecological footprint in G7 countries. Resour. Polic. 89, 104552 (2024).
Google Scholar
Liu, Q., Zhao, Z., Liu, Y. & He, Y. Natural resources commodity prices volatility, economic performance and environment: Evaluating the role of oil rents. Resour. Polic. 76, 102548 (2022).
Google Scholar
Zheng, F., Zhou, X., Rahat, B. & Rubbaniy, G. Carbon neutrality target for leading exporting countries: On the role of economic complexity index and renewable energy electricity. J. Environ. Manage. 299, 113558 (2021).
Google Scholar
Zhang, Y., Li, L., Sadiq, M. & Chien, F. The impact of non-renewable energy production and energy usage on carbon emissions: Evidence from China. Energy Environ. (2023).
Google Scholar
Afshan, S., Ozturk, I. & Yaqoob, T. Facilitating renewable energy transition, ecological innovations and stringent environmental policies to improve ecological sustainability: Evidence from MM-QR method. Renew. Energy 196, 151–160 (2022).
Google Scholar
Sun, Y., Guan, W., Razzaq, A., Shahzad, M. & An, N. B. Transition towards ecological sustainability through fiscal decentralization, renewable energy and green investment in OECD countries. Renew. Energy 190, 385–395 (2022).
Google Scholar
Uddin, M., Siddik, A. B., Yuhuan, Z. & Naeem, M. A. Fintech and environmental efficiency: The dual role of foreign direct investment in G20 nations. J. Environ. Manage. 360, 121211 (2024).
Google Scholar
Li, J., Wu, Y. & Xiao, J. J. The impact of digital finance on household consumption: Evidence from China. Econ. Model. 86, 317–326 (2020).
Google Scholar
Liu, Y., Luan, L., Wu, W., Zhang, Z. & Hsu, Y. Can digital financial inclusion promote China’s economic growth?. Int. Rev. Financ. Anal. 78, 101889 (2021).
Google Scholar
Huo, S., Ni, L., Basheer, M. F., Al-Aiban, K. M. & Hassan, S. G. The role of fintech, mineral resource abundance, green energy and financial inclusion on ecological footprint in E7 countries: New insight from panel nonlinear ARDL cointegration approach. Resour. Polic. 94, 105083 (2024).
Google Scholar
Raza, S. A. & Shah, N. Testing environmental Kuznets curve hypothesis in G7 countries: The role of renewable energy consumption and trade. Environ. Sci. Pollut. Res. 25, 26965–26977 (2018).
Google Scholar
Fan, M., Lu, Z., Zhou, Y. & Wang, J. Threshold and spillovers effects of fintech on China’s energy dependence on fossil fuel. Resour. Polic. 91, 104890 (2024).
Google Scholar
Zhu, S., Song, M., Lim, M. K., Wang, J. & Zhao, J. The development of energy blockchain and its implications for China’s energy sector. Resour. Polic. 66, 101595 (2020).
Google Scholar
Teng, M. & Shen, M. Fintech and energy efficiency: Evidence from OECD countries. Resour. Polic. 82, 103550 (2023).
Google Scholar
Yang, W., Aslam, N. & Saeed, R. Exploring the role of fintech development in bridging the gap between green energy transition, energy security, and energy poverty: Empirical investigation for BRI countries. Energy Environ. (2025).
Google Scholar
Qin, Q. & Tan, L. Lighting a green future: The role of FinTech in the renewable energy transition. Sci. Prog. 108, 00368504251323566 (2025).
Google Scholar
Wu, X., Zhang, Y. & Lee, C.-C. Driving low-carbon energy transition with FinTech: The role of government environmental attention. Energy (2025).
Google Scholar
Udeagha, M. C. & Ngepah, N. The drivers of environmental sustainability in BRICS economies: Do green finance and fintech matter?. World Dev. Sustain. 3, 100096 (2023).
Google Scholar
Qin, L., Aziz, G., Hussan, M. W., Qadeer, A. & Sarwar, S. Empirical evidence of fintech and green environment: Using the green finance as a mediating variable. Int. Rev. Econ. Financ. 89, 33–49 (2024).
Google Scholar
Lisha, L. et al. Natural resources, green innovation, Fintech, and sustainability: A fresh insight from BRICS. Resour. Polic. 80, 103119 (2023).
Google Scholar
Bai, Y., Eweade, B. S., Aghazadeh, S., Bamidele, R. O. & Xu, Y. Pathways to environmental sustainability: Do fintech, natural resources, and environmental patents matter in E-7 nations?. Renew. Energy 247, 122987 (2025).
Google Scholar
Okere, K. I., Dimnwobi, S. K. & Fasanya, I. O. Pathways to environmental sustainability: Exploring the role of FinTech, natural resources and globalization in North Africa. Int. J. Sust. Dev. World 32, 446–464 (2025).
Google Scholar
Xian, M. Impact of inclusive growth, environmental policy incentives, fintech and globalization on environmental sustainability in G20 countries. Sustainability 17, 50 (2025).
Google Scholar
Pala, F. & Barut, A. Finansal gelişme, ekonomik büyüme ve enerji tüketiminin çevresel kalite üzerindeki etkisi: E-7 ülkeleri örneği. Anadolu Üniv. Sos. Bilimler Derg/ 21, 347–366 (2021).
Google Scholar
Ahmed, Z., Adebayo, T. S., Udemba, E. N., Murshed, M. & Kirikkaleli, D. Effects of economic complexity, economic growth, and renewable energy technology budgets on ecological footprint: The role of democratic accountability. Environ. Sci. Pollut. Res. 29, 24925–24940 (2022).
Google Scholar
Sharif, A., Baris-Tuzemen, O., Uzuner, G., Ozturk, I. & Sinha, A. Revisiting the role of renewable and non-renewable energy consumption on Turkey’s ecological footprint: Evidence from Quantile ARDL approach. Sustain. Cities Soc. 57, 102138 (2020).
Google Scholar
Hao, Y. & Chen, P. Do renewable energy consumption and green innovation help to curb CO2 emissions? Evidence from E7 countries. Environ. Sci. Pollut. Res. 30, 21115–21131 (2023).
Google Scholar
Zhang, J. & Khan, I. Energy use, energy access, and oil price fluctuations as new determinants of environmental quality in APEC countries. Gondwana Res. 132, 309–322 (2024).
Google Scholar
Shen, M., Ma, N. & Chen, Q. Has green finance policy promoted ecologically sustainable development under the constraints of government environmental attention?. J. Clean. Prod. 450, 141854 (2024).
Google Scholar
Zhang, D., Mohsin, M., Rasheed, A. K., Chang, Y. & Taghizadeh-Hesary, F. Public spending and green economic growth in BRI region: Mediating role of green finance. Energy Polic. 153, 112256 (2021).
Google Scholar
Aydin, M., Degirmenci, T., Erdem, A., Sogut, Y. & Demirtas, N. From public policy towards the green energy transition: Do economic freedom, economic globalization, environmental policy stringency, and material productivity matter?. Energy 311, 133404 (2024).
Google Scholar
Bai, R. & Liu, Y. Natural resources as a source of financing energy poverty reduction? resources extraction perspective. Resour. Polic. 82, 1–27 (2023).
Google Scholar
Hassan, S. T., Wang, P., Khan, I. & Zhu, B. The impact of economic complexity, technology advancements, and nuclear energy consumption on the ecological footprint of the USA: Towards circular economy initiatives. Gondwana Res. 113, 237–246 (2022).
Google Scholar
Cheng, C., Ren, X., Wang, Z. & Yan, C. Heterogeneous impacts of renewable energy and environmental patents on CO2 emission—evidence from the BRIICS. Sci. Total Environ. 668, 1328–1338 (2019).
Google Scholar
Khan, H., Weili, L., Bibi, R., Sumaira, & Khan, I. Innovations, energy consumption and carbon dioxide emissions in the global world countries: An empirical investigation. J. Environ. Sci. Econom. 1, 12–25 (2022).
Google Scholar
Hu, H., Xie, N., Fang, D. & Zhang, X. The role of renewable energy consumption and commercial services trade in carbon dioxide reduction: Evidence from 25 developing countries. Appl. Energy 211, 1229–1244 (2018).
Google Scholar
Bolük, G. & Mert, M. The renewable energy, growth and environmental Kuznets curve in Turkey: An ARDL approach. Renew. Sustain. Energy Rev. 52, 587–595 (2015).
Google Scholar
Li, B. et al. Do green innovation, ICT, and economic complexity matter for sustainable development of BRI economies: Moderating role of higher education. Environ. Sci. Pollut. Res. 30, 57833–57849 (2023).
Google Scholar
Zhang, J. Energy access challenge and the role of fossil fuels in meeting electricity demand: Promoting renewable energy capacity for sustainable development. Geosci. Front. 15, 101873 (2024).
Google Scholar
Pedroni, P. Panel cointegration: Asymptotic and finite sample properties of pooled time series tests with an application to the PPP hypothesis. Economet. Theor. 20, 597–625 (2004).
Google Scholar
Kao, C. Spurious regression and residual-based tests for cointegration in panel data. J. Econom. 90, 1–44 (1999).
Google Scholar
Westerlund, J. New simple tests for panel cointegration. Economet. Rev. 24, 297–316 (2005).
Google Scholar
Driscoll, J. & Kraay, A. Consistent covariance matrix estimation with spatially dependent data. Rev. Econ. Stat. 80, 549–560 (1998).
Google Scholar
Dumitrescu, E.-I. & Hurlin, C. Testing for granger non-causality in heterogeneous panels. Econ. Model. 29, 1450–1460 (2012).
Google Scholar
Xuan, D., Jiang, X. & Fang, Y. Can globalization and the green economy hedge natural resources? Functions of population growth and financial development in BRICS countries. Resour. Polic. 82, 103414 (2023).
Google Scholar
De Hoyos, R. E. & Sarafidis, V. The testing for cross-sectional dependence in panel data model. Stand. Genom. Sci. 6, 482–496 (2006).
Pesaran, M. General diagnostic tests for cross section dependence in panels. Cambridge Working Papers in Economics (2004).
Pesaran, M. H., Ullah, A. & Yamagata, T. A bias-adjusted lm test of error cross-section independence. Economet. J. 11, 105–127 (2008).
Google Scholar
Essandoh, O. K., Islam, M. & Kakinaka, M. Linking international trade and foreign direct investment to CO2 emissions: Any differences between developed and developing countries?. Sci. Total Environ. 712, 136437 (2020).
Google Scholar
Khan, M. Effect of natural resources on economic growth in Pakistan: A time series analysis. Asian J. Econ. Model. 9, 29–47 (2021).
Google Scholar
Pesaran, M. H. A simple panel unit root test in the presence of cross-section dependence. J Appl. Econom. 22, 265–312 (2007).
Google Scholar
Chishti, M. Z. & Sinha, A. Do the shocks in technological and financial innovation influence the environmental quality? Evidence from BRICS economies. Technol. Soc. 68, 101828 (2022).
Google Scholar
Hoechle, D. Robust standard errors for panel regressions with cross-sectional dependence. Stand. Genom. Sci. 7, 281–312 (2007).
Rahman, M. M. & Alam, K. The roles of globalization, renewable energy and technological innovation in improving air quality: Evidence from the world’s 60 most open countries. Energy Rep. 8, 9889–9898 (2022).
Google Scholar
Muhammad, S., Long, X., Salman, M. & Dauda, L. Effect of urbanization and international trade on CO2 emissions across 65 belt and road initiative countries. Energy 196, 117102 (2020).
Google Scholar
Nasir, M. H. et al. Energy security and energy poverty in emerging economies: A step towards sustainable energy efficiency. Front. Energy Res. 10, 834614 (2022).
Google Scholar
Khan, M. K. & Rana, A. T. Institutional quality and CO2 emission–output relations: The case of Asian countries. J. Environ. Manage. 279, 111569 (2021).
Google Scholar
Behera, S. R. & Dash, D. P. The effect of urbanization, energy consumption, and foreign direct investment on the carbon dioxide emission in the SSEA (South and Southeast Asian) region. Renew. Sustain. Energy Rev. 70, 96–106 (2017).
Google Scholar
Narayan, P. K. & Smyth, R. A panel cointegration analysis of the demand for oil in the middle east. Energy Policy 35, 6258–6265 (2007).
Google Scholar
Opoku, E. E. O., Adams, S. & Aluko, O. A. The foreign direct investment-environment nexus: Does emission disaggregation matter?. Energy Rep. 7, 778–787 (2021).
Google Scholar
Mohanty, S. & Sethi, N. The energy consumption-environmental quality nexus in BRICS countries: The role of outward foreign direct investment. Environ. Sci. Pollut. Res. 29, 19714–19730 (2021).
Google Scholar
Tamazian, A., Chousa, J. P. & Vadlamannati, K. C. Does higher economic and financial development lead to environmental degradation: Evidence from BRIC countries. Energy Polic. 37, 246–253 (2009).
Google Scholar
Shen, J., Wang, S., Liu, W. & Chu, J. Does migration of pollution intensive industries impact environmental efficiency? Evidence supporting “Pollution haven hypothesis”. J. Environ. Manag. 242, 142–152 (2019).
Google Scholar
Yadav, S., Samadhiya, A., Kumar, A., Luthra, S. & Pandey, K. K. Nexus between fintech, green finance and natural resources management: Transition of BRICS nation industries from resource curse to resource blessed sustainable economies. Resour. Polic. 91, 104903 (2024).
Google Scholar
Wang, Y., Han, M. & Liu, K. Towards sustainable path: Measuring the effectiveness of natural resource utilization, renewable energy resources, fintech, environmental investments, and research & development. Resour. Polic. 93, 105053 (2024).
Google Scholar
Zeng, C., Ma, R. & Chen, P. Impact of mineral resource rents and fin-tech on green growth: Exploring the mediating role of environmental governance in developed economies. Resour. Polic. 89, 104547 (2024).
Google Scholar
Albornoz, F., Cole, M. A., Elliott, R. J. & Ercolani, M. G. In search of environmental spillovers. World Econ. 32, 136–163 (2009).
Google Scholar
Sun, Q., Ahmad, N. & Zhang, H. Renewable energy and energy poverty: An assessment of India’s progress. Energy 238, 121787 (2022).
link
