The impact of mineral resource abundance on environmental degradation in ten mineral- rich countries: Do the green innovation and financial technology matter?

The study aims to explore the correlation between mineral resource abundance and environmental degradation in ten mineral-rich countries, including Russia, the United States, Saudi Arabia, Canada, China, Brazil, Australia, India, South Africa, and Mexico. In addition, the study has also examined the impact of green innovation and financial technology on environmental degradation among sample countries. To examine both short-run and long-run relationships, the Panel Non-Linear Autoregressive Distributed Lag (NARDL) Approach is employed on data collected from 1995 to 2022. The Augmented Dickey-Fuller (ADF) test statistically rejects the null hypothesis of no co-integration in both Panel A and Panel B of the Padroni panel test. This is true when looking at individual intercepts, trends, and no intercept or trend. The statistically significant mean values pertain to each country's unit root test and are related to individual autoregressive coefficients for the mineral-rich countries. Based on the findings, it is evident that advancements in technology within the financial technology and green technology industries have the potential to yield positive ecological outcomes. Policymakers should give due consideration to FinTech innovations that promote sustainable practices. The findings offer valuable insights for future scholarly investigations and the formulation of policies in this significant domain. They underscore the necessity of adopting comprehensive strategies that concurrently consider economic development, technological advancements, and environmental preservation.