Resources policy from extraction to innovation: The interplay of minerals, geothermal energy, technological advancements, and ecological footprint in high-ecological footprint economies

The present study aims to examine the impact of minerals, geothermal energy, and technology on the ecological footprint within the top five countries exhibiting the highest ecological footprint. In particular, the study utilizes a panel dataset covering China, the US, India, Brazil, and Japan, spanning the years 1998–2022. The empirical findings indicate that the minerals increase the ecological footprint in the long run. Contrarily, both geothermal energy and technology have the potential to mitigate the ecological footprint in the long run. The aforementioned findings indicate the necessity of reconfiguring the utilization of mineral rent in a manner that enables the revenue derived from minerals to effectively alleviate the ecological footprint. Moreover, it is advisable to formulate strategies aimed at augmenting the utilization of geothermal energy. To plunge the ecological footprint, it is imperative to implement policies that incentivize and facilitate the development and adoption of technological innovations. Overall, the current research suggests that the governments in these sample countries with the highest ecological footprint should formulate policies to effectively manage minerals, promote geothermal energy, and enhance technology innovation for effective utilization of resources.