The role of digital finance, technological innovation, and human development to utilize natural resources efficiently: Analysis from developing Asia

Abstract

This study explores the transformative impact of the convergence of digital finance, technological innovation, and human development on the utilization of natural resources. Employing panel data from 1995 to 2019 for developing Asian nations and utilizing the CS Autoregressive Distributed Lag (CS-ARDL) model, the research unveils a positive and significant relationship between all independent variables and the utilization of natural resources. The collaborative interplay among these variables has led to remarkable progress, profoundly influencing the sustainable management of the Earth's finite resources. Positioned at the forefront of the digital revolution, financial technologies (fintech) have emerged as potent instruments, facilitating access to financial services and fostering comprehensive economic growth. Within developing Asian nations, the intricate dynamics among digital finance, technological innovation, and human development hold substantial potential to optimize natural resource efficiency, promoting sustainable economic growth and environmental stewardship. The amalgamation of these factors plays a pivotal role in nurturing sustainable practices, mitigating environmental degradation and propelling fair socioeconomic development.