Exploring the impact of natural resources, economic growth, and capital investments in decarbonizing the economy of GCC countries
摘要
Globally, there is a growing concern about sustainability. Besides, these worries are growing daily in the GCC as a result of a lack of knowledge and potential environmental hazards from capital investments, natural resource redundancy, and economic expansion. To address this concern, this study explores the symmetric and asymmetric impact of natural resources, capital investments, and economic development on environmental degradation in GCC economies from 1990 to 2021. Both symmetric and asymmetric ARDL approaches are used to analyze short-term and long-term relationships. The outcomes reveal evidence of asymmetric environmental impacts connected with shocks to the GCC nation’s natural resources, capital investment, and economic growth figures. In particular, it is seen that both shorter-term and longer-term increases in carbon dioxide emissions are caused by positive shocks to the levels of natural resources, economic development, and capital investments. Conversely, it has been seen those negative shocks to economic growth and natural resource levels lower emissions. The results provide credence to the environmental Kuznets curve and pollution haven theories as they relate to the GCC economy. Based on the empirical findings of our study, it is recommended for GCC economies to give priority to green economic growth strategies by focusing on the development of renewable energy technologies, improving the efficiency of natural resources, and implementing environmentally sustainable economic policies.