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Does financial inclusion and information communication technology affect environmental degradation in oil-producing countries?

PloS one, 2024-03, Vol.19 (3), p.e0298545-e0298545 [Peer Reviewed Journal]

Copyright: © 2024 Alam et al. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited. ;COPYRIGHT 2024 Public Library of Science ;2024 Alam et al 2024 Alam et al ;ISSN: 1932-6203 ;EISSN: 1932-6203 ;DOI: 10.1371/journal.pone.0298545 ;PMID: 38507420

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  • Title:
    Does financial inclusion and information communication technology affect environmental degradation in oil-producing countries?
  • Author: Alam, Isbat ; Shichang, Lu ; Muneer, Saqib ; Alshammary, Khalid Mahsan ; Zia Ur Rehman, Muhammad
  • Subjects: Carbon Dioxide - analysis ; China ; Communication ; Ecology and Environmental Sciences ; Economic aspects ; Economic Development ; Engineering and Technology ; Environmental aspects ; Environmental degradation ; Evaluation ; Humans ; Influence ; Information Technology ; Physical Sciences ; Renewable Energy ; Social Sciences ; Sustainable development ; Technology
  • Is Part Of: PloS one, 2024-03, Vol.19 (3), p.e0298545-e0298545
  • Description: Advances in financial inclusions have contributed to economic growth and poverty alleviation, addressing environmental implications and implementing measures to mitigate climate change. Financial inclusions force advanced countries to progress their policies in a manner that does not hinder developing countries' current and future development. Consequently, this research examined the asymmetric effects of information and communication technology (ICT), financial inclusion, consumption of primary energy, employment to population ratio, and human development index on CO2 emissions in oil-producing countries (UAE, Nigeria, Russia, Saudi Arabia, Norway, Kazakhstan, Kuwait, Iraq, USA, and Canada). The study utilizes annual panel data spanning from 1990 to 2021. In addition, this study investigates the validity of the Environmental Kuznets Curve (EKC) trend on the entire sample, taking into account the effects of energy consumption and population to investigate the impact of financial inclusion on environmental degradation. The study used quantile regression, FMOLS, and FE-OLS techniques. Preliminary outcomes revealed that the data did not follow a normal distribution, emphasizing the need to use quantile regression (QR). This technique can effectively detect outliers, data non-normality, and structural changes. The outcomes from the quantile regression analysis indicate that ICT consistently reduces CO2 emissions in all quantiles (ranging from the 1st to the 9th quantile). In the same way, financial inclusion, and employment to population ratio constrains CO2 emissions across each quantile. On the other side, primary energy consumption and Human development index were found to increase CO2 emissions in each quantile (1st to 9th). The findings of this research have implications for both the academic and policy domains. By unraveling the intricate interplay between financial inclusion, ICT, and environmental degradation in oil-producing nations, the study contributes to a nuanced understanding of sustainable development challenges. Ultimately, the research aims to guide the formulation of targeted policies that leverage financial inclusion and technology to foster environmentally responsible economic growth in oil-dependent economies.
  • Publisher: United States: Public Library of Science
  • Language: English
  • Identifier: ISSN: 1932-6203
    EISSN: 1932-6203
    DOI: 10.1371/journal.pone.0298545
    PMID: 38507420
  • Source: Public Library of Science (PLoS) Journals Open Access
    Geneva Foundation Free Medical Journals at publisher websites
    MEDLINE
    PubMed Central
    Directory of Open Access Journals
    ProQuest Central
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