Dynamic linkage of Renewable Energy, Technology Innovation and Mineral Resource Demand in Resource Rich Economies

Abstract

This investigates the relationship of renewable energy, technology innovation, economic growth, and the interaction between renewable energy and technology innovation with mineral resource demand in resource-rich economies (Russia, The USA, Brazil, Canada, Iran, Saudi Arabia, Australia, Venezuela, China, & Iraq). The research employs the dynamic common correlated effect (DCCE) method for the period from 1995 to 2021. The findings show that coefficients for RENR, TINO, TR, and EG are all statistically significant, indicating their significant positive long-term impact on the mineral resource demand. Increases in RENR, TINO, TR, and EG are associated with positive changes in the outcome variable over the long term. However, the coefficient of INTERM has a significant negative influence on the mineral resource demand in the long run. The findings provide valuable insights into the dynamic interrelationships between the model's variables. Policymakers should focus on policies that promote and enhance RENR, TINO, TR, and EG, as they positively influence the outcome variable in the long run. Additionally, policymakers should be cautious of the potential negative effects of changes in INTERM on the mineral resource demand over the long term and carefully assess policies affecting this variable.