Developing green tehcnology and digital economy to cope with resource scarcity

Abstract

This study utilizes the Cross-Sectional Fully Modified OLS (CSFMOLS) estimation technique to analyze how advancements in the digital economy and green technological imports impact private investment in renewable energy across 13 newly industrialized countries (NICs) from 2005 to 2020. The findings indicate that a 1% increase in internet users leads to a 0.63% rise in private investment in green projects, attributed to improved access to renewable energy information and enhanced collaboration among stakeholders. Additionally, a 1% increase in imports of wind turbines and solar panels results in a 0.24% boost in private investment. However, a 1% rise in carbon footprints decreases investment by 0.11%, underscoring the negative impact of fossil fuel reliance. Higher income levels encourage private sector engagement, while poverty rates impede it. The study recommends reducing bandwidth costs, leveraging AI for green solutions, and promoting regional trade agreements to foster sustainable development in NICs.