The role of environmental protection expenditures, urbanization, and economic growth in promoting sustainable natural resources

Abstract

Overexploitation of natural resources poses significant challenges to the global ecosystem. Because the world's natural resources are finite, maintaining ecological balance is essential to ensuring their sustainable production, consumption, and efficient use. Furthermore, one of the most essential elements in achieving sustainable development goals is the protection of natural resources. Therefore, knowing what influences and sustains natural resources offers essential information to help shape sustainable resource management practices. In this regard, the study investigates the effects of environmental protection expenditures, urbanization, fossil fuel consumption, and economic growth on the depletion of natural resources in 10 countries with the lowest natural depletion between 1995 and 2021 through causality testing. Moreover, because they may impact natural resources, population, globalization, and population density were included as control variables in the study's model. The important aim of the study is to achieve Sustainable Development Goals 7, 8, 9, and 12. The test findings of the study show that these policies have a positive effect on the protection of natural resources and indicate a causal relationship supporting this finding. Governments should allocate affordable and easily accessible funds for initiatives that will reduce the negative consequences of processes that ensure the sustainability of natural resources. Additionally, the study highlights its contribution to the literature by proposing several concrete conclusions that determine the factors affecting the sustainability of natural resources.