FinTech, environmental innovation, and social capital drive environmental and economic development in Asia
摘要
Economic recovery and climate quality are essential to people’s well-being. Researchers have uncovered a linear association between determinants of environmental quality and economic recovery. This study explores the linear and non-linear connections of Fintech, Digital financial inclusion, Green technological innovations, renewable energy consumption, and social capital with economic recovery and climate quality. Using a data set from the post-COVID-19 period, i.e., 2021 to 2023, the research employs CS-ARDL and NARDL techniques to uncover the proposed associations among variables. The outcomes show that Fintech, Digital financial inclusion, and social capital derive economic recovery, while renewable energy consumption and green innovations adversely affect economic growth. Similarly, Fintech advancements reduce environmental quality, while Digital financial inclusion, green technology innovations, and social capital augment sustainable ecological quality. Moreover, Fintech and digital financial inclusion exhibit asymmetric impacts on sustainable environmental and economic growth. The study directs Asian economies to promote eco-friendly projects by issuing sustainable financial instruments and promoting novel fintech practices. The use of renewable energy behind Fintech could enhance the quality of the climate.