Critical materials, clean energy, and growth: the moderating role of institutional quality in the top five global mineral economies
摘要
Existing studies suggest that mineral resources and renewable energy foster economic growth; however, empirical evidence remains limited regarding how critical materials and clean energy jointly influence real economic growth. This study empirically investigates the interlinkages among critical materials, clean energy capacity, and real economic growth across the top five global producers of lithium, cobalt, copper, and nickel from 1999 to 2024. Using linear panel models and the pooled mean group (PMG) approach, the analysis further explores the moderating role of institutional quality. The results reveal that lithium and nickel production significantly enhance real economic growth, while copper and cobalt exert negative effects. Clean energy capacity consistently promotes growth across all models. Additionally, both critical material production and real economic growth significantly contribute to clean energy expansion. Institutional quality demonstrates a moderating effect, amplifying the positive influence of lithium, copper, and nickel production but diminishing growth outcomes in cobalt-dependent economies. However, the joint moderation of clean energy and institutional quality occasionally produces negative growth effects, indicating complex transmission mechanisms. Policy implications highlight the need to strengthen institutional frameworks, promote green investment incentives, and diversify resource utilization to achieve sustainable and inclusive economic growth.