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Analyzing the Influence of Financial Technology and Environmental Taxation on

Energy Transformation in BRI Nations

Yefan Zou, Ninger Ma

PII: S2405-8440(24)16666-2
DOI: https://doi.org/10.1016/j.heliyon.2024.e40635
Reference: HLY 40635

To appear in: HELIYON

Received Date: 9 March 2024

Revised Date: 19 November 2024
Accepted Date: 21 November 2024

Please cite this article as: Analyzing the Influence of Financial Technology and Environmental Taxation
on Energy Transformation in BRI Nations, HELIYON, https://doi.org/10.1016/j.heliyon.2024.e40635.

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Analyzing the Influence of Financial Technology and Environmental Taxation
on Energy Transformation in BRI Nations

Yefan Zou 1*, Ninger Ma2

1. Faculty of Economics, Shanghai University, Shanghai 200444

2. Faculty of law, Shanghai University, Shanghai 200444

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Email address list

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*Correspondings:wangmf2007@sohu.com

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zhangxq2001@sohu.com
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Corresponding author: Yefan Zou
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Abstract
This research examined the management, financial technology, and environmental taxation
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elements impacting energy transformation in Belt and Road Initiative (BRI) countries concerning
foreign direct investment (FDI). The study aims to analyze data from 2014 to 2022, encompassing
a balanced group of 148 BRI member nations—72 from minimal and lower-middle-class countries
and 78 from significant and middle-income industrialized nations. Utilizing the two-step systems
generalized method of moments (GMM) framework and verifying with the two-stage least squares
(2SLS) approach, the study identified critical drivers and barriers to energy transformation in these
countries. The findings indicate that effective management practices, advanced financial
technologies, and appropriate environmental taxation policies significantly influence energy
transformation and FDI inflows. Additionally, the research reviewed the impact of cruise tourism
on human health and environmental ecosystems, highlighting severe environmental consequences
such as habitat deterioration, marine pollution, and ecosystem disturbances. Human health issues
linked to air and water pollution, including respiratory disorders and water-borne illnesses, were
also identified. The socioeconomic effects on nearby communities were significant, underscoring
the need for stringent regulations and sustainable practices. This comprehensive analysis provides
essential insights for policymakers, industry stakeholders, and scholars, advocating for integrated
policies to promote sustainable energy transformation and mitigate the adverse effects of cruise
tourism.

Keywords: The Belt and Road Initiative; Energy Landscape; environment; Human health

1.Introduction

The transformation of energy technologies provides opportunities for environmentally friendly

energy while protecting the natural world and human lives worldwide. The study addresses the

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complex challenges and dynamics of energy transformation within the Belt and Road Initiative

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(BRI) countries, focusing on the influence of management practices, financial technology, and

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environmental taxation on foreign direct investment (FDI). These elements are critical in
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understanding how the diverse economies of BRI member nations can transition towards
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sustainable energy sources. The BRI, which includes developing and industrialized nations,

presents a unique set of opportunities and challenges in implementing effective energy policies.
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The study also explores the profound impacts of the rapidly expanding cruise tourism industry on
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human health and environmental ecosystems in BRI countries. Cruise tourism contributes to
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habitat deterioration, marine pollution, and disruption of fragile ecosystems, leading to significant

environmental degradation. In these countries, the increase in air and water pollution from cruise

ships is linked to various human health problems, such as respiratory disorders and water-borne

illnesses. The socioeconomic effects on local communities, which are often reliant on tourism,

further complicate the scenario, necessitating stringent regulations and sustainable practices to

mitigate these adverse outcomes. By examining these intertwined issues, the study aims to provide

comprehensive insights that inform policymakers, industry stakeholders, and scholars in BRI

countries about the critical need for integrated strategies to foster sustainable development and
mitigate the negative impacts associated with both energy transformation and cruise tourism [1]

[2].

According to [3]"energy change" relates to a purposeful and fundamental change that involves a

shift from antiquated power generation facilities and excessive dependence on non-renewable and

carbon-intensive sources of energy in favour of neat, effective, and ecologically beneficial

alternatives. Additionally, the Energy Consumption reduces the environmental imprint and impact

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of global warming on the electricity industry. Therefore, the change plan's goal is to contribute to

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environmental sustainability by substituting energy from renewable sources with technologies-

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based power that uses petroleum and coal. Technological developments in power-saving and

energy-efficient methods comprise the energy-efficient transition. Numerous energy-related

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initiatives and efforts are now in progress locally, nationally, and worldwide [4] [5]. Nonetheless,
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plenty more work must be done to reduce carbon emissions and slow the pace of global warming.
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With effective and environmentally friendly energy sources, carbon emissions may be lowered by
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as much as 90%. The hypotheses of environmentally friendly development, sustainable

development, and energy conservation are examples of contemporary sustainable energy concepts.
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As the two most important concerns confronting the modern world at the nexus between society

and environment—environmental deterioration and climate warming—the rebounding impact

incorporated in the concept of energy conservation is particularly pertinent to this research. The

release of carbon dioxide, along with other greenhouse gases, is the leading cause of climate

change and worldwide warming. By reducing pollutants and preventing the depletion of earth's

resources, the concept of "green development" places a high focus on protecting the natural world.

Lastly, a solution to significant emissions of carbon that might endanger both the natural world

and individuals is provided by the sustainable growth hypothesis. Since the power transformation
idea relies on the Sustainable Development Goals, or SDGs, themes 7, 12, and 13, it may help

overcome the current issues of worldwide warming and environmental degradation, driven mainly

by carbon dioxide emissions. Moreover, starting in 2015, the China turned its attention to limiting

rising temperatures by efficiently using the idea of energy transformation. According to [6],the

finance industry has become a significant force in advancing the transformation of green energy.

To meet the SDGs and UN environmental targets, roughly one hundred trillion dollars in global

investment is required [7][8]. Power network expenditures are estimated to be between US$ 1.6

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and US$ 3.8 trillion annually between 2020 and 2050 to preserve efficient infrastructure and avoid

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adverse environmental effects. These data findings show how important it is to move towards a

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sustainable energy future and improve energy usage in the present [9].
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This study significantly contributes to the literature by providing an in-depth analysis of the factors
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influencing energy transformation in Belt and Road Initiative (BRI) countries from 2014 to 2022.
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Utilizing a balanced group of 148 BRI member nations, which includes 72 minimal and lower-
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middle-class countries and 78 significant and middle-income industrialized nations, this research

employs the two-step systems generalized method of moments (GMM) framework and verifies its
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findings with the two-stage least squares (2SLS) approach. By examining the roles of management

practices, financial technology, and environmental taxation on foreign direct investment (FDI), the

study offers nuanced insights into the mechanisms driving sustainable energy transitions in diverse

economic contexts. Furthermore, the research extends its scope to analyze the burgeoning cruise

tourism industry within these regions, highlighting its significant environmental and health

impacts. The comprehensive review of cruise tourism's effects on habitat deterioration, marine

pollution, and human health, along with its socioeconomic implications, underscores the necessity

for stringent regulations and sustainable practices. This dual-focus approach not only enriches the
existing body of knowledge on sustainable development in BRI countries but also provides

actionable insights for policymakers, industry stakeholders, and scholars aiming to balance

economic growth with environmental preservation and public health.

Furthermore, the subsequent parts make up this document. This paper's second portion offers an

overview of the research considering each factor. In part three, modeling, estimating, and empirical

information are explained in depth along with the technique. This paper's fourth part contains the

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findings and commentary. The research methodology is detailed in Section 5 of this work, along

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with the research's investments, implications for policy, suggestions, and instructions for

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additional study.
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2. Literature review
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Renewable energy sources should be utilized more despite widespread support from economic
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leaders. Accordingly, financial and technological obstacles are associated with this energy

transformation [10].In 2019, renewable energy accounted for just over about five percent of the
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power used globally, according to a study by [11].In this case, a well-designed finance system is
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essential for lowering concerns about the stock market and the rise of renewable energy

investments. Due to digital transformation and technical breakthroughs, the banking industry is

now seeing a dramatic change in strategy. Energy efficiency programs have slowed significantly

due to market constraints, according to [12] .Blockchain technology, a financial technology, may

be used to overcome these obstacles and revolutionize the construction of energy infrastructure

[13][14].

[15] state that Technological Transfer improves the financial system by providing substantial

potential. Sustainable investments and loans are made possible. The significance of acknowledging
the interdependence of the financial system, economic health, and environmental sustainability

has been stressed by [16].[17] found that higher lending rates are inversely related to carbon

emissions, meaning that the latter drops as the former rises. However, they discovered that higher

emissions are associated with more readily available financing. Also, as pointed out by [18]

,improving financial and regulatory systems through Technological Transfer can either help get us

closer to the SDGs or at least speed up the development of sustainable technologies and the shift

to more accessible and eco-friendly energy sources. Research also shows that Technological

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Transfer helps get money where it needs to go, whether for spending, savings, or investments in

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green energy. This is made possible via the use of renewable energy-specific certifications that are

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built on block chain technology. As a result, it is possible to demonstrate a favorable correlation
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between renewable energy use and Technological Transfer advancements. In addition, [19],came
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to the conclusion that technological advances and comb development's inherent instability may
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mitigate blue development's inherent instability. Technology is a game-changer in the energy

business due to its unique qualities. Benefits to society, the environment, and the economy are all
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affected by the funding mechanisms put in place to increase energy efficiency. The data given by
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[20] ,is vital for making the transition to renewable energy sources easier. Financial organizations

and systems must use technology to facilitate the availability of finance for low-carbon energy

projects. This will facilitate the shift to greener energy sources. Also, as [21] ,pointed out, products

made possible by using blockchain technology, which is part of the Technological Transfer

framework, are economically and environmentally responsible. Because of these goods, the

economy based on circularity is now more robust and more effective. The concept of a circular

economy may be proposed by Choi et al. (2014), and sustainable energy use might be made more

accessible by integrating blockchain technology into Technological Transfer. China does this by
implementing decentralized trade systems. In addition, the energy industry might radically

transform when Technological Transfer and blockchain technology are used together. The energy

industry benefits significantly from the innovations that Technological Transfer, specifically

blockchain technology, may bring about [22][23].

[24],empirically evaluated the Chinese circumstances by examining time-series data. A

noteworthy indication of the Energy Consumption is that empirical data shows that the expansion

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nearly 40% of the shift towards alternative energy sources has its roots in the banking industry. In

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addition, the study by[25],highlights the importance of finance in propelling the growth of

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renewable energy in India, which points to the future of the Energy Consumption. Financial

assistance for renewable energy had a substantial role in enabling a successful transition within
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the energy sector, according to[26],study of data from 28 EU nations. The development of financial
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technology grew by 1%, whereas renewable energy grew by 0.60%. According to [27] [28]
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research by which covered 2005–2014, the banking industry was instrumental in promoting
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renewable energy as a practical alternative. The research emphasized the positive effects of

financing on increasing the capacity for renewable energy sources and their acceptance, facilitating
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a more orderly transition to sustainable power. [29] argued that the government should

aggressively support innovative Technological Transfer, specifically green financing.

There is no denying the positive impact of Financial Technology on the movement towards

greener, more sustainable energy. The governance index and Energy Consumption are highly

correlated. The ability to plan, make decisions, give orders, and execute laws is possessed by non-

state actors. The word "governance" often describes this phenomenon. The federal, provincial, and

regional authority should not limit its purview to domestic and international entities alone.

Importantly, we must not establish a global governing body or a hierarchical system. Public and
private organizations at all governmental levels should collaborate to formulate and execute

regional, national, and international policies [30].Given the increasing importance of governance

traits in the Energy Consumption, a recent study investigated this link. The study by [31] ,aimed

to examine the relationship between Energy Consumption and governance in BRI member nations.

Promising findings came out of the research. In addition, a study conducted investigated the effects

of economic development, technical improvements, the use of biomass energy, and government in

Sub-Saharan African nations. They demonstrated that the government has favorably affected the

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shift to renewable energy sources. In addition,[32] discovered that the government may play a

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positive role in easing infrastructure construction for Energy Consumption. Moreover, [33],looked

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at how corruption affects the share of renewable energy in overall energy consumption. In their
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study, 36 African nations were considered. Corruption, they discovered, has no bearing on the shift
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to renewable energy. Renewable Energy Consumptions were more successful in MENA nations,
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where [34] discovered that elements of the quality of institutions and politics facilitated the

process. According to [35] ,implementing economic governance systems, promoting renewable

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energy sources, and investing in human capital development may all help lessen that
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environmental impact. Both the short- and long-term effects of technical innovation and good

governance on the Energy Consumption of the BRICS nations. The country's Energy Consumption

is impacted favorably by the governance index. The shift to renewable energy sources and the

introduction of taxes with environmental goals. According to [36] ,environmental taxes are a kind

of pricing that changes people's energy consumption habits, improving economic and

environmental progress. Ding et al. conducted an exhaustive study on the effects of environmental

taxes in countries with extreme pollution in their 2019 study. Their idea implies that combining

environmental taxes with environmental technologies might achieve a significant 28% drop in
carbon emissions. In order to decrease carbon emissions and encourage the use of more

environmentally friendly energy sources, Shi et al. (2019) assessed the effectiveness of

environmental fees. According to the results of a dynamic general equilibrium analysis, the

composition of the financial sectors determines the impact of environmental taxes. According to

research by [37] ,environmental levies imposed by EU member states did reduce emissions, but

only to a limited extent. Attaining a certain tax threshold has the potential to reduce emissions

significantly. According to research by[38],industrialized Asian nations may benefit from reducing

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their harmful environmental impact and enhancing their environmental condition if they

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implement an environmental tax. To assess the environmental and economic impacts of a carbon

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tax, [39] used Spanish data in a dynamic CGE model. They said one possible solution to reduce
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CO2 emissions would be to institute a carbon levy. So, it is feasible to lessen the impact of climate
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change while keeping costs down. In their empirical study, [40]showed that eco-innovation and
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environmental levies had significantly lowered emissions in the E7 nations. Policymakers must

use environmental taxes as a vital instrument to mitigate the adverse effects of environmental
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externalities. According to [41] imposing higher environmental levies seems to be the principal
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strategy for lowering releases that occur in the majority of countries in South America.

According to recent research, environmental pricing and regulatory governance impact different

countries within the same area. According to [42] ,poor countries might benefit from carbon

dioxide (CO2) taxes in two ways: reducing greenhouse gas emissions and reducing budgetary

deficits. Furthermore, research by [43] shows that environmental taxes promote renewable Energy

Consumption developments. Institutional strength and new technology developments also

significantly impact the relationship between technologically enabled financial success and carbon

dioxide emissions. One way to lessen the adverse effects of economic growth on the environment
is to use environmentally friendly technologies. One good effect of environmental fees is the

money they bring in, which helps fund the transition to cleaner, more sustainable energy sources.

The idea of globalization and the transition to other energy sources. In addition to causing social,

political, and economic upheavals, globalization was a yardstick by which modern civilization was

judged. The rapid pace of globalization has far-reaching effects on energy consumption and

economic development. Innovative energy technologies and increased energy efficiency are being

promoted by globalization, which allows for global cooperation and the transfer of information.

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According to [44] this might pave the way for the essential framework changes for a smooth

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Energy Consumption. According to [45] increasing energy consumption is primarily due to

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globalization, which calls attention to improving energy efficiency and shifting to alternative
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energy sources. The researchers emphasized the contradictory results while discussing
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globalization's potential beneficial or harmful effects on the Energy Consumption.

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[46] argue that globalization is a valuable tool for hastening the dissemination and development
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of new technologies. According to [47] technology may be more readily transferred across

countries due to economic globalization. One aspect of economic globalization is the increased
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interaction between different institutions, such as businesses, governments, and other groups.

Progress, capital transfers, FDI, operational efficiency, and international commerce are all

considered to have been made possible by globalization. According to [48],economic globalization

improves energy efficiency by allowing wealthy nations to share cutting-edge, eco-friendly

technology with less developed ones. Less developed countries might improve their efficiency and

take advantage of globalization via trade if these technologies were available. This would help

with the transition to sustainable energy. According to [49] globalization of the economy helps

less developed nations become more energy efficient by transferring cutting-edge,

environmentally friendly technologies from more developed nations to less developed ones. As a

stand-in for the power of the change, the investigators looked at the effects of financial

globalization on green power utilizing Imf panel information covering 30 countries between 1970

and 2015. The shift to clean energy sources is one way in which economic globalization helps

lessen the impact of the effects and mitigate its effects in the long run, based on research.

According to studies, improved efficiency in energy use is another benefit of globalization. This

is because it raises awareness of environmental and energy problems worldwide. A smooth and

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prosperous transition in the energy industry is one of the anticipated outcomes. In order to

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determine how energy use has been affected by globalization of the economy, [50] analyzed data

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from 141 economies throughout the globe. Unlike countries with very high or meager incomes,
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this research found good outcomes in nations with higher and lower middle incomes. When
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globalization is intense, it helps a country's Energy Consumption, but when it is weak, it hurts it.
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A shift towards renewable energy sources and the acceleration of urbanization

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Despite being impacted by the trend of urbanization; the energy industry is crucial to ensuring

sustainable development. As an energy source, electricity influences every facet of a nation's long-
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term prosperity. [51] argues that producing large quantities of renewable energy may boost

societal welfare and general quality of life. [52] found that urbanization hindered energy efficiency

efforts in central China but had a substantial and beneficial influence elsewhere. Urbanization in

China hinders progress in energy efficiency. Urbanization negatively affects energy intensity, as

shown by comparable findings in China and the Western area. The researchers analyzed a dataset

of 224 Chinese cities from 2005 to 2016 using a spatial Durbin model. The association between

energy efficiency and urbanization was investigated by [53] using a sample of 30 Chinese

provinces. According to the findings, there is a strong inverse relationship between the two factors.
It must be recognized, however, that urbanization is crucial to the successful and long-term

transition to renewable energy. Urbanization, according to the study's authors, improves energy

efficiency in nearby locations in a roundabout way while negatively impacting local areas directly.

Progress towards the use of alternative energy sources is impeded by urbanization. Talking about

Energy Consumption and inflation

The term "inflation" describes a general increase in pricing throughout a country's products and

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services, and it comes from the word "inflate”. Energy efficiency and sustainable development are

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negatively affected by high and low levels of inflation. High inflation negatively affects energy

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trends, whereas low inflation positively affects economic growth. The transition to renewable

energy sources in rural regions relies heavily on power availability. Education, healthcare,
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agriculture, and gender equality are all positively impacted by it, as is sustainable development.
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According to [54] it also leads to increased use. Countries with reliable electricity tend to develop
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more rapidly than those without. This highlights the importance of electricity in driving economic
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development. Because of this, understanding energy transfer is crucial. More efficient use of

household energy, higher productivity, and the promotion of sustainable development—especially

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in rural areas—are all made possible by power availability, facilitating the shift to renewable

energy sources.

3. Research methodology

3.1. Data, variables and measurement

This research examined the effects of green tax revenue, democracy gauge, and innovation on the

energy transformation in established and emerging BRI partner nations. There has also been

consideration of FDI, price increases, development, and globalization. There were 148 participants
in the total specimen, with 78 participants from wealthy countries in the highest and upper-

moderate income groups and 72 from nations developing in the lowest and below-average income

groups. This research utilized robust, well-balanced panel data covering 2014 through 2022. It

used the year that the BRI was founded as a starting point. A detailed list of the sample nations is

provided in Appendix A. Appendix A additionally contains reports on the nations' specifics. The

shift in energy systems factor has previously been discussed; the other factors were as follows:

Technology, the proportion of income from all ecological levies, globalization, population,

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unemployment, FDI, and the management gauge, which includes both high- and minimal

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management. Studies and talent have also been used as verification elements to get a solid

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framework. Once more, we employed the world's innovations gauge, GDP per person, R&D, and
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socioeconomic status to ascertain valid findings in the reliability check approach based on
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instrumental variables. The acquired data has been processed and studied with Stata-15. Then, two
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procedures were used for normalizing the information: initially, we utilized the logarithm of the

factors, omitting PCA, to regulate the information; after that, we employed the winsor2 cut (1–99)
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commands for the identical weights. The specifics of the parameter measurement are shown in
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Table 1.

3.2. Cross-sectional dependence test

Issues with cross-sectional variation might arise in panel research. Therefore, if this problem still

needs to be resolved, prejudice and unclear results are likely. Thus, it was decided that this research

needed a cross-dependence test before looking at information stationary behavior. The following

longitudinal and Lagrange Multiplier (LM) tests were used in our investigation by [55].

𝑁−1
2𝑇
CD = √ (∑ ∑𝑁
𝑗=𝑖+1 𝜌𝑖𝑗) (1)
𝑁(𝑁−1) 𝑖=0
The cross-sectional dependency (CD) in formula (1) below is denoted by n, the total number of

sections, and t, the period. In addition, the sectional errors associated with j and i are represented

by ρij. The formula that follows (LM test) may be used for CD examines:

𝑦𝑖𝑡 = 𝛼𝑖𝑡 + 𝛽𝑖 𝑥𝑖𝑡 + 𝜇𝑖𝑡 (2)

The variables i and t in formula (2) correspondingly represent the time and cross-section that

occurs. Furthermore, the null assumption shows that the sections of the statistic are independent.

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Once more, the alternative theory demonstrates how sections rely on one another.

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3.3. Unit root test

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After confirming the longitudinal dependency (CD) of the variables, the next thing to do is verify
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the information's stationary behavior. This research utilized the Crossectionally-augmented IPS
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(CIPS) and cross-section-augmented Dickey-Fuller (CADF) tests, as proposed by[56] for

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conducting the second-generation root unit testing. These difficulties related to different sections

have also been resolved by examining the sequence of the component root. The CIPS test was
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approached in the following manner:

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𝑛
𝑦𝑖𝑡 = 𝛼𝑖𝑡 + 𝛽𝑖 𝑥𝑖𝑡−1 𝜌𝑖 𝑇 + ∑ 𝛳𝑖𝑡 △ 𝑥𝑖,𝑡−𝑗 + 𝜇𝑖𝑡 (3)
𝑗=0

The other possibility for CIPS and CADF confirms the information's stationary behavior, while

the null assumption suggests that the results have root units. As the CDF test demonstrates:

1
𝐶𝐼𝑃𝑆 = ∑𝑁
𝑖=1 𝐶𝐴𝐷𝐹𝑖 (4)
𝑁

Furthermore, t represents the time, and i represents the cross-sectional area. The variables xi and

μit refer to the leftovers of the variables.

3.4. Econometric estimation

The two-step method estimation of the GMM approach was used in this work because it is thought

to be the best approach for looking at self-correlation, variability prejudices, excessive

identification of restrictions, and factor omissions in a panel data set. Additionally, GMM

successfully lowers analytical error rates (Ozkan & Ozkan, 2004). The GMM criterion that N (the

total number of sections) > T (time) (N:148 > T:9) was met by the investigation's information.

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Furthermore, the GMM two-step system outperforms other approaches due to its variability and

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hysteresis resilience. The Arellano-Bond (AR) two-step GMM is available in one- and two-step

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variants. The sys-GMM estimate is the best tool for handling emerging endogeneity issues. Two-

step system GMM is a financial method that uses both OLS and 2SLS estimates; 2SLS is a
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particular use for sys-GMM.Autocorrelation was initially controlled using Sys-GMM.
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Consequently, Sys-GMM made it possible to differentiate and evaluate the outcomes more
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effectively. The evaluations Hansen and Sargan created examined the tool's dependability, which
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managed the overidentifying constraints and guaranteed the analysis was as exact as was practical.
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The following model solution is the one that the research revealed;

Energy Consumption(EC) = ∫ (Technological Transfer, EI, Env_tax, GI, HCD, II, FDI)

(5)

The structure of the dynamics generalized method of moments (GMM) framework was outlined

according to the proposal provided by [57].

ETi,t = β0 + β1 (ET)i,t−1 + β2 (Technological Transfer)i,t + β3 (GI)i,t + β4 (HCD)i,t +

β5 (EI)i,t + β6 (High_EI)i,t + β7 (Low_EI)i,t + β8 (Evn_Tax)i,t + β9 (II)i,t + β9 (FDI)i,t + εi + μi,t

(6)
The terms change in energy (ET), finance technology (Technological Transfer), globalization (GI),

and urbanization (HCD) are used in the formula given. EI stands for the management gauge,

High_EI for the greater degree of EIernance, Low_EI for the lower level of governance, and

Evn_Tax for the GDP percentage of income from taxes related to the environment. Additionally,

FDI denotes what year preceded and followed μ is used for the inaccurate term; i, t is used for time

and sectional areas; and t-1 represents an annual lag. INF also reflects price increases.

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4. Results and discussion

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4.1. Results of descriptive summary

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Table 1 presents descriptive data for many factors examining the Belt and Road Initiative's
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influence on China's energy landscape via innovation. The number of observations (Obs) for each
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variable is 1299. The mean values provide measures of central tendency, whereas the standard

deviation (Std. Dev.) quantifies the level of variability in the data. The average energy usage is
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1.170, with a moderate standard variation of 1.177. The average value for technology transfer is -
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1.133, indicating a negative trend, while the standard deviation is 1.053. The KOF Globalization
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Index (KOF-GI) has an average value of 5.177, indicating a reasonably high level of globalization.

It also has a standard deviation of 1.313. The average human capital development is 1.713, with a

modest standard deviation of 1.070. The average level of Economic Integration (EI) is 1.111,

suggesting a positive trend in economic integration. The standard deviation is 1.005. High

Emotional Intelligence (EI) and Low Emotional Intelligence (EI): These specific divisions within

the concept of EI provide average values and measures of dispersion, offering valuable information

on the range of economic integration [58].The average Renewable Energy Investment (REI) is

very high at 5.715, indicating a considerable amount of investment in projects related to renewable

energy. The innovation index has a mean value of 1.177, indicating the average degree of
innovation. It has a standard deviation of 1.175. Foreign Direct Investment (FDI): The average

FDI is 1.333, suggesting a modest degree of foreign investment in the energy industry.

Table 1. Statistical findings that are descriptive

Variables Obs Mean Std. Dev. Min Max
EC 1299 1.170 1.177 1.111 1.335
Technological Transfer 1299 −1.133 1.053 −1.350 5.031
KOF-GI 1299 5.177 1.313 3.731 5.557
HCD 1299 1.713 1.070 −5.133 1.771

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EI 1299 1.111 1.005 −1.703 3.001

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High EI 1299 1.111 1.007 −1.077 1.010
Low EI 1299 −1.113 1.005 −1.337 3.300

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REI 1299 5.715 1.111 5.715 5.715
−3.351
Innovation Index 1299
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1.177 1.175 5.717
FDI 1299 1.333 1.573 1.111 1.111
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Table 2 displays the results of the Innovation Index components, explicitly examining the
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relationships between pairings and the level of variation, as evaluated by the Variance Inflation

Factor (VIF). The table displays significant correlations among the variables, providing insights
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into possible multicollinearity concerns. Energy Consumption (EC) is the fundamental variable
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used as a reference point. Technological transfer is positively connected with energy consumption

(EC), indicating a linkage between the two. The KOF Globalization Index (GI) shows a correlation

with EC, suggesting that globalization may have an impact in terms of power use. Healthcare

Career Advancement is negatively connected with EC, indicating a potential inverse association

within the context of the consumption of energy and the advancement of human resources.

Economic Integration (EI) has strong correlations with Economic Cooperation (EC), Human

Capital Development (HCD), and globalization Index (GI), emphasizing the interdependence

between economic integration and these characteristics. High Emotional Intelligence (EI) and Low
Emotional Intelligence (EI) are positively associated with various factors, indicating the complex

connections within different degrees of economic integration. Renewable Energy Investment

(REI): Correlated with various variables, showing probable ties with economic issues. Innovation

Index: Correlations with many factors, stressing its link with diverse energy use and development

elements. Foreign Direct Investment (FDI) and its possible relationship with energy-related

variables are examined via correlations with different parameters. The Mean VIF of 3.730 suggests

the presence of multicollinearity among the variables, indicating that some variables may have

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shared information. This could affect the dependability of regression models.

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Table 2. Innovation Index component outcomes as measured by correlations between pairs and
variability
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Sr. Variables (1) (3) (3) (5) (5) (7) (7) (0) (0) (11) VIF
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(1) EC 1.111

(3) Technolo 1.117* 1.111 1.1

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gical ** 17
Transfer
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(3) GI 1.133 1.150 1.111 1.0

*** 15
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(5) HCD −1.113 −1.13 −1.507 1.111 1.3

*** 0 *** 37

(5) EI 1.173* 1.371 1.715* −1.377 1.111 1.7

* *** ** *** 31

(7) High EI 1.153* 1.313 1.551* −1.503 1.555* 1.111 3.7

*** ** *** ** 30

(7) Low EI −1.131 1.373 1.511* −1.557 1.553* 1.530* 1.111 3.3
** *** ** *** ** ** 73

(0) REI 1.105* 1.177 1.351* −1.375 1.315* 1.303* 1.307* 1.111 1.3
** *** ** *** ** ** ** 35
Sr. Variables (1) (3) (3) (5) (5) (7) (7) (0) (0) (11) VIF

(0) Innovatio 1.175* −1.17 −1.150 −1.151 −1.303 −1.330 −1.370 −1.307 1.111 1.1
n Index * 5** *** *** *** *** *** 71

(1 FDI −1.151 −1.11 1.113 −1.173 1.113 −1.110 −1.117 1.110 1.175 1.1 1.1
1) * 0 ** ** 11 75

Mean VIF 3.7

30

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4.3. Results of unit root test and cross-sectional dependence

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Unit root tests assessed the stationarity qualities of the variables in the second iteration, and the

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findings are shown in Table 3. The factors analyzed include Energy Consumption (EC),
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Technological Transfer, KOF globalization Index (GI), Human Capital Development (HCD),

Economic Integration (EI), High and Low Economic Integration (High EI and Low EI), Renewable
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Energy Investment (REI), and the Innovation Index. The outcomes of the Augmented Dickey-
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Fuller (ADF) and CIPS tests determine whether each variable is stationary at the base level or
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whether it has to be differenced to reach stationarity (I (1)). Both tests indicate that EC is integrated
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of order 1 (I(1)), indicating the requirement for differencing to achieve stationarity. These variables

also demonstrate I(1) integration, suggesting the need for differencing. The variables HCD, EI,

High EI, Low EI, REI, and Innovation Index are all determined to be integrated of order 1 (I(1)),

meaning that differencing is necessary to achieve stationarity.

Table 3. Outcomes of unit root tests that were developed for the subsequent iteration
Variables CIPS Decision CADF Decision

Level First difference Level First difference

EC −3.175 −3.313*** I(1) −3.333*** – I(1)

 Variables CIPS Decision CADF Decision

Level First difference Level First difference

Technological Transfer 3.130*** – I(1) 3.711** – I(1)

GI 3.731** – I(1) 3.533*** – I(1)

HCD −1.355 −3.101*** I(1) −1.517 3.711*** I(1)

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EI 3.553 3.170*** I(1) −1.151 3.711*** I(1)

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High EI −3.735 ** – I(1) −3.133** – I(1)

Low EI 3.355 3.507***

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I(1) 1.770 3.711*** I(1)
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REI 3.515*** – I(1) 3.513*** – I(1)
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Innovation Index −3.517 −3.053** I(1) −3.113* – I(1)

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Table 4 displays the results of cross-sectional dependency tests, which are essential for assessing
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the accuracy of the model assumptions and guaranteeing reliable statistical analyses. The tests used

include the Pesaran Pagan LM, Breusch-scaled LM, and Pesaran-scaled LM. The calculated test

statistic is 3703.105, and the corresponding p-value is 1.1111. This test evaluates the existence of

cross-sectional interdependence. The p-value indicates insufficient evidence to reject the null

hypothesis, which states no cross-sectional dependency [59][60]. The test statistic is 30.7555, and

the p-value is 1.1111. This test assesses the existence of heteroscedasticity across different cross-

sectional units. The computed p-value suggests insufficient evidence to reject the null hypothesis

of homoscedasticity. The Pesaran Scaled LM test, with a test statistic of 30.0077 and a p-value of
1.1111, assesses the presence of cross-sectional correlation. The p-value indicates insufficient

evidence to reject the null hypothesis, which states no cross-sectional association exists.

Table 4. Cross-sectional dependency test

CD test Statistic p-value

Pesaran Pagan LM 3703.105 1.1111

Breusch scaled LM 30.7555 1.1111

Pesaran scaled LM 30.0077 1.1111

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Table 5 summarizes the assessment criteria used in the cointegration research. It utilizes several

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tests to determine if there is cointegration among the panels. The calculated test statistic is 1.1530,

and the corresponding p-value is ***. This signifies that the null hypothesis, which states no
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cointegration across all panels, is accepted. The outcome indicates the presence of evidence that
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supports the existence of cointegration among the panels. Adjusted Variance Ratio: The test
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statistic of -1.1777 indicates the presence of cointegration. Nevertheless, the snippet does not
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provide the precise particulars of the test, including whether the numbers are positive or negative.

The calculated test statistic is 3.0107, indicating a statistically significant result supported by a low
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p-value. This offers more substantiation for the existence of cointegration across all panels. The

ADF t-statistic is -0.1170, and the corresponding p-value is not specified. The Phillips-Perron t-

statistic is -5.0701, indicating a statistically significant result supported by the p-value. Both tests

confirm the acceptance of the null hypothesis of cointegration.

Table 5. Evaluation criteria for the cointegration study

Detail Value Accepted/Rejected

Westerlund Test for Cointegration

 Detail Value Accepted/Rejected

Variance ratio 1.1530*** Ha: All panels are cointegrated (Accepted).

Pedroni Test for Cointegration

Modified Variance Ratio −1.1777***

Modified Phillips-Perron t 3.0107*** Ha: All panels are cointegrated (Accepted).

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Phillips-Perron t −5.0701***

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Augmented Dickey-Fuller t - 0.1170***

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Table 6. Impact of variables on changing energy outcomes (whole data set)
Dependent Variables (1) (3)
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Primary-Model Robust-Model
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sys-GMM 3SLS

Energy Energy
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Consumption Consumption

L. Energy Consumption 1.055***

(1.157)

Technological Transfer 1.111*** 1.137**

(1.153) (1.135)

Governance 1.135*** 1.157**

(1.131) (1.151)

High Level Governance 1.131*** 1.150**

Dependent Variables (1) (3)

Primary-Model Robust-Model

sys-GMM 3SLS

Energy Energy
Consumption Consumption

(1.153) (1.151)

Low Level Governance −1.133** −1.105*

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(1.157) (1.133)

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Percent in Total Environmentally Related Tax Revenue 1.111** 1.110***

-p (1.111) (1.113)
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Globalization Index 1.300** 1.315*
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(1.117) (1.175)
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Urbanization −1.157 −1.117

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(1.117) (1.100)
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Innovation Index −1.157** −1.310***

(1.130) (1.133)

FDI Effect (Dummy) −1.307*** −1.311**

(1.110) (1.173)

Human Capital and Research 1.157** (1.177)

Diagnostic Test

Observations Yes Yes

Year Effect 1105 1333

Dependent Variables (1) (3)

Primary-Model Robust-Model

sys-GMM 3SLS

Energy Energy
Consumption Consumption

AR1 (p-value) −3.100 (1.1130)

AR3 (p-value) −1.031 (1.353)

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Hansen (p-value) 10.37 (1.355)

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Instruments/j. stat. 31

Wald test/CHI3 (p-value)

-p 370001(1.111)
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Sargan (p-value) 53.70 (1.100) 57.003 (1.373)
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Under Identification Test, Anderson Canon. corr. LM Statistic (p- 29.355 (1.1111)
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value)

Wu-Hausman (p-value) 6.331 (1.1170)

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Endogenetiy test (p-value) 6.357 (1.117)

Durbin (score) chi3(p-value) 6.331 (1.117)

Weak Identification Test (Cragg-Donald Wald F statistic 10.077

Stock-Yogo Weak ID Test Critical Values Criteria Pass

BRI Sample Countries 150 150

The full dataset was used to analyze the influence of different factors on altering energy results, as

shown in Table 6. The primary and robust models are estimated using the GMM and 3SLS systems,
respectively, and their outcomes are summarized below. Transitioning from one primary energy

source to another. The delayed Energy Consumption variable (L. Energy Consumption) exhibits a

statistically significant positive impact of 1.055, indicating a lasting influence on the present

Energy Consumption state. Transitioning to a new energy system using a robust and reliable

model: In the robust model, the effect of technical transfer has a favourable and significant

statistically effect on the shift (r=1.111). This suggests that technological developments play a

substantial role in facilitating the move to cleaner energy sources. Effective governance at the

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general and high levels positively affects the state of shift, with values of 1.135 and 1.131,

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respectively. Low-level governance has a detrimental effect, indicating that specific governance

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systems may hinder the progress of Energy Consumption (-1.133). The proportion of tax income
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generated from ecologically linked sources benefits the shift towards cleaner energy in both
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scenarios. The globalization Index has a markedly beneficial influence on the power change, with
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a coefficient of 1.300 in the primary model and 1.315 in the robust model. Urbanization has a

detrimental impact in both models, highlighting the difficulties linked to urban growth. The
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Innovation Index adversely affects the Energy Consumption in both models, indicating the
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presence of possible obstacles or intricacies linked to innovation [61][62].

Independent Variables: The FDI Effect (Dummy) has a detrimental influence on Energy

Consumption in both models. The robust model demonstrates that both Human Capital and

Research favorably influence Energy Consumption. Both models include year effects, and the

model parameters are validated using diagnostic tests, such as AR1, AR3, Hansen, Wald, Sargan,

and under-identification tests. The Wu-Hausman and Durbin (score) tests evaluate the presence of

endogeneity, suggesting that there is no indication of endogeneity in the models. Test for Weak
Identification: The models successfully pass the weak identification test, confirming the validity

of the instruments used in the estimate [63][64].

4.2. Results of comparison between developing and developed countries

According to Table 7, developed and developing nations will feel the effects of the power

transformation. The table showcases the findings from the leading and reliable models calculated

using the Sys-GMM and 3SLS methodologies. The results are as follows: Developing countries,

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particularly those following a primary-model approach: The delayed Energy Consumption

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variable (L. Energy Consumption) has a statistically significant positive effect of 1.751, suggesting

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a considerable influence from past Energy Consumption levels. The impact of technological
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transfer is positively significant, with a coefficient of 1.307, indicating that integrating new
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technologies plays a crucial contribution to easing the transition to long-term energy. Governance

and High-Level Governance have been shown to have adverse effects, suggesting that some
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governance structures may hinder the progress of the Energy Consumption. Similarly, Low-Level
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Governance has also been found to have a negative influence. In affluent nations, the variable
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representing the delayed Energy Consumption (L. Energy Consumption) positively impacts 1.077.

However, the magnitude of the benefit is relatively less compared to poor countries. The

significance of technological transfer remains strong, highlighting the crucial role of technology

in facilitating the shift to sustainable energy. The presence of governance structures, both at high

and low levels, benefits Energy Consumption. This suggests that the way an organization is run

might help with the shift to clean energy sources [65]. Developing and developed countries benefit

from the proportion of overall tax money that goes towards protecting the environment. The

globalization Index reveals a heterogeneous outcome, with an adverse effect on emerging nations

and a favorable effect on industrialized nations. Urbanization has adverse effects in all scenarios,
highlighting the difficulties linked to urban growth. Foreign Direct Investment (FDI) has a

detrimental effect on transitioning to cleaner and more sustainable energy sources in emerging and

established nations. The variable has a beneficial influence on transitioning to sustainable energy

sources in industrialized nations, with a particular emphasis on the pivotal role played by education

and research in promoting advancements. The diagnostic tests, such as AR1, AR3, Hansen, Wald,

Sargan, under-identification, endogeneity, and weak identification tests, provide evidence

supporting the reliability and accuracy of the models in both emerging and established nations.

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The models successfully pass the weak identification test, which indicates the high dependability

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of the instruments used in the estimating process.

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Table 7. Developed and emerging nations' Energy Consumption outcomes result from several
causes
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Dependent Variables (1) (3) (3) (5)

Developing Countries (1–3) Developed Countries (3–5)

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Primary-Model Robust Primary Model Robust

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Sys-GMM 3SLS Sys-GMM 3SLS

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Energy Energy Energy Energy

Consumption Consumption Consumption Consumption

L. Energy Consumption 1.751*** 1.077***

(1.155) (1.137)

Technological Transfer 1.307*** 1.335** 1.335** 1.351***

(1.107) (1.710) (1.133) (1.173)

Governance −1.150** −1.305*** 1.155** 1.171***

Dependent Variables (1) (3) (3) (5)

Developing Countries (1–3) Developed Countries (3–5)

Primary-Model Robust Primary Model Robust

Sys-GMM 3SLS Sys-GMM 3SLS

Energy Energy Energy Energy

Consumption Consumption Consumption Consumption

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(1.111) (1.353) (1.133) (1.310)

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High-Level Governance 1.101* 1.151** 1.150*** 1.351***

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(1.131) (1.510) (1.153) (1.157)
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Low-Level Governance −1.373** −1.307* 1.133** 1.533**
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(1.171) (1.710) (1.115) (1.175)

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Percent in Total Environmentally 1.113** (1.111) 1.110*** 1.113** (1.111) 1.117** (1.117)
Related Tax Revenue (1.113)
ur
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Globalization Index −1.350 −1.535 1.135** 1.375**

(1.105) (1.103) (1.117) (1.313)

Urbanization −1.115* −1.371** −1.173 −1.157

(1.170) (1.150) (1.117) (1.131)

FDI Effect (Dummy) −1.355*** −1.100** −1.135* −1.157**

(1.131) (1.135) (1.110) (1.175)

Human Capital and Research 1.130** 1.107***

Dependent Variables (1) (3) (3) (5)

Developing Countries (1–3) Developed Countries (3–5)

Primary-Model Robust Primary Model Robust

Sys-GMM 3SLS Sys-GMM 3SLS

Energy Energy Energy Energy

Consumption Consumption Consumption Consumption

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(1.175) (1.113)

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Diagnostic test

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Year Effect Yes re Yes Yes Yes

Observations 577 750 735 713

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AR3 (p-value) −1.053 (1.117) −1.755 (1.110)

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AR1 (p-value) −1.351 (1.311) −1.311 (1.033)

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Hansen (p-value) 113.111 (1.355) 131.011 (1.173)

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Instruments/j. stat. 30 33

Wald test/CHI3 (p-value) 0375 (1.111) 333501 (1.111)

Sargan (p-value) 33.50 (1.330) 57.5130 (1.133) 0.703 (1.030) 5.71 (1.131)

Under-Identification Test, 10.573 (1.111) 31.717 (1.111)

Anderson Canon. corr. LM Statistic
(p-value)
Dependent Variables (1) (3) (3) (5)

Developing Countries (1–3) Developed Countries (3–5)

Primary-Model Robust Primary Model Robust

Sys-GMM 3SLS Sys-GMM 3SLS

Energy Energy Energy Energy

Consumption Consumption Consumption Consumption

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Endogeneity Test (p-value) 5.353 (1.113) 3.170 (1.117)

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Wu-Hausman (p-value) 5.353 (1.115) 3.171 (1.110)

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Durbin (score) chi3(p-value) 5.351 (1.113) 3.170 (1.117)
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Weak Identification Test (Cragg- 17.05 13.07

Donald Wald F Statistic
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Stock-Yogo weak ID test critical Pass Pass

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values criteria
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BRI sample countries 73 73 70 70

4.3. Discussion

This research examines how 148 Belt and Road Initiative (BRI) nations are coping with the shift

to renewable energy sources of financial technology, globalization, urbanization, governance, and

environmental levies. Between 2014 and 2022, a sharp contrast will be drawn between developing

nations and developed ones. The research used a wide range of econometric methods, such as the

two-stage least squares (2SLS), typical dynamics (CD), second-generation unit root tests,
Westerlund and Pedroni co-integration tests, and two-step system generalized method of moments

(sys-GMM). This method effectively examines the panel dataset for over-identifying constraints,

auto-correlation, endogeneity biases, and missing variables[66].The models show that the

analysis's measurement errors are significantly reduced when a two-step sys-GMM is used. To

further assess the reliability of the two-step sys-GMM outcomes, we used the 2SLS method.

All of the data from the sample supports the idea that Energy Consumption has several beneficial

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and ever-changing characteristics. Developed nations are moving through the Energy

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Consumption more quickly than underdeveloped nations. Additionally, at the 1% level of

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statistical significance, Technological Transfer does have a significant and noteworthy impact on
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Energy Consumption, as first assumed. The importance of financial technology in facilitating the
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transition to renewable energy sources is more significant in wealthy nations than in poorer ones.

A robust and stable financial system is crucial to encourage investment in Energy Consumption
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and low-carbon projects while simultaneously reducing market risks. One industry that has been
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profoundly affected by the rise of Technological Transfer is the energy industry. According to
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[67] block chain technology, a subset of Technological Transfer, might revolutionize the energy

industry by facilitating the transition to renewable power sources and bringing about other

substantial changes. [68]have shown the critical importance of green finance and current financial

technology in stimulating the expansion of renewable energy sources to achieve sustainability

objectives, and our results align with that. The results align with those of the research by [69]

,which demonstrated that the financial system can back the expansion of renewable energy. Since

H1 is the alternative hypothesis, our results show that the null hypothesis is false. Concurrently, at

the 1% level of statistical significance, it was determined that governance significantly impacted

the Energy Consumption for the better. In a study that backed up our findings, [70]showed that all
governance criteria significantly affect the rate of renewable Energy Consumption in BRI nations.

Consistent with research, which found that BRICS countries' governance significantly and

positively affects their short- and long-term Energy Consumption, our results show that

governance is also essential. This leads us to reject the null hypothesis and accept the alternative

hypothesis, H2. Furthermore, whereas governments in industrialized nations facilitate the Energy

Consumption, those in less developed nations impede it. At the 1% level of relevance,

environmental taxes contribute significantly to environmental taxation (EC). While environmental

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laws help developed nations switch to renewable energy, they do nothing to help developing

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nations rise out of poverty. One of the most effective ways for politicians to combat the adverse

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effects of environmental externalities is by implementing environmental taxes. Results are
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consistent with those of studies. According to their research, environmental taxes can encourage
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further development of renewable energy sources. Consistent with recent research by[71],our
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results suggest that environmental taxes might be an effective tool for energy policymakers looking

to cut carbon emissions while increasing efficiency. We found evidence supporting alternative
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hypothesis H3 and against the null hypothesis in our investigation. Further, we brought attention
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to the fact that environmental taxes can lessen dependency on fossil fuels, increase energy

efficiency, and pave the way for the widespread use of renewable energy sources. Households with

lower incomes may be hit harder by environmental levies, which might worsen the issue of energy

poverty.

In an identical vein, globalization has significantly and positively impacted ET. While the Belt and

Road Initiative (BRI) member wealthy states benefited from globalization's positive effects on

Energy Consumption, less developed nations saw either adverse or negligible effects.

Globalization, say Xiang and Cao (2023), makes it easier for people worldwide to work together
and share knowledge, speeding up the shift to renewable energy and improving energy utilization.

Our results align with those of (Fethi and Rahuma, 2019), who discovered that, even in the long

term, economic globalization helps with switching to green energy sources. Additionally, it aids

citizens of OECD countries cope with the consequences of extreme weather and heating.

Economic globalization increases efficiency in energy use, particularly in low- and high-income

countries (Ahmed et al., 2020). Their findings are consistent with ours. We conclude that H4 is

correct and rejected the idea of a null based on our data. According to the study, urbanization has

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the added benefit of drastically decreasing evapotranspiration (ET). Our findings align with theirs,

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which demonstrate that urbanization has a detrimental impact on energy efficiency immediately

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and over the long run. Consistent with these findings, Mahmood et al. (2018) observed that
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electricity efficiency dropped due to urbanization in China and Western Europe. Based on our
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findings, we could dismiss the null assumption and accept a different theory, H5. The research
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also found that urbanization has a more substantial adverse effect on energy transformation in

developing countries than in emerging economies.

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Furthermore, at the 10% significance level, Innovation Index negatively impacted the Energy

Consumption when controlling for other factors. In addition, unlike in wealthy nations, emerging

nations saw Innovation Index slow down the energy shift. The Energy Consumption was

significantly and negatively affected by the FDI pandemic at the 1% threshold of significance.

Research by[72] lends credence to the conclusions, indicating that the pandemic has created a

challenging investment climate in several nations, much more so in the renewable energy sector.

The results matched those of the studies. According to these studies, the pandemic exacerbated

already-existing financial problems, reducing enthusiasm for energy reforms and slowing investor
support. More so than in wealthy nations, the spread of the FDI pandemic hindered the shift to

energy from renewable sources in poor countries.

5. Conclusion and policy implications

The study concludes that from 2014 to 2022, the Belt and Road Initiative (BRI) countries

experienced significant impacts on their energy transformation efforts due to management

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practices, financial technology, and environmental taxation policies. By analyzing a balanced

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group of 148 BRI member nations—comprising 72 minimal and lower-middle-class countries and

78 significant and middle-income industrialized nations—through the two-step systems

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generalized method of moments (GMM) framework and verifying with the two-stage least squares
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(2SLS) approach, the research identifies crucial drivers for sustainable energy transitions. The
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findings reveal that effective management, advanced financial technologies, and appropriate
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environmental taxation are instrumental in attracting foreign direct investment (FDI) and

promoting energy transformation in these regions. Additionally, the study highlights the
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detrimental effects of the rapidly growing cruise tourism industry on human health and
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environmental ecosystems, emphasizing issues such as habitat deterioration, marine pollution, and

health problems linked to air and water pollution.

5.1 Policy recommendations

Based on the findings of this study, several detailed policy recommendations emerge. First, BRI

countries should enhance management practices by integrating financial technologies that promote

transparency and efficiency in energy projects. Policymakers should develop and implement

comprehensive environmental taxation policies that incentivize investments in renewable energy

and penalize environmentally harmful practices. Strengthening regulatory frameworks to enforce

these policies is crucial, along with providing incentives for private sector investment in

sustainable energy infrastructure. For the cruise tourism industry, stringent environmental

regulations should be established to minimize marine pollution and habitat destruction.

Implementing sustainable practices, such as using cleaner fuels and waste management systems

on cruise ships, can mitigate the adverse health impacts associated with air and water pollution.

Additionally, local governments should collaborate with industry stakeholders to develop tourism

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strategies that balance economic benefits with environmental preservation and public health.

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Educational campaigns to raise awareness about sustainable tourism practices among tourists and

operators are also essential.

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5.2 Limitations and future research directions
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The study has several limitations, including the reliance on available data from 2014 to 2022,

which may not fully capture the local contexts and variations among BRI countries. The potential
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for unobserved variables influencing the results is another limitation, as the study might not
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account for all relevant factors affecting energy transformation and tourism impacts. Future

research directions should focus on examining the long-term impacts of the recommended policies

and practices, considering a broader range of socioeconomic and environmental factors.

Researchers should explore the effectiveness of specific regulatory measures in different BRI

countries, considering their unique economic and environmental contexts. Additionally,

investigating the interplay between local and global economic conditions and their effects on

energy transformation and tourism-related environmental impacts would provide more

comprehensive insights. Future studies could also utilize more granular data and advanced
analytical methods to better understand the complex relationships between policy interventions,

economic development, and environmental sustainability in BRI nations. By addressing these

areas, future research can contribute to more effective and context-specific strategies for achieving

sustainable development goals in the Belt and Road Initiative.

Data Availability statement

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The authors do not have permission to share data.

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Declaration of interests

☒ The authors declare that they have no known competing financial interests or personal relationships
that could have appeared to influence the work reported in this paper.

☐ The authors declare the following financial interests/personal relationships which may be considered
as potential competing interests:

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