Description of variables.

The prevailing ecological deficit is devastating the ecosystem which is leading toward the unsustainability by endangering the livings on earth. The important drivers of this environment degradation are natural resources depletion, financial development and the economic growth which are investigated to test their impact on ecological footprints. The EKC hypothesis is evaluated to test the growth led environment pattern. This study incorporated twenty years (2002–2021) data of 146 countries and the group of countries are investigated into various quantiles, geographical regions and income wise groups formed by the World Bank. Keeping in view the heterogeneous data established through the Shapiro-Francia W test and graphical analysis, the panel quantile regression is used which is insensitive to heterogeneous data. Firstly, the impact of dependent variables is estimated on environment degradation using the 10th, 20th, 30th,40th, 50th, 60th, 70th, 80th, 90th and 99th quantiles. The results suggested that the natural resources depletion and financial development are deteriorating the ecological footprints, which varies from smaller in initial quantiles to large in later quantiles. NR in North America and FD in the Middle East & North Africa are severely deteriorating the environment quality. The economic growth is improving the ecology in East Asia and the Pacific. The negative impact of natural resources on environment degradation is found in all income groups albeit with varying intensities. The financial development in upper middle income and lower middle income groups is deteriorating the environment quality. The EKC hypothesis remained undetermined for the estimated quantiles and geographical regions whereas it is established in high income group only. The policy intervention is recommended to restrict the natural resources depletion and binding the credit facilities to invest in ecosystem friendly projects by curtailing the process of ecological deficit for global sustainability which may be initiated from the most environment degraded quantiles, geographical region and income group.

当前普遍存在的生态赤字（ecological deficit）正严重破坏地球生态系统，危及地球上各类生物的生存，进而导致全球发展不可持续。造成此类环境退化的关键驱动因素包括自然资源耗竭（natural resources depletion）、金融发展（financial development）与经济增长（economic growth），本研究围绕上述因素对生态足迹（ecological footprints）的影响展开实证检验。本研究旨在验证环境库兹涅茨曲线（Environmental Kuznets Curve, EKC）假说，以剖析经济增长主导的环境演变模式。本研究采用了146个国家2002-2021年共20年的面板数据，并按照世界银行（World Bank）的划分标准，将样本国家按不同分位数、地理区域以及收入组别进行分组分析。经Shapiro-Francia W检验与图形分析证实数据存在异质性，因此本研究选用对异质性数据不敏感的面板分位数回归（panel quantile regression）模型开展实证分析。首先，本研究分别以10%、20%、30%、40%、50%、60%、70%、80%、90%与99%分位点，估算各变量对环境退化的影响效应。实证结果显示，自然资源耗竭与金融发展均会加剧生态足迹规模，且该负面影响随分位点提升呈现逐步增强的趋势：低分位点处影响较弱，高分位点处影响更强。北美洲的自然资源耗竭以及中东与北非地区的金融发展，对环境质量造成了极为严重的破坏。东亚与太平洋地区的经济增长则对生态环境起到了改善作用。所有收入组别中，自然资源均会加剧环境退化，不过不同组别间的影响强度存在差异。中上收入组别与中下收入组别的金融发展，同样会对环境质量造成破坏。环境库兹涅茨曲线假说在全部分位点样本与地理区域样本中均未得到验证，仅在高收入组别样本中得到了支持。基于上述研究结论，本研究提出如下政策建议：应限制自然资源耗竭行为，并引导信贷资源投向生态友好型项目，通过缩减生态赤字进程以实现全球可持续发展；相关政策可优先从生态退化程度最高的分位点、地理区域与收入组别着手推行。