Governance and green finance for sustainable mineral resources: Technological innovation and infrastructure pathways in emerging economies

Mineral resources are indispensable to the economic development of emerging economies, but their unsustainable extraction poses serious environmental and social challenges. This study investigates the role of green finance in enhancing the sustainable management of mineral resources (SMR), focusing on how technological innovation and infrastructure development serve as mediating mechanisms. Drawing on panel data from 100 emerging economies over 2010–2019, the study applies a dynamic panel data technique—System Generalized Method of Moments (SYS-GMM)—to address endogeneity and temporal dependence. The findings reveal that green finance significantly improves SMR outcomes, with stronger effects in regions that have advanced technological capabilities and infrastructure readiness. Furthermore, technological innovation and infrastructure development partially mediate the relationship between green finance and SMR. These results are consistent across various robustness and heterogeneity tests. The study contributes to the literature by providing empirical validation for theoretical claims drawn from the resource-based view and sustainable development theory, offering nuanced regional insights. Policy recommendations include targeted infrastructure investment, promotion of green technologies, and development of region-specific green finance instruments. The findings provide a valuable empirical foundation for scholars, policymakers, and practitioners seeking to align economic growth with sustainability in resource-intensive economies.