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Energy is an important resource in the economic development of countries. While it is used as an input in production, it also has an important usage area in consumption. For these reasons, the factors affecting energy use have been the subject of many studies. This study examines the impact of financial development (FD) on energy consumption (EC) in BRICS countries (Brazil, Russia, India, China, and South Africa). In the study, EC, FD, economic growth, foreign direct in- vestments and total trade (%GDP) variables for the period 1994–2017 were examined with the help of the PVAR (panel vector autoregressive) model. According to the findings, there is a unidirectional relationship from both EC and economic growth to the development of the banking sector., Energija je važan resurs u gospodarskom razvoju zemalja. Iako se koristi kao input u proizvodnji, također ima važno područje uporabe i u potrošnji. Iz tih su razloga čimbenici koji utječu na korištenje energije bili predmet mnogih studija. Ova studija ispituje utjecaj financijskog razvoja (FD) na potrošnju energije (EC) u zemljama BRICS-a (Brazil, Rusija, Indija, Kina i Južna Afrika). U studiji su varijable EC, FD, gospodarski rast, izravna strana ulaganja i ukupna robna razmjena (% BDP) za razdoblje 1994. – 2017. ispitane uz po- moć PVAR (engl. panel vector autoregressive) modela. Prema nalazima, postoji jednosmjerna veza između EG-a i gospodarskog rasta i razvoja bankarskog sektora.