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The importance of using renewable energy (RE) sources has increased significantly in recent times, especially considering the growing concerns about climate change problems and rising fossil fuel prices, which pose a significant threat to the national economies. Therefore, empirical studies that can be used both domestically and internationally in harmony can be created in line with rising investments in RE. However, there has no more analysis of RE investments from the viewpoint of investors in the literature up to this point, and it is crucial to highlight the best investor practices when deploying RE. This research provides theoretical and empirical support for the factors influencing RE investments; used in this analysis are newly constructed panel data on 34 OECD countries and the 5 BRICS countries that range from 2000 to 2020. Specifically, the generalized moment method (GMM), robustness check, fixed and random effects models, panel unit testing, and other panel regression techniques were employed in the study to analyze the determinants of RE investment. The main findings of this paper suggest that economic growth, RE policy, and R&D expenditures all have a statistically significant and positive relationship with RE capacity. Furthermore, RE investment is inversely relative to energy use, electricity use, and carbon (CO2) emissions. As a result, rigorous governmental or state regulation (policy, R&D) is essential for RE investment. [ABSTRACT FROM AUTHOR]

Promotion of clean cooking fuel and technologies helps countries in achieving its sustainable development goals, thereby fulfilling environmental sustainability and empowering the status of women. Against this backdrop, the prime focus of this paper is to examine the impact of clean cooking fuels and technologies on overall greenhouse gas emissions. To do so, we draw data from BRICS nations since 2000–2016, employ the fixed-effect model, and show the robustness of the results by using Driscoll-Kraay standard error approach to address the panel data econometric issues. The empirical results show that energy use (LNEC), trade openness (LNTRADEOPEN), and urbanization (LNUP) promote emissions of greenhouse gases. Further, the finding also indicates that the use of clean cooking (LNCLCO) and foreign capital (FDI_NI) can help reduce the environmental degradation in achieving environmental sustainability in the BRICS nations. Overall findings endorse the development of clean energy at macro level, subsidizing and financing the clean cooking fuel and technologies, and promoting its usage at the household level to combat environmental degradation. [ABSTRACT FROM AUTHOR]

This paper investigates the effects of carbon emissions, renewable energy consumption, FDI, and exports on economic growth in BRICS countries from 2000 to 2018. The study uses other variables such as interest rates, labor force, trade openness, and gross domestic savings to determine the long-run relationship among variables. We employ several econometric techniques, such as ARDL, pool mean group (PMG), mean group (MG), and the Dumitrescu Hurlin panel causality tests, to draw empirical inferences. The estimation of the PMG model indicates that carbon emissions, renewable energy consumption, exports, FDI, and savings have a significant positive long-run impact on economic growth, while interest rates and trade openness affect economic growth negatively. FMOLS and DOLS results also confirm the robustness of PMG long-run results. Moreover, the Dumitrescu Hurlin panel causality results indicate a bi-directional causal relationship between carbon emissions and economic growth and between economic growth and foreign direct investment, also one-way causality from exports and labor force to economic growth. It implies that an increase in carbon emissions and FDI leads to an increase in economic growth, also increase in economic growth, the CO2 emissions and FDI increase in BRICS economies. Finally, the current study recommends a vital policy that the primary focus should target toward promoting renewable energy consumption, FDI, exports, and savings to boost economic growth in BRICS countries. [ABSTRACT FROM AUTHOR]

Economic activities, technological innovation and diffusion, energy consumption and financial development have been significant in BRICS countries over the last three decades. Corresponding to it, BRICS have been facing substantial environmental deterioration. The growth of such factors needs a comprehensive analysis. Hence, this paper examines the impact of technological innovation and diffusion, renewable and non-renewable energy consumption and financial development on ecological footprint under the Kuznets framework in BRICS countries over the time from 1990 to 2018. To confirm the long- and short-run relationship, we apply the second-generation and heterogeneity panel techniques. Where, to measure the impact of technological innovation and diffusion, energy consumption and financial development and other control variable on ecological footprint we use Westerlund Co-integration and pooled mean group (PMG) model for this interest. The results reveal that technological diffusion and non-renewable energy consumption deteriorate environmental quality in the long run. In contrast, renewable energy and technological innovation improve environmental sustainability/quality significantly. Further, results also confirm the existence of the EKC hypothesis. The study suggests that the government should encourage technological innovation and renewable energy consumption to improve environmental quality and achieve the sustainable development goal (SDG). [ABSTRACT FROM AUTHOR]

This paper examines the role of outward foreign direct investment on energy consumption and environmental quality in BRICS from 1990 to 2019. Most of the previous research considered foreign direct investment mainly focused on the environmental impact on the host country effect and ignored the home country effect. Therefore, the current study examines the home country effect of environmental pollution. We use various methodologies like cross-sectional dependence and the Pesaran-Yamagata slope homogeneity for the diagnostic test. After confirming the diagnosis test, we employ second-generation panel unit root tests, which confirms that all elements are stationary at first difference. The pooled mean group (PMG), Westerlund cointegration, two-step generalised method of moments (GMM), panel fully modified ordinary least square (FMOLS), and dynamic ordinary least square (DOLS) model have been used to determine the short-term and long-term association among the variables. The cointegration and PMG results confirm that the short-run and long-run association exists among the considered variables. The results reveal that developing countries produced environmental pollution at the early stage of development and checked in the long run. The study used the STIRPAT model to build an extended carbon dioxide emissions model by incorporating outward FDI, GDP per capita, and technology to achieve our objectives. The empirical results hold up the environmental Kuznets curve hypothesis, implying that outward FDI and energy consumption help expand greener technology to host countries' environmental improvement in the long run and confirm that an inverted U-shaped linkage exists. Hence, the study suggests that developing countries should pay more attention to sustainable development and technological development that encourages more eco-friendly and environment-friendly technology. [ABSTRACT FROM AUTHOR]

Different baseline endowments and circumstances among countries, including local events, have resulted in disparities in energy policy and status. Differences in energy status have caused countries to make various decisions, but with the implementation of grid interconnections, some countries elected to plan the development of their energy sector while considering the energy status and future plans of other countries. These shared and separate trends have created similarities and patterns in energy transitions across countries. This study used a statistical approach to analyze how certain factors, such as the use of local resources and the establishment of interconnections, caused different trajectories in the energy sectors of countries, as well as similar patterns. Our study consists of two parts: an examination of the energy transition from 1965 to 2014 using Optimal Matching, and a study of the 2014 energy situation using Principal Component Analysis. The findings of this analysis indicate that OECD and BRICS countries have different attitudes toward the contemporary transition to renewable energy. Electricity interconnection has the greatest impact on countries with low national energy consumption, supporting resource diversification. In some cases, interconnections can also minimize the need for transition, since the excess resources of neighboring countries become available to balance energy needs. In the context of the current energy crisis, energy security benefits from electricity interconnection and pipeline interconnection, but only when commerce is undertaken between interdependent partners that share strong economic links. [ABSTRACT FROM AUTHOR]

Tourism is a significant economic growth and development source, but it relies heavily on the energy sector and contributes to carbon dioxide (CO2) emissions. This study examines how tourism growth, renewable energy, and real GDP affect CO2 emissions in the BRICS countries. The researchers used panel unit root, Pedroni, and Kao methods to test for a long-run equilibrium relationship among the variables. The results reveal that tourism growth harms CO2 emissions in the long run, with a 1% increase in tourism growth leading to a 0.05% decrease in CO2 emissions. Renewable energy usage also harms CO2 emissions, with a 1% increase in renewable energy leading to a 0.15% decrease in CO2 emissions in the long run. CO2 emissions and real GDP show a U-shaped relationship in the long run, supporting the environmental Kuznets curve hypothesis. This hypothesis suggests that CO2 emissions increase with economic growth at low-income levels but decrease with economic growth at high-income levels. Therefore, the study implies that tourism growth can significantly lower CO2 emissions by promoting renewable energy usage and economic development. [ABSTRACT FROM AUTHOR]

This study investigates the time–frequency nexus of carbon dioxide (CO2) emissions with economic growth, nonrenewable (i.e., coal, natural gas, and oil), and renewable (i.e., hydro and geothermal) energy consumption. In this context, BRICS countries (namely, Brazil, Russian Federation, India, China, and South Africa), which are leading emerging countries, are included, and quarterly data from 1990/Q1 to 2019/Q4 is used. The study employs the wavelet coherence (WC) approach to explore the co-movement between the variables at different frequencies. The empirical results show that (i) there is a strong and positive co-movement between CO2 emission and economic growth; however, it is weak for Russia and South Africa in the medium and long-term; (ii) coal energy consumption is strongly and positively co-moved with CO2 emission for all BRICS countries; (iii) natural gas energy consumption is strongly and positively co-moved with CO2 emissions in Brazil, India, and China; however, it is weakly and positively co-moved in Russia and South Africa; (iv) oil energy consumption is strongly and positively co-moved with CO2 emissions in Brazil, India, and China; however, it changes a bit for Russia and South Africa; (v) hydro energy consumption is weakly and positively co-moved with CO2 emissions in general, whereas country-based results vary; (vi) geothermal energy consumption is also similar to hydro energy consumption. Thus, the WC results highlight the strong co-movement of economic growth and nonrenewable energy consumption with CO2 emissions, whereas renewable energy consumption has a relatively lower co-movement. Based on the results, policy implications are also discussed for BRICS countries. [ABSTRACT FROM AUTHOR]

The question of how Brazil, Russia, India, China, and South Africa (BRICS countries) can substantially dissipate environmental pollution (EVP) remains unsolved. In this regard, this research explores the dynamic association between energy consumption (EGC), economic expansion (EXP), globalization (GLO), energy innovation (ENI), urbanization (URB), financial development (FID), and environmental pollution (EVP) using panel data from 1990 to 2020. This study integrated the augmented mean group (AMG), common correlated effect means group estimator (CC-MG), and fully modified ordinary least square (FMOLS) model approach to estimate the long-run interaction among the series. The findings of this study reveal a positive and significant association between economic expansion, energy consumption, urbanization, financial development, and environmental pollution. In contrast, globalization and energy innovation extensively abate EVP in the BRICS economies. Moreover, the outcome of the Granger causality test indicates that energy consumption and energy innovation have a bidirectional association with EVP. The Granger causality test further revealed a unidirectional causality between globalization, urbanization, financial development, and environmental pollution. Finally, this research has implications for policymakers in the BRICS countries. [ABSTRACT FROM AUTHOR]

Few researches have inspected the task of green finance in reducing CO2 emissions, while earlier studies have inspected the influence of economic development on carbon emissions. A green finance development index is built using four indicators to fill in this knowledge gap: green credit, green insurance, green securities, and green investing. Using data spanning the years 2005–2019, a panel quantile regression is applied to investigate the links between green finance, renewable energy, and CO2 emissions. Increases in renewable energy use and advances in the green finance development index have contributed to a reduction in CO2 emissions from BRICS countries. CO2 emissions on the other hand slowed the growth of renewable energy use, slowed the flow of investment to green projects, and ultimately hampered the development of green finance. There was also a clear policy-driven influence on renewable energy spending in the countries of the BRICS region. Green finance policies, on the other hand, have consistently failed to have a long-term impact. Therefore, rising the consumption of renewable energy and creating a carbon trading market are all part of this study's recommendations for green finance policy improvement. [ABSTRACT FROM AUTHOR]

This study analyzes the causal associations between economic growth (GDP) and biomass energy consumption (BIO) in the US, UK, and BRICS countries for the period 1990 to 2020 in time–frequency space. The use of wavelets is what distinguishes our approach, i.e., cross wavelet transform, wavelet coherence, and the wavelet-based Granger causality method proposed by Olayeni (2016), which quantifies the causal associations in the time–frequency space. The results uncover that the causal relationships between GDP and BIO are not uniform across time and frequency. In fact, there is a positive relationship between GDP and BIO indicators in the BRICS countries in the medium and long term and in the USA and UK in the short term throughout the research period. In addition, a bidirectional causal effect between GDP and BIO exists in China, Brazil, and India, while there is no long-run causal relationship between GDP and BIO in India and South Africa. The causal impacts of economic growth on biomass energy usage are more pronounced in these countries than in the opposite direction, especially over longer time horizons. The key conclusion is that these countries should boost their biomass energy consumption to promote economic growth and reduce energy reliance. [ABSTRACT FROM AUTHOR]

In a time of climate change, critically contributed by the increased global energy consumption, energy efficiency comes out as a critical factor in achieving sustainable growth for the countries. Given the fast economic advancement in the BRICS (Brazil, Russia, India, China, and South Africa) countries that have played a vital role in the global economy, energy usage, and climate governance, this study investigates the role of energy efficiency on the environmental quality of these countries. We proxy environmental quality with CO2 emissions, incorporate renewable energy in our models, and estimate the relationship with a long-panel data of 29 years (1990–2018). Our dynamic heterogeneous panel model findings confirm that energy efficiency significantly reduces CO2 emissions or improves environmental quality in the long run and the short run. Besides, we find that renewable energy has a crucial role in enhancing environmental quality in the long run with the negative impact of economic growth activities. Our findings contribute to the literature in a novel way facilitating the comprehension of the role of energy efficiency using a wide range of sophisticated techniques, thus providing robust results. For the policymakers, we humbly advocate strategies for the clean and sustainable economic transition based on our findings which has notable implications for the BRICS, other developing economies, and the world as a whole. [ABSTRACT FROM AUTHOR]

Energy consumption is an indispensable element for the purpose of achieving economic growth. Clean energy sources must be put into use to achieve a sustainable environment. The aim of this study is to investigate the relationship among growth, energy consumption, employment, education, and inflation with PVAR, FMOLS, and DOLS analysis in BRICS countries. The study that covers the 2001–2018 observation period included growth as the dependent variable in the equation. The only common result of the three coefficient estimates is that there is no significant relationship between education and growth. However, the increase in income has a decreasing effect on the level of education. The direction of causality between the two variables is from growth to education. Contrary to the PVAR estimate, according to FMOLS and DOLS, energy consumption and employment have a positive contribution towards growth. However, according to PVAR regression results, income growth has a positive effect on employment. Moreover, a unidirectional causal relation from energy consumption to growth and a bidirectional relation between growth and employment have been determined. This one-way relationship between energy consumption and GDP depicts that the growth hypothesis is valid. Furthermore, an energy poverty problem does not exist in BRICS countries. According to FMOLS, DOLS, and PVAR forecasts, the relationship between inflation and growth is complex. In accordance with PVAR estimates, the increase in growth reduces inflation, and the causality from growth to inflation also supports the PVAR results. According to the outcome of the research, energy poverty is not observed in the panel countries. It would be wise for BRICS countries to increase their energy consumption and employment levels in order to increase growth. However, considering the air pollution caused by fossil fuel consumption, it is key that they employ renewable energy sources. [ABSTRACT FROM AUTHOR]

This study examines links between Morgan and Stanley capital Investment (MSCI), foreign direct investment (FDI), renewable energy, urbanization, and trade openness on environmental degradation in (Brazil, Russia, India, China, South Africa) BRICS countries. In this study, generalized method of moment (GMM) estimation is applied on a data set ranging from 1993 to 2018. Results illustrate that stock market index price (MSCI) has negative relationship on CO2 emissions in India, China, Russia, and South Africa and has positive relationship in Brazil. One possible reason for this is strong environmental regulations and their enforcement by Brazilian government. The study also finds that trade openness, FDI, and urbanization have a significant positive relationship on environmental degradation. The impact of stock market development on environmental degradation varies among BRICS countries. Our outcomes have significant policy implications. For example, the policy makers have to initiate effective strategies to promote the renewable energy sources to meet the increasing demand for energy by replacing the use of conventional energy such as coal, gas, and oil. This will help to reduce the CO2 emissions from fossil fuel and ensure sustainable stock market development in the BRICS nations. BRICS countries who have taken the initiative and formulated policies for businesses to conserve the environment play a positive role compared to those who do not. [ABSTRACT FROM AUTHOR]

This study aims to investigate the impact of economic growth, renewable energy consumption, nonrenewable energy consumption, industrialization, and environmental policy stringency on the ecological footprint in the BRICS countries over the period of 1995–2016. Series of the advanced econometric method, such as the novel dynamic seemingly unrelated regression (DSUR) method and the Dumitrescu and Hurlin panel causality tests, are employed for scrutinizing the estimations of the long-run and causal relationships among variables. The results suggested that the economic growth, renewable energy consumption, nonrenewable energy consumption, and industry have a positive relationship to the ecological footprint, while environmental policy stringency has been described in the BRICS countries as having a negative relationship with the ecological footprint. In addition, the bidirectional relationship is found between (i) the ecological footprint and economic growth and (ii) the ecological footprint and renewable energy consumption. [ABSTRACT FROM AUTHOR]

A large number of studies have examined the linkage between income inequality and environmental quality at the individual country levels. This study attempts to examine the linkage between the two factors for the individual BRICS economies from a comparative perspective, which is scarce in the literature. It examines the selected countries (Brazil, India, China and South Africa) by endogenising the patterns of primary energy consumption (coal use and petroleum use), total primary energy consumption, economic growth, and urbanisation as key determining factors in CO2 emission function. The long-run results based on ARDL bounds testing revealed that income inequality leads to increase in CO2 emissions for Brazil, India and China, while the same factor leads to reduction in CO2 emissions for South Africa. However, it observes that while coal use increases CO2 emissions for India, China and South Africa, it has no effect for Brazil. In contrast, the use of petroleum products contributes to CO2 emissions in Brazil, while the use of the same surprisingly results in reduction of carbon emissions in South Africa, India and China. The findings suggest that given the significance of income inequality in environmental pollution, the policy makers in these emerging economies have to take into consideration the role of income inequality, while designing the energy policy to achieve environmental sustainability. [ABSTRACT FROM AUTHOR]