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Economic Change and Restructuring

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01-04-2024

Renewable energy pathways toward carbon neutrality in BRICS nations: a panel data analysis

Authors: Jiayu Yang, Haocheng Fang, Feiyan Jing

Published in: Economic Change and Restructuring | Issue 2/2024

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Abstract

This study employs the CS-ARDL estimator to model the adoption of renewable energy within BRICS nations spanning the period from 1995 to 2021. The key findings reveal that a 1% increase in foreign direct investment (FDI) has a negative impact on green consumption, with approximately a 0.21% decline in the short-term and a 0.48% decrease in the long-term. Furthermore, a 1% increase in GDP leads to a reduction of 0.04% in short-term and 0.12% in long-term green consumption. On a positive note, an augmentation in environmental tax revenues exerts a favorable influence on green consumption, with an increase of about 0.17% in the short-term and 0.20% in the long-term. The presence of a larger green financial market significantly accelerates green consumption. Policy implications encompass strategies such as attracting green FDI, financing environmentally friendly projects, developing digital green financial markets, and expanding trade networks for green utilities with other nations.

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Title: Renewable energy pathways toward carbon neutrality in BRICS nations: a panel data analysis
Authors: Jiayu Yang
Haocheng Fang
Feiyan Jing
Publication date: 01-04-2024
Publisher: Springer US
Published in: Economic Change and Restructuring / Issue 2/2024
Print ISSN: 1573-9414
Electronic ISSN: 1574-0277
DOI: https://doi.org/10.1007/s10644-024-09620-1

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