Catalyzing climate change mitigation: investigating the influence of renewable energy investments across BRICS

Azer Dilanchiev, Bobur Urinov (), Sugra Humbatova () and Gunay Panahova ()
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Bobur Urinov: Tashkent State University of Economics
Sugra Humbatova: Azerbaijan State University of Economics, UNEC
Gunay Panahova: Azerbaijan State University of Economics, UNEC

Economic Change and Restructuring, 2024, vol. 57, issue 3, No 21, 32 pages

Abstract: Abstract The study examines the relationship between climate change, the interconnected elements of BRICS countries, and investments in research and development for renewable energy. The paper employing the augmented mean group estimator and Dumitrescu–Hurlin non-causality test for the economy of BRICS countries from 1990 to 2021 revealed robust evidence that increasing investments in renewable energy research and development (RandD) significantly reduces greenhouse gas emissions in BRICS nations. A 1% increase in per capita renewable energy RandD spending is associated with a 2.24% decrease in emissions. Likewise, a 1% rise in overall energy technology RandD budgets corresponds to a 3.15% emissions reduction. These findings highlight the considerable potential of innovation-focused policies to promote sustainability alongside continued economic growth. It suggests the need for more research to devise effective policies that use RandD to reduce emissions without compromising larger development objectives.

Keywords: GHG; Renewable energy RandD budgets per capita; Energy technologies RandD budgets per capita; BRICS; AMG (search for similar items in EconPapers)
JEL-codes: O44 O5 Q56 R11 (search for similar items in EconPapers)
Date: 2024
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Citations: View citations in EconPapers (1)

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DOI: 10.1007/s10644-024-09702-0

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