RETRACTED ARTICLE: Renewable energy pathways toward carbon neutrality in BRICS nations: a panel data analysis

Jiayu Yang (), Haocheng Fang () and Feiyan Jing ()
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Jiayu Yang: Nankai University
Haocheng Fang: Nankai University
Feiyan Jing: Nankai University

Economic Change and Restructuring, 2024, vol. 57, issue 2, No 9, 16 pages

Abstract: 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.

Keywords: Renewable energy development; Carbon neutralization; Green fiscal policy; Green monetary policy; BRICS (search for similar items in EconPapers)
JEL-codes: F15 H23 O19 Q42 Q54 (search for similar items in EconPapers)
Date: 2024
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DOI: 10.1007/s10644-024-09620-1

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