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Do Real Output and Renewable Energy Consumption Affect CO 2 Emissions? Evidence for Selected BRICS Countries

Jiang-Long Liu (), Chao-Qun Ma (), Yi-Shuai Ren () and Xin-Wei Zhao ()
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Jiang-Long Liu: Business School, Hunan University, Changsha 410082, China
Chao-Qun Ma: Business School, Hunan University, Changsha 410082, China
Yi-Shuai Ren: Research Institute of Digital Society and Blockchain, Hunan University, Changsha 410082, China
Xin-Wei Zhao: Business School, Jiangsu University of Technology, Changzhou 213001, China

Energies, 2020, vol. 13, issue 4, 1-18

Abstract: Climate change is one of the most important global problems faced by the international community. It is generally believed that increasing the consumption of renewable energy is an effective measure to promote CO 2 emissions reduction. Therefore, renewable energy consumption has become one of the best alternative strategies for sustainable development. Based on this, this paper employs the 3SLS model to conduct an empirical study on the relations among real output, renewable energy consumption, and CO 2 emissions of BRICS countries (except Russia) in 1999–2014. The empirical results support, for BRICS group, the complete tri-variate relationships (energy-output-emission nexus), and renewable energy had a significant positive impact on the real output, and vice versa. Besides, compared with other countries, Brazil also has the same tri-variate relationships as BRICS group. However, China has no relationship from real output to renewable energy consumption and from real output to CO 2 emissions; India does not have the relationship from real output to renewable energy consumption and the bilateral relationship between real output and CO 2 emissions; the relationship between variables in South Africa only occurs in the energy output chain. Finally, according to the estimation results of the simultaneous equation, the BRICs governments should consider the importance of human capital level and financial development when controlling the real output level and pollution. In addition, it should be noted that effective energy policies help to reduce carbon dioxide emissions without compromising real output.

Keywords: renewable energy consumption; real output; CO 2 emissions; BRICS countries (search for similar items in EconPapers)
JEL-codes: Q Q0 Q4 Q40 Q41 Q42 Q43 Q47 Q48 Q49 (search for similar items in EconPapers)
Date: 2020
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