Greenhouse Gas Emissions and the Rising Effects of Renewable Energy Consumption and Climate Risk Development Finance: Evidence from BRICS Countries

Bisharat Hussain Chang, P. A. Mary Auxilia (), Akash Kalra (), Wing-Keung Wong and Mohammed Ahmar Uddin ()
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Bisharat Hussain Chang: Department of Business Administration, Sukkur IBA University, Sukkur, Sindh, Pakistan
P. A. Mary Auxilia: Loyola Institute of Business Administration, Chennai, Tamil Nadu, India
Akash Kalra: Transfer Pricing and International Economics Subject-Matter Expert, MBA, Brandeis International Business School, Waltham, MA, USA
Wing-Keung Wong: Department of Finance, FinTech & Blockchain Research Center and Big Data Research Center, Asia University, Taiwan5Department of Medical Research, China Medical University Hospital, Taiwan6Department of Economics and Finance, The Hang Seng University of Hong Kong, Hong Kong
Mohammed Ahmar Uddin: Department of Finance and Economics, College of Commerce and Business Administration, Dhofar University, Salalah, Dhofar, Oman

Annals of Financial Economics (AFE), 2024, vol. 19, issue 02, 1-34

Abstract: In recent decades, the surge in greenhouse gas emissions has given rise to an increase in climate risk-related development finance. This research delves into the effect of renewable energy and climate risk-related development finance on greenhouse gas emissions in the BRICS region. Panel regression estimates were employed to uncover several noteworthy findings. Firstly, a slight yet significant surge in greenhouse gas emissions resulted from increased climate risk-related development finance. Secondly, augmented climate risk-related mitigation finance corresponded with a noteworthy upsurge in renewable energy usage. Thirdly, greater renewable energy consumption resulted in a considerable reduction in greenhouse gas emissions. Lastly, amplified renewable energy consumption alleviated the impact of climate risk-related mitigation finance on greenhouse gas emissions. These findings emphasize the necessity of efficiently utilizing climate finance in generating renewable energies like wind, biomass, geothermal, hydroelectric and solar energies. Additionally, it is recommended that benefactor nations and officials ensure a regular and uninterrupted flow of climate risk-related development mitigation finance to emerging nations.

Keywords: Greenhouse gas emissions; energy consumption; climate risk; climate change policy; climate change mitigation (search for similar items in EconPapers)
JEL-codes: Q01 Q43 Q53 Q54 (search for similar items in EconPapers)
Date: 2024
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DOI: 10.1142/S2010495223500070

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