Moving towards a Sustainable Environment in the BRICS Economies: What Are the Effects of Financial Development, Renewable Energy and Natural Resources within the LCC Hypothesis?

Sheng Li, Muhammad Zubair Tauni, Sahar Afshan, Xinwen Dong and Shujaat Abbas
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Sheng Li: Guangxi Normal University
Muhammad Zubair Tauni: Métis Lab EM Normandie - EM Normandie - École de Management de Normandie = EM Normandie Business School
Sahar Afshan: Sunway University [Malaysia]
Xinwen Dong: Zhejiang University [Hangzhou, China]

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Abstract: This research delves into the impacts of different energy sources (renewable and nonrenewable), natural resource revenues, financial development, and economic growth on ecological well-being within the BRICS economies, spanning from 1990 to 2018. The collected data undergoes rigorous preliminary examinations, including tests for normality, descriptive statistics, Westerlund cointegration, and a cross-sectional dependence test (CSD). The empirical analyses apply the CS-ARDL method over the 1990\textendash2018 period across BRICS nations. The empirical results uncover several key insights. Economic growth, financial development, and nonrenewable energy sources are found to have detrimental effects on ecological quality, while renewable energy sources exhibit a positive influence. Additionally, the significance of the load capacity factor curve is confirmed, shedding light on the relationship between economic indicators and ecological outcomes. This study, conducted within the BRICS framework, offers recommendations for policymakers in these nations. It suggests that prioritizing sustainable energy sources and enacting energy policy reforms should be at the forefront of their agenda to improve ecological quality. \textcopyright 2023

Keywords: alternative energy; Brazil; BRICS nation; BRICS nations; Capacity factors; China; Ecological quality; Ecology; Economic and social effects; economic growth; Economic growths; Economics; Energy consumption; Energy policy; energy use; Energy utilization; Energy-consumption; Finance; Financial development; financial market; India; Load capacity; Load capacity factor; natural resource; Renewable energy consumption; Renewable energy resources; Russian Federation; South Africa; sustainable development; Sustainable development; Sustainable environment (search for similar items in EconPapers)
Date: 2024
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Citations: View citations in EconPapers (2)

Published in Resources Policy, 2024, 88, ⟨10.1016/j.resourpol.2023.104457⟩

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Journal Article: Moving towards a sustainable environment in the BRICS Economies: What are the effects of financial development, renewable energy and natural resources within the LCC hypothesis? (2024)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-04432405

DOI: 10.1016/j.resourpol.2023.104457

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