The potency of natural resources and trade globalisation in the ecological sustainability target for the BRICS economies

The BRICS nations have yet to significantly contribute to achieving Sustainable Development Goals (SDG) 7 and 13. Dealing with this problem might necessitate a policy shift, which is the main topic of this research. Therefore, the current study scrutinizes the interrelationship between natural resources, energy, trade globalisation and ecological footprint using panel data from the period between 1990 and 2018 for the BRICS nations. To assess the interrelationship between ecological footprint and its determinants, we used the Cross sectional autoregressive distributed lag (CS-ARDL) and common correlated effects. mean group (CCEMG) estimators. The findings show that economic progress, and natural resources lessen ecological quality, while renewable energy and trade globalization improves ecological quality in the BRICS nations. Based on these results, the BRICS nations need to upgrade their use of renewable energy sources and improve the structure of their natural resource endowments. Furthermore, trade globalisation necessitates immediate policy responses in these nations since it reduces ecological damage.

Automated summary

This study examines the interrelationship between natural resources, energy, trade globalization, and ecological footprint in the BRICS nations using panel data from 1990 to 2018. The findings indicate that economic progress and natural resource depletion contribute to ecological degradation, while renewable energy and trade globalization have a positive impact on ecological quality. Therefore, the BRICS nations need to enhance their use of renewable energy sources, improve natural resource management, and respond to trade globalization with appropriate policies.