Journal
RESOURCES POLICY
Volume 87, Issue -, Pages -Publisher
ELSEVIER SCI LTD
DOI: 10.1016/j.resourpol.2023.104332
Keywords
CO2 emissions; Industrial growth; Renewable energy; Fossil fuel energy; Environmental Kuznets Curve; BRICS countries
Categories
Ask authors/readers for more resources
This study verifies the relationship between industrial growth and environmental sustainability, confirms the EKC hypothesis for the BRICS countries, and finds that fossil fuel consumption leads to environmental deterioration, while renewable energy consumption, financial development, and trade openness enhance environmental quality.
Given the escalating trends of rapid industrialization, energy consumption, and environmental concerns, it is crucial to comprehend the interplay between industrial growth and environmental sustainability. This study mainly focuses on verifying the Environmental Kuznets Curve (EKC) hypothesis by investigating the nexus between industrial growth and CO2 emissions in the BRICS countries (Brazil, Russia, India, China, and South Africa) from 1990 to 2020. Additionally, this study investigates the impact of financial development, trade openness, renewable energy consumption, and fossil fuel consumption on CO2 emissions. Robust econometric methods are employed to address the cross-sectional dependency, endogeneity, and weak instrument issues. The findings reveal that fossil fuel consumption leads to environmental deterioration, while renewable energy consumption, financial development, and trade openness enhance environmental quality. Furthermore, the results also support the validity of the EKC hypothesis for all BRICS countries. The causality results indicate a feedback relationship among industrial growth, trade openness, and CO2 emissions. These findings hold important implications for policymakers in crafting effective energy policies aligned with the Paris Agreement's objectives, harmonizing the balance between economic growth and environmental sustainability in the BRICS countries.
Authors
I am an author on this paper
Click your name to claim this paper and add it to your profile.
Reviews
Recommended
No Data Available