Promoting sustainable fossil fuels resources in BRICS countries: Evaluating green policies and driving renewable energy development

The central purpose of this paper is to evaluate the impacts of green monetary and fiscal policies on the sustainable development of fossil fuels resources in BRICS countries, through the analysis of data spanning from 1995 to 2021 and the ARDL- PMG technique. The research results confirm that green monetary policies have a greater impact on the development of clean energy compared to green fiscal policies. Additionally, the economic freedom index, green parts trade, and innovation index are components that exhibit positive effects on the development of renewable energy consumption in BRICS countries. However, the research findings also indicate an adverse effect of information and communication technology development on the greening of natural resources in BRICS countries. Based on the findings, the paper proposes several recommendations, which include reforming the green tax system, developing green financing markets, and establishing a local green fund to promote local green power generation projects.

Automated summary

The aim of this paper is to evaluate the impacts of green monetary and fiscal policies on the sustainable development of fossil fuels resources in BRICS countries, using data analysis and the ARDL-PMG technique. The results show that green monetary policies have a greater impact on clean energy development compared to green fiscal policies. Additionally, factors such as economic freedom index, green parts trade, and innovation index have positive effects on renewable energy consumption in BRICS countries. However, the research also indicates a negative effect of information and communication technology development on greening of natural resources in BRICS countries. Based on the findings, the paper proposes recommendations such as reforming the green tax system and developing green financing markets.