Will financial development and clean energy utilization rejuvenate the environment in BRICS economies?

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dc.authoridalola, andrew/0000-0001-5355-3707
dc.authoridEkwueme, Daberechi Chikezie/0000-0002-0814-1436
dc.contributor.authorZoaka, Joshua Dzankar
dc.contributor.authorEkwueme, Daberechi Chikezie
dc.contributor.authorGungor, Hasan
dc.contributor.authorAlola, Andrew Adewale
dc.date.accessioned2024-09-11T19:50:05Z
dc.date.available2024-09-11T19:50:05Z
dc.date.issued2022
dc.departmentİstanbul Gelişim Üniversitesien_US
dc.description.abstractGlobal warming and environmental degradation caused essentially by changes in climate have attracted enormous surveillance considering the menace of its reverberation on the health of humans during the past two decades. Utilization of energy and financial development (FD) are among the key drivers of climatic change. Thus, using second-generation panel cointegration (the Westerlund, 2007 error-correction model), pooled mean group autoregressive distributive lag model (PMG-ARDL), and the panel dynamic ordinary least square (PDOLS) estimation techniques, the paper scrutinized the nexus between financial development, clean energy usage, economic growth, and environmental quality (proxied by CO2 emissions) of BRICS countries starting from 1980 to 2018. The findings from the study reveal that economic growth and labor force participation, in the long run, deteriorate the environmental quality by increasing the effusion of carbon. Contrarily, financial development, industrialization, trade openness, and renewable energy usage enhance the environmental quality of BRICS countries in the long run. In the short run, financial development was found to have a significant positive impact on the environmental quality of Brazil, China, and Russia, while it is negative for South Africa and India. The outcome of the PVECM Granger causality test reveals a two-way Granger causality that runs from renewable energy to carbon emissions in the short run. The policy implication of this study is that the government of BRICS countries needs to concentrate on improving their clean energy sources and also work on their industries. The BRICS nations' governments should formulate financial and trade policies that promote a sustainable environment and economic development.en_US
dc.identifier.doi10.1002/bse.3013
dc.identifier.endpage2170en_US
dc.identifier.issn0964-4733
dc.identifier.issn1099-0836
dc.identifier.issue5en_US
dc.identifier.scopusqualityQ1en_US
dc.identifier.startpage2156en_US
dc.identifier.urihttps://doi.org/10.1002/bse.3013
dc.identifier.urihttps://hdl.handle.net/11363/7551
dc.identifier.volume31en_US
dc.identifier.wosWOS:000758063200001en_US
dc.identifier.wosqualityQ1en_US
dc.indekslendigikaynakWeb of Scienceen_US
dc.indekslendigikaynakScopusen_US
dc.language.isoenen_US
dc.publisherWileyen_US
dc.relation.ispartofBusiness Strategy And The Environmenten_US
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanıen_US
dc.rightsinfo:eu-repo/semantics/openAccessen_US
dc.snmz20240903_Gen_US
dc.subjectBRICS countriesen_US
dc.subjectenvironmental sustainabilityen_US
dc.subjectfinancial developmenten_US
dc.subjectrenewable energyen_US
dc.subjecttradeen_US
dc.titleWill financial development and clean energy utilization rejuvenate the environment in BRICS economies?en_US
dc.typeArticleen_US

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