Unravelling the role of financial development in shaping renewable energy consumption patterns: Insights from BRICS countries

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dc.authoridFerreira, Paulo/0000-0003-1951-889X
dc.authoridYadav, Ashutosh/0000-0003-1179-2704
dc.authoridOzturk, Ilhan/0000-0002-6521-0901
dc.authoridBekun, Festus Victor/0000-0003-4948-6905
dc.contributor.authorYadav, Ashutosh
dc.contributor.authorBekun, Festus Victor
dc.contributor.authorOzturk, Ilhan
dc.contributor.authorFerreira, Paulo Jorge Silveira
dc.contributor.authorKaralinc, Turgay
dc.date.accessioned2024-09-11T19:50:55Z
dc.date.available2024-09-11T19:50:55Z
dc.date.issued2024
dc.departmentİstanbul Gelişim Üniversitesien_US
dc.description.abstractIn line with the pursuit of clean and affordable energy, our study contributes to the United Nations Sustainable Development Goals (UNSDGs-7 and -13) and the global fight against climate change by offering evidence-based insights. We conducted a panel analysis of BRICS (Brazil, the Russian Federation, India, China, and South Africa) economies to investigate the relationship between financial development and renewable energy utilization. Our empirical findings highlight a positive statistical association between economic growth and renewable energy consumption, indicating that higher economic growth correlates with increased renewable energy adoption. Similarly, significant positive relationships are observed between the consumer price index and domestic credit with renewable energy consumption. Moreover, our study also uncovers a counterintuitive relationship between foreign direct investment and renewable energy consumption. These results provide valuable insights into the determinants of renewable energy consumption in BRICS countries. From a policy perspective, we advocate for robust strategies to promote the adoption and utilization of renewable energy sources alongside the implementation of policies encouraging the uptake of clean technologies. Such measures can spur economic growth and contribute to achieving low-carbon targets and sustainability goals within the BRICS economies. Practical steps, including incentives like feed-in tariffs and subsidies, can further enhance the cost-effectiveness of renewable energy adoption in the investigated bloc.en_US
dc.description.sponsorshipFundacao para a Ciencia e a Tecnologia [UIDB/05064/2020]en_US
dc.description.sponsorshipPaulo Ferreira acknowledges the funding support from Fundacao para a Ciencia e a Tecnologia (grant UIDB/05064/2020) .en_US
dc.identifier.doi10.1016/j.esr.2024.101434
dc.identifier.issn2211-467X
dc.identifier.issn2211-4688
dc.identifier.scopus2-s2.0-85194931299en_US
dc.identifier.urihttps://doi.org/10.1016/j.esr.2024.101434
dc.identifier.urihttps://hdl.handle.net/11363/7705
dc.identifier.volume54en_US
dc.identifier.wosWOS:001254879700001en_US
dc.identifier.wosqualityN/Aen_US
dc.indekslendigikaynakWeb of Scienceen_US
dc.language.isoenen_US
dc.publisherElsevieren_US
dc.relation.ispartofEnergy Strategy Reviewsen_US
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanıen_US
dc.rightsinfo:eu-repo/semantics/openAccessen_US
dc.snmz20240903_Gen_US
dc.subjectBRICS economiesen_US
dc.subjectCarbon-reductionen_US
dc.subjectFDIen_US
dc.subjectFinancial deepeningen_US
dc.subjectInflationen_US
dc.subjectPanel econometricsen_US
dc.subjectRenewable energy consumptionen_US
dc.titleUnravelling the role of financial development in shaping renewable energy consumption patterns: Insights from BRICS countriesen_US
dc.typeArticleen_US

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