Journal ArticleOpen Access
The Influences of Financial Development, Economic Growth, Energy Price, and Foreign Direct Investment on Renewable Energy Consumption in The BRICS
Authors
Author Affiliations
Jatiya Kabi Kazi Nazrul Islam University, National University of Malaysia, Noakhali Science and Technology University, Hajee Mohammad Danesh Science and Technology University, ...
Published InJournal of Environmental and Energy Economics
Year2023
Citations17
Abstract
This study seeks to look into the effects of financial development, economic growth, consumer price index (CPI), and foreign direct investment (FDI) on renewable energy utilization. The investigation applied the panel dynamic ordinary least squares (DOLS) methodology by using yearly time-series data from 1990 to 2022 for the BRICS nations (Brazil, Russia, India, China, and South Africa). The empirical results show an upward trend involving financial development and the use of renewable energy, suggesting that financial development precedes the uptake of renewable energy. In a similar vein, there are noteworthy positive associations found between the CPI and economic growth when renewable energy is used. Furthermore, a surprising link between direct investment and the use of renewable energy is also revealed…
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