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Toward a sustainable environment and economic growth in BRICS economies: do innovation and globalization matter?

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Abstract

Over the last few decades, environmental deterioration has accelerated significantly. Environmental degradation has been a subject of research across the world because of its impact on billions of people. However, there has been no international agreement on lowering the utilization of energy and CO2 emissions (CO2), while demand for fossil fuels grows in emerging economies. On the other hand, the recent COP26 summit brought all parties together to accelerate action toward reaching the goals of the Paris Agreement and the UN Framework Convention on Climate Change. Although previous research shows that international trade promotes positive socioeconomic outcomes, other experts argue that it contributes to natural resource shortages and ecological deterioration. Thus, the current research considers the effect of international trade, renewable energy use and technological innovation on consumption-based carbon emissions (CCO2), coupled with the role of financial development and economic growth in the BRICS economies between 1990 and 2018. Moreover, this research utilizes the common correlated effects mean group (CCEMG), augmented mean group (AMG) and Dumitrescu and Hurlin (2012) causality methods to assess these interrelationships. The study findings reveal that renewable energy use, exports and technological innovation mitigate CCO2, whereas economic growth and imports trigger CCO2 in the BRICS economies. The panel causality outcomes also reveal that all the variables except financial development can predict CCO2 emissions. Based on the study findings, we recommend the adoption of policies, regulations and the development of legislative frameworks that promote technological innovation and the shift toward sustainable energy.

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Data availability

Data is readily available on request from the corresponding author.

Notes

  1. International Renewable Energy Agency.

Abbreviations

AMG:

Augmented mean group

BRICS:

Brazil, Russia, India, China and South Africa

CO2 :

Carbon emissions

CCO2 :

Consumption-based carbon emission

CCEMG:

Common correlated effects mean group

CSD:

Cross-sectional dependence

GDP:

Economic growth

GHGs:

Greenhouse gas emissions

EXP:

Exports

EMT:

Ecological modernization theory

FD:

Financial development

IMP:

Import

REC:

Renewable energy use

TEC:

Technological innovation

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Authors and Affiliations

  1. Department of Business Administration, Faculty of Economics and Administrative Sciences, Cyprus International University, Mersin 10, 99040, Haspolat, Turkey

    Opeoluwa Seun Ojekemi

  2. Department of Accounting and Finance, Faculty of Economics and Administrative Sciences, Cyprus International University, Mersin 10, 99040, Haspolat, Turkey

    Husam Rjoub

  3. Department of Economics, Faculty of Economics and Administrative Science, Near East University, North Cyprus, Mersin 10, Turkey

    Abraham Ayobamiji Awosusi

  4. Department of Nuclear and Renewable Energy, Ural Federal University Named After the First President of Russia Boris, Ekaterinburg, Russia

    Ephraim Bonah Agyekum

Authors
  1. Opeoluwa Seun Ojekemi
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  2. Husam Rjoub
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  3. Abraham Ayobamiji Awosusi
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  4. Ephraim Bonah Agyekum
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Contributions

OO designed the experiment and collected the dataset. The introduction and literature review sections were written by HR, and OO constructed the methodology section and empirical outcomes in the study. HR, AAA and EBA contributed to the validation and review of the study. All the authors read and approved the final manuscript.

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Correspondence to Abraham Ayobamiji Awosusi.

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The authors declare no competing interests.

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Ojekemi, O.S., Rjoub, H., Awosusi, A.A. et al. Toward a sustainable environment and economic growth in BRICS economies: do innovation and globalization matter?. Environ Sci Pollut Res 29, 57740–57757 (2022). https://doi.org/10.1007/s11356-022-19742-6

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