Plenty of resources and energy security risk nexus: Evidence from BRICS economies

Energy security, along with its intertwined link with the availability of natural resources, continues to be a significant topic of discussion in the context of economic growth, political stability, and ecological viability. This study digs into the dynamic relationship between abundant resources and energy security, particularly emphasizing the BRICS nations of Brazil, Russia, India, China, and South Africa. The first step of the investigation is to unravel the paradox of the natural resource curse, in which resource-rich countries often face economic volatility, corruption, and income inequality. This study contextualizes the curse's consequences by investigating the relationship between resource richness and energy security trajectories. The study uses panel data from 1992 to 2018 to explore the multifaceted connections between total natural resource rent, risk to energy security, GDP per capita, anti-corruption efforts, and military expenditure. The natural resource curse theory is verified in the long run due to the correlation between the abundance of resources and an increased threat to energy security. It highlights the necessity for diversification methods that reduce vulnerabilities brought on by resource volatility. The study also emphasizes how renewable energy sources have the potential to improve energy security by decreasing reliance on fossil fuels. The study offers policy ramifications relevant to the problems the BRICS countries face, guided by the empirical findings. The recommendations stress sustained resource governance, renewable energy transition, regional cooperation, and a long-term energy security strategy. The results highlight the necessity for strategic policymaking that integrates resource exploitation with the needs of energy security and sustainable development.