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Evaluating the impact of natural resource rents, R&D expenditures, green finance and energy efficiency on carbon emissions in BRICS economies: Greening the path to carbon neutrality in the post-COP 27 era

Author

Listed:
  • Amin, Nabila
  • Sharif, Arshian
  • Shabbir, Muhammad Salman
  • Pan, Yanchun

Abstract

This study investigates the impact of natural resource rents, research and development expenditures, green energy, green technological innovation, economic growth, energy efficiency, and green finance on carbon emissions in the BRICS economies from 1995 to 2022. Utilizing data from the World Development Indicators (WDI) and OECD, the study employs a cross-sectional ARDL model to explore dependencies and correlations among these variables. Advanced panel methods of the second generation are used to account for potential cross-sectional dependencies and heterogeneity across the countries. The empirical findings reveal that while economic growth and natural resource rents exacerbate carbon emissions, research and development expenditure, green energy, green technological innovation, energy efficiency, and green finance support environmental sustainability. Notably, the Dumitrescu and Hurlin panel causality test uncovers bidirectional causal relationships between the key variables. Based on these findings, the study recommends several policy actions aligned with COP27 commitments: enforcing stricter CO2 emissions regulations to meet SDG-13 (Climate Action), increasing investments in renewable energy and transitioning to green energy to achieve SDG-07 (Affordable and Clean Energy), supporting green innovation and enhancing R&D for SDG-09 (Industry, Innovation, and Infrastructure), promoting circular economy practices and sustainable production for SDG-12 (Responsible Consumption and Production), and expanding green finance mechanisms to facilitate sustainable economic growth and development. Additionally, the study advocates for international collaboration on green technology transfer, greater financial incentives for green investments, and strengthening the role of governments in integrating sustainability into economic and policy frameworks, in line with the global commitment to carbon neutrality by 2060.

Suggested Citation

  • Amin, Nabila & Sharif, Arshian & Shabbir, Muhammad Salman & Pan, Yanchun, 2025. "Evaluating the impact of natural resource rents, R&D expenditures, green finance and energy efficiency on carbon emissions in BRICS economies: Greening the path to carbon neutrality in the post-COP 27," Technology in Society, Elsevier, vol. 81(C).
    • Handle: RePEc:eee:teinso:v:81:y:2025:i:c:s0160791x25000168
    DOI: 10.1016/j.techsoc.2025.102826
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