Danubius International Conferences, International Conference Circular Economy: Opportunities and Challenges 2022

Novel Research Methods for Energy Use, Carbon Emissions, and Economic Growth: Evidence from the BRICS

Muhammad Imran
Last modified: 2022-11-17

Abstract

Policymakers and scholars are interested in the decision on the use of energy resources. The impact of the final decision on established and emerging regions either stays the same or changes. To investigate the answers to these issues, the current study used panel data for the BRICS economies for the years 1991 to 2021. Primary diagnostic tests revealed that the data are stable at the level and exhibit long-run cointegration, according to the research. To further determine the effects of the economy's growth, nonrenewable energy use, and consumption of renewable energy, this study employed the quantile regression approach. According to the study, established countries see the least detrimental effects of economic expansion and nonrenewable energy use on carbon emissions, whereas emerging regions experience more severe effects. However, the effect of using renewable energy on reducing carbon emissions is greater in emerging economies than it is in industrialised ones. Legislators must encourage the optimum production sector to employ greater renewable energy consumption rather nonrenewable energy use even if economic development and nonrenewable energy have less of an influence on carbon emissions and their corrective effects are also less pronounced.