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

• Published in: Environmental science and pollution research international Vol. 29; no. 38; pp. 57740 - 57757
• Main Authors: Ojekemi, Opeoluwa Seun, Rjoub, Husam, Awosusi, Abraham Ayobamiji, Agyekum, Ephraim Bonah
• Format: Journal Article
• Language: English
• Published: Berlin/Heidelberg Springer Berlin Heidelberg 01.08.2022; Springer Nature B.V
• Subjects: Alternative energy; Aquatic Pollution; Atmospheric Protection/Air Quality Control/Air Pollution; carbon; Carbon dioxide; Carbon dioxide emissions; Climate change; Deterioration; Earth and Environmental Science; Ecological effects; Economic development; Economic growth; Economics; Ecotoxicology; Emissions; Emissions trading; energy; Energy consumption; Energy policy; Energy utilization; Environment; Environmental Chemistry; Environmental degradation; Environmental Health; Environmental science; environmental sustainability; Fossil fuels; Globalization; Imports; Innovations; International trade; Natural resources; Paris Agreement; people; pollution; R&D; Renewable energy; renewable energy sources; Renewable resources; Research & development; Research Article; Sustainable energy; Technological change; technology; United Nations Framework Convention on Climate Change; Waste Water Technology; Water Management; Water Pollution Control; BRICS countries; International trade; Renewable energy use; Consumption-based carbon emissions; Eco-innovation
• ISSN: 0944-1344; 1614-7499; 1614-7499
• DOI: 10.1007/s11356-022-19742-6

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 CO 2 emissions (CO 2 ), 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 (CCO 2 ), 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 CCO 2 , whereas economic growth and imports trigger CCO 2 in the BRICS economies. The panel causality outcomes also reveal that all the variables except financial development can predict CCO 2 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.