Assessment of sustainable economic development and green growth in BRICS Countries

Imran Ali 1, *, Olatunbosun Olalekan 1, Linara Khadimullina 1 and Vivek Kumar Srivastava 2

1 National Research University Higher School of Economics (HSE), Russia.
2 Irkutsk National Research Technical University, Russia.
 
Research Article
International Journal of Science and Research Archive, 2024, 13(01), 650–669.
Article DOI: 10.30574/ijsra.2024.13.1.1689
Publication history: 
Received on 01 August 2024; revised on 14 September 2024; accepted on 16 September 2024
 
Abstract: 
This study aims to assess the relationship between economic growth, renewable energy consumption, and sustainable development in the BRICS countries, addressing the complex dynamics and policy implications of achieving green growth.
By Utilizing a panel data approach, this research employs the Panel Autoregressive Distributed Lag (ARDL) model to explore both short-term and long-term relationships among GDP growth, CO2 emissions, renewable energy consumption, quality of education, and zero hunger initiatives from 2010 to 2022. The study also used correlation matrix, ADF panel unit root tests and co-integration analyses to ensure the robustness of the findings. The results revealed a significant short-term positive relationship between GDP growth and CO2 emissions, and indicating that current economic activities in BRICS remain carbon-intensive to increase economic growth in short-term. However, in the long run, higher investments in the sectors of education and renewable energy notably reduces carbon emissions, showcasing their ability to foster sustainable development. The analysis further reveals a negative correlation between the consumption of renewable energy and CO2 emissions and a positive link between education spending and economic growth, underscoring the importance of human capital in driving sustainability.
This study contributes to the existing literature by providing a comprehensive analysis of the socio-economic impacts of green growth strategies in the BRICS countries. It underscores the necessity for integrated policies that balance economic advancement with environmental preservation and social inclusion. The findings offer valuable insights for policymakers to design effective strategies for achieving sustainable economic development in emerging economies.
 
Keywords: 
Sustainable development; Green economy; BRICS countries; Renewable energy; Economic growth; Environmental policy; Panel ARDL
 
Full text article in PDF: 
 
Copyright information: 

Copyright © 2024 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0