Unraveling the Dynamics of BRICS: A Comprehensive Analysis of CO2 Emissions, Energy Consumption, and Technological Innovation

Abstract

With rising worldwide concerns about climate change and environmental sustainability, it is crucial to understand the link between energy usage, technological innovation, and CO2 emissions. Therefore, this study examines the complex link between energy consumption, technological innovation, and CO2 emissions in the BRICS economies over the time period from 1990 to 2022. To understand the BRICS dynamics and environmental sustainability, the Panel Mean Group Autoregressive Distributed Lag (PMG-ARDL) model is used. The results indicate a significant positive relationship between energy consumption and CO2 emissions, implying that BRICS economies experience a rise in CO2 output due to increased energy usage. Simultaneously, the research reveals an inverse connection between technological innovation and CO2 emissions. In this regard, technological advances are crucial for sustainable growth and environmental protection in the region. This research provides useful insights into the intricate interaction of factors that influence CO2 emissions in developing nations.