Financial Development's Role in Reducing the Ecological Footprint of Energy Consumption in BRICS
Bibliographic Data
| ID | 12306543 |
|---|---|
| Authors | Iftikhar Yasin (0000-0001-6214-7989, Department of Government and Public Policy Faculty of Contemporary Studies, National Defence University Islamabad Pakistan, corresponding author), Saqib Amin (0000-0001-5450-8457, Department of Economics, Accounting and Finance Oulu Business School, University of Oulu Oulu Finland, corresponding author), Waqas Mehmood (0000-0002-7975-220X, Research Institute of Humanities and Social Sciences, University of Sharjah Sharjah UAE) |
| Year | 2025 |
| Volume | 33 |
| Issue | 3 |
| Pages | 4174-4190 |
| Publication date | 2025-01-06 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Sustainable Development (JOURNAL) |
| Journal identifiers | ISSN: 0968-0802 • E-ISSN: 1099-1719 |
| Publisher | Wiley (PUBLISHER • GB) |
| DOI | 10.1002/sd.3324 |
| OpenAlex | W4406110530 |
| Language | EN |
| Citations received | 5 |
| References cited | 85 |
This study examines the relationship between energy consumption and environmental degradation in BRICS countries from 1995 to 2022, focusing on how financial development moderates this relationship. The key objective is to explore the potential of financial development to mitigate the adverse environmental impacts of energy consumption, mainly through promoting cleaner energy alternatives and improving energy efficiency. To achieve this, the study employs Driscoll‐–Kraay fixed‐effects and bootstrap panel quantile regression methods to account for cross‐sectional dependence and capture heterogeneous effects across different quantiles of energy consumption. The findings indicate that energy consumption significantly exacerbates environmental degradation, but financial development can reduce these adverse effects, especially at lower energy consumption levels. However, at higher levels of energy use, the mitigating impact of financial development diminishes. These results contribute to achieving Sustainable Development Goals 7 (Affordable and Clean Energy) and 13 (Climate Action), providing valuable insights for policymakers. Based on these findings, the study recommends a dual approach that emphasizes strengthening financial systems while promoting energy efficiency and adopting renewable energy to foster a more sustainable future. The findings also highlight the need for international cooperation and knowledge sharing to improve environmental outcomes across BRICS countries
Business · Consumption (sociology · Ecological footprint · Economics · Efficient energy use · Energy consumption · Environmental degradation · Environmental economics · Natural resource economics · Renewable energy · Sustainable development · Energy and Environment Impacts · Energy, Environment, and Transportation Policies · Energy, Environment, Economic Growth · Ecology · Finance
FinTech and financial sustainability
How Can SDG ‐13 Be Achieved by Energy, Environment, and Economy‐Related Policies? Evidence From Five Leading Emerging Countries
Using an Empirical Approach to Narrate the Role of Circular Economy in Achieving Sustainable Development Goals (9 and 13)
Asymmetric Causal Linkages Between Financial Development and Ecological Footprint
Using Information Technology to Drive Sustainable Development Goals (9 & 13) in the Apec Economies
The effect of financial development on renewable energy consumption. A panel data approach
The nexus of carbon emissions, financial development, renewable energy consumption, and technological innovation
A panel bootstrap cointegration test
Testing Environmental Kuznets Curve hypothesis in Asian countries
Analyzing the role of governance in CO2 emissions mitigation
Economic growth, energy, and environmental Kuznets curve
The role of renewable versus non-renewable energy to the level of CO2 emissions a panel analysis of sub- Saharan Africa’s Βig 10 electricity generators
An Index of Factorial Simplicity
Spurious regression and residual-based tests for cointegration in panel data
Economic Growth and the Environment
A simple panel unit root test in the presence of cross‐section dependence
General diagnostic tests for cross-sectional dependence in panels
Renewable Energy, Urbanization, Financial Development and Environmental Degradation in the Asean Countries
Consistent Covariance Matrix Estimation with Spatially Dependent Panel Data
Role of Energy Consumption on the Environmental Impact of Sectoral Growth in Malaysia
Exploring the renewable energy-environmental sustainability pathways
The impact of financial development, political institutions, and urbanization on environmental degradation
Does agriculture, forests, and energy consumption foster the carbon emissions and ecological footprint? fresh evidence from BRICS economies
The non-linearity between financial development and carbon footprints
The economy, tourism growth and corporate performance in the Taiwanese hotel industry
Toward a New Conception of the Environment-Competitiveness Relationship
Catechizing the Environmental-Impression of Urbanization, Financial Development, and Political Institutions
| Unique citing works | 5 |
|---|---|
| Citations per year | 5 |
| Citation span | 2025 - 2025 (1) |
| Citation velocity | recent |
| Highly cited | No |
| Citation types | Neutral: 5 |