Dynamic influence of aging, industrial innovations, and ICT on tourism development and renewable energy consumption in BRICS economies

Abstract

Given the rise in population ageing and urbanization, the BRICS (Brazil, Russia, India, China, and South Africa) economies are stressed about dealing with the climate change process and ascertaining the energy crisis. To diffuse the technological innovations and curtail natural resource extraction, with an objective of green tourism development, the transition towards renewable energy sector, the policy framework in the BRICS countries needs a reorientation, which is the study's primary aim. The study proposes a novel policy framework for BRICS economies by exploring the role of ageing, information, communication, and technology (ICT), and industrial innovations on tourism and renewable energy between 2000 and 2017. By exercising the second-generation econometric approaches, the impact of industrial innovations, natural resources, economic growth, and ICT on tourism is positive, while the role of ageing on tourism is negative. Similarly, industrial innovations, economic growth, and ageing are positive determinants of renewable energy, while ICT and natural resources are negative determinants. The causal results supported bidirectional links between ageing, tourism, ICT and tourism, while economic growth unidirectionally causing tourism. Similarly, industrial innovation, ICT, and natural resources are simultaneously unilaterally causing renewable energy in BRICS economies. The results obtained from the current study are unique, based on which we have discussed policy proposals for theory and practice.