Abstract
The growing interdependence between environmental resources, financial development, technological advancements, and energy consumption poses significant challenges for sustainable growth in emerging economies. This study investigates these dynamics in the BRICS nations (Brazil, Russia, India, China, and South Africa) from 1990 to 2023 using the GMM panel VAR framework, with the aim of understanding how these factors interact and shape economic outcomes. The analysis shows that environmental rents positively impact financial growth, countering the traditional "resource curse" belief. Technological innovation is negatively linked to both economic growth and environmental sustainability, while energy consumption is positively correlated with economic growth and exhibits a weak correlation with the environment. Furthermore, primary energy consumption is strongly connected to resource utilization and financial growth, although technological advancements negatively affect this relationship. Causality tests reveal mutual influences between energy consumption and technological innovation, alongside unidirectional effects of natural resources on financial and technological growth. Policy implications underscore the need for BRICS nations to balance resource management and technological progress to foster sustainable economic and environmental development.
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