Green Energy and Land Resources: COP27 Perspective of BRICS Economic Growth and Land Production

Abstract

ABSTRACTIn contemporary times, managing land resources and green energy from the COP27 perspective is a burning issue, attracting the attention of policymakers and scholars to attaining sustainable economic growth. In emerging economies, the adoption of both green energy and land resources is rapidly increasing to encourage economic productivity. In this regard, the current research explores the impact of oil resource fluctuations on the economic growth of the BRICS economies. In addition, this research contemplates the role of technological innovation, energy efficiency, and gross capital formation during 1990–2021. Using several econometric approaches, the results indicate the variables' stationarity and the cointegration between variables. Since most of the study variables follow a nonnormal distribution, this work employs a novel moments quantile regression. The estimation outcomes revealed that oil resource fluctuations, energy efficiency, technological innovation, and gross capital formation are substantial economic performance and growth drivers. The robustness of the empirical model is also tested via parametric (robust least squares) and nonparametric (quantile regression) approaches. Bidirectional causality estimates are reported between these variables except for the oil resource fluctuations that unidirectionally cause economic performance. Based on these estimates, this research recommends the sustainable management of oil resources and further investment in energy efficiency and technological innovation to attain sustainable economic performance.