Abstract
Over the past few years, natural resource efficiency and the green economy have gained increasing attention. BRICS countries face challenges in natural resource efficiency and a green economy. These challenges include limited access to financing for green initiatives, insufficient infrastructure and technology, and competing priorities for economic development. This paper examines whether natural resource efficiency affects green growth under financial development, renewable energy, research and development, and globalization in BRICS countries from 1990 to 2021. Our empirical estimates are based on advanced economic methodologies, including slope heterogeneity, LM Bootstrap panel cointegration, and continuously updated fully modified (CUP-FM) and bias-corrected (CUP-BC) estimators. The result explains that sustainably transforming consumption and production patterns is supported to facilitate multi-stakeholder partnerships to encourage a green economy. Moreover, green fields' risk and return profiles differ from traditional industries under existing private financing mechanisms. Policymakers in the BRICS countries are suggested to promote the efficient use of natural resources, renewable energy sources, sustainable land use practices, sustainable urbanization, and adopting green technologies to ensure sustainable development through green growth.
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