Novel research methods to evaluate renewable energy and energy-related greenhouse gases: evidence from BRICS economies

Abstract

This study examined renewable energy, energy efficiency which is very essential to boost up environmental quality. This research also takes other factors which has impact on greenhouse gas emissions in the BRICS nations between 2000 and 2019. On the other hand, this research differs from previous research in that it considers the impact of Energy Efficiency and Renewable Energy Electricity on greenhouse gas emissions in BRICS economies, despite the fact that Energy Efficiency and Renewable Energy Electricity have the greatest impact on greenhouse gas emissions in BRICS economies. The influence of GDP and political risk index on energy-related greenhouse gas emissions also comes under the scope of this study. Further, the order of unit root was determined using cross-sectional dependency and slope heterogeneity. The results were achieved utilising moment quantile regression (MMQ). The analysis shows that GDP causes an increase in Energy-Related Greenhouse Gases (ERGHG) at the 25th, 50th, 75th and 90th quantiles. At the 25th, 50th, 75th and 90th quantiles, however, Energy Efficiency and Renewable Energy Electricity reduce Energy-Related Greenhouse Gases. Furthermore, political risk index reduces Energy-Related Greenhouse Gas emissions. Moreover, policymakers should investigate the asymmetric behaviour of Energy Efficiency, Electricity from Renewable Energy and GDP when adopting BRICS economies energy, environment and growth policies based on empirical data.