Title: The relevance of renewable energy and green innovation in environmental sustainability: evidence from BRICS countries

Authors: Lakshmana Padhan; Savita Bhat

Addresses: School of Humanities, Social Sciences and Management National Institute of Technology Karnataka, NH 66, Srinivas Nagar, Surathkal, Mangalore Karnataka, 575025, India; Formerly: School of Management ' School of Humanities, Social Sciences and Management National Institute of Technology Karnataka, NH 66, Srinivas Nagar, Surathkal, Mangalore Karnataka, 575025, India; Formerly: School of Management

Abstract: The study examines the significance of green innovation and renewable energy usage in reducing the carbon and ecological footprints in Brazil, Russia, India, China, and South Africa (BRICS) countries. It applies a series of econometric techniques and the Driscoll-Kraay standard errors regression approach to data collected between 1995 and 2018 based on the environmental Kuznets curve (EKC) hypothesis. Important macroeconomic control variables, such as industrialisation, urbanisation, financial development, trade openness, and natural resources, are also used to strengthen the model. Empirical results show that a 1% increase in green innovation reduces the carbon and ecological footprint by 0.229% and 0.226%, respectively. Further, increasing renewable energy consumption by 1% decreases the carbon and ecological footprints by 0.024% and 0.032%, respectively. Furthermore, the empirical findings support the EKC hypothesis. The study has important policy implications for governments and policymakers of emerging countries to invest more in green innovation and promote renewable energy.

Keywords: green innovation; renewable energy; carbon footprint; ecological footprint; BRICS; Driscoll-Kraay standard errors; environmental Kuznets curve; EKC; environmental degradation; GDP; economic growth.

DOI: 10.1504/IJSE.2025.142926

International Journal of Sustainable Economy, 2025 Vol.17 No.1, pp.52 - 74

Received: 10 Mar 2023
Accepted: 16 Jun 2023
Published online: 02 Dec 2024 *

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