GREEN INVESTMENT, ENERGY EFFICIENCY, AND ECONOMIC GROWTH: DOES ECONOMIC FREEDOM MATTER? EVIDENCE FROM BRICS COUNTRIES

IF 4.8 2区经济学 Q1 ECONOMICS

Technological and Economic Development of Economy Pub Date : 2024-02-15 DOI:10.3846/tede.2024.19442

HongMei Mu

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Abstract

Sustainable development goals, particularly number 7, clearly urges economies over the globe to multiple their efforts in order to improve efficiency. Although witnesses stressed out the importance of energy efficiency and claimed that when it is improved drastically, it triggers economic growth, however, the reported evidences to support the claim are mixed. In BRICS scenario, economies are experiencing the change from high-speed growth to high quality growth, due to which it is equally important to look into green investment as it is an essential tool to build high quality economic growth. Although green investment targets energy conservation as well as ecological deficit as it main goal. However, limited literature claims that it affects economic growth as well. Thus, the present study aims to assess green investment, energy efficiency, and economic growth (EG) and their impact on economic freedom index of the BRICS countries. Methods of Moments-Quantile-Regression (MMQR) approach is applied to explore the association between the understudy constructs in the time span of 2001–2020. Interestingly, it is revealed that green investment, energy efficiency and renewable energy are positively related with economic freedom index of the BRICS countries. With the evidences, the study proposes a conclusive remark to spur development across the countries.

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绿色投资、能源效率和经济增长：经济自由重要吗？来自发展中国家的证据

可持续发展目标，尤其是第 7 项目标，明确敦促全球各经济体加倍努力提高效率。尽管证人强调了能源效率的重要性，并声称当能源效率大幅提高时，就会引发经济增长，然而，报告中支持这一说法的证据却参差不齐。在金砖五国中，各经济体正在经历从高速增长向高质量增长的转变，因此，研究绿色投资同样重要，因为它是实现高质量经济增长的重要工具。尽管绿色投资的主要目标是节约能源和弥补生态赤字。然而，有限的文献声称绿色投资也会影响经济增长。因此，本研究旨在评估绿色投资、能源效率和经济增长（EG）及其对金砖国家经济自由度指数的影响。本研究采用矩量回归法（MMQR）探讨了 2001-2020 年时间跨度内被研究构面之间的关联。有趣的是，研究发现绿色投资、能源效率和可再生能源与金砖国家的经济自由度指数呈正相关。根据这些证据，研究提出了促进各国发展的结论性意见。

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来源期刊

Technological and Economic Development of Economy ECONOMICS-

CiteScore

10.00

自引率

8.50%

发文量

审稿时长

15 weeks

期刊介绍： Technological and Economic Development of Economy is a refereed journal that publishes original research and review articles and book reviews. The Journal is designed for publishing articles in the following fields of research: systems for sustainable development, policy on sustainable development, legislation on sustainable development, strategies, approaches and methods for sustainable development, visions and scenarios for the future, education for sustainable development, institutional change and sustainable development, health care and sustainable development, alternative economic paradigms for sustainable development, partnership in the field of sustainable development, industry and sustainable development, sustainable development challenges to business and management, technological changes and sustainable development, social aspects of sustainability, economic dimensions of sustainability, political dimensions of sustainability, innovations, life cycle design and assessment, ethics and sustainability, sustainable design and material selection, assessment of environmental impact, ecology and sustainability, application case studies, best practices, decision making theory, models of operations research, theory and practice of operations research, statistics, optimization, simulation. All papers to be published in Technological and Economic Development of Economy are peer reviewed by two appointed experts. The Journal is published quarterly, in March, June, September and December.