Rahman Md Mominur, Zahan Fataraz, Islam Md Farijul
Bangladesh Institute of Governance and Management, University of Dhaka, Dhaka, Bangladesh.
Department of Marketing, Jagannath University, Dhaka, Bangladesh.
PLoS One. 2024 Dec 5;19(12):e0314286. doi: 10.1371/journal.pone.0314286. eCollection 2024.
The rapid economic development in emerging economies, particularly in BRICS nations, is closely intertwined with their energy consumption and financial investment in energy sectors. However, the global shift towards sustainability has raised concerns about the continued reliance on fossil fuels and the environmental implications of such practices. Energy finance-particularly the balance between fossil fuel energy finance (FFEF) and renewable energy finance (RENF)-plays a critical role in shaping economic growth trajectories in these economies. At the same time, governance frameworks can either enhance or hinder the effectiveness of energy finance strategies. As the global push for sustainability intensifies, the need to balance these two energy sources becomes increasingly important. This study investigates the impact of energy finance on economic growth in BRICS nations and explores how governance moderates these relationships. Using data from the World Development Indicators (2000-2023) and employing econometric models, including Fully Modified Ordinary Least Squares (FMOLS) and Dynamic Ordinary Least Squares (DOLS) for robustness, the findings reveal that both FFEF and RENF positively impact EGR. However, RENF also offers the added benefit of environmental sustainability, positioning it as a viable alternative for economic development. Good governance emerges as a critical factor that can mitigate the negative environmental effects of FFEF and further amplify the positive impact of RENF on EGR. The study highlights that BRICS nations have the option to shift from FFEF to RENF, as RENF not only promotes economic growth but also aligns with environmental goals. Strengthening governance frameworks will be essential in facilitating this transition and supporting sustainable economic growth.
新兴经济体，特别是金砖国家的快速经济发展，与其能源消耗以及在能源领域的金融投资紧密相连。然而，全球向可持续发展的转变引发了人们对持续依赖化石燃料及其相关做法对环境影响的担忧。能源金融——尤其是化石燃料能源金融（FFEF）和可再生能源金融（RENF）之间的平衡——在塑造这些经济体的经济增长轨迹方面发挥着关键作用。与此同时，治理框架既可以增强也可能阻碍能源金融战略的有效性。随着全球对可持续发展的推动力度加大，平衡这两种能源的需求变得越发重要。本研究调查了能源金融对金砖国家经济增长的影响，并探讨治理如何调节这些关系。利用世界发展指标（2000 - 2023年）的数据，并采用计量经济学模型，包括完全修正普通最小二乘法（FMOLS）和动态普通最小二乘法（DOLS）以确保稳健性，研究结果表明，FFEF和RENF均对经济增长（EGR）产生积极影响。然而，RENF还具有环境可持续性的额外优势，使其成为经济发展的可行替代方案。良好的治理成为一个关键因素，它可以减轻FFEF的负面环境影响，并进一步放大RENF对EGR的积极影响。该研究强调，金砖国家可以选择从FFEF转向RENF，因为RENF不仅能促进经济增长，还符合环境目标。加强治理框架对于推动这一转型和支持可持续经济增长至关重要。
