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In light of increasing concerns about climate change and energy security, renewable energy has been seen as the most promising solution to fulfil future energy needs. This study examines the drivers of renewable energy consumption (REC) and the nexus between GDP growth, technological innovation, gross fixed capital formation, CO2 emissions, income inequality, and renewable energy consumption (REC) using annual data from BRICS countries. To this end, the study uses the augmented mean group (AMG) estimator, a second-generation estimator that takes slope homogeneity and cross-sectional dependence into consideration. For robustness, the pooled mean group (PMG) estimator has also been utilized. The findings of both estimators indicate that carbon emissions, technological innovation, and gross fixed capital formation exert adverse and significant impacts on REC. The findings also show that the use of renewable energy will rise as income inequality declines. We also employ the Dumitrescu and Hurlin (DH) granger causality test. The results of the analysis demonstrate a one-way causal association between income inequality and REC. This finding confirms that a reduction in income inequality will have a major impact on the adoption of renewable energy sources. |
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