Identifying the roles of governance, ICT, and financial development to facilitate renewable energy generation in BRICS countries

As significant emerging players, BRICS economies encounter the complex task of harmonizing economic expansion with ecological sustainability. Although renewable energy offers the potential to decrease greenhouse gas emissions, broaden energy resources, and reinforce energy security within BRICS nations, this dimension remains relatively unexplored. This study addresses a research gap, unveiling how governance, “information and communication technology (ICT)”, and financial development impact renewable energy generation in BRICS from 2000 to 2020. Employing the STIRPAT framework, the study takes a comprehensive, systematic econometric approach. Empirical findings show that ICT trade can effectively boost renewable energy production in BRICS nations. Good governance plays a pivotal role in connecting ICT with renewable energy generation. Conversely, financial development negatively affects renewable energy production, while economic growth and foreign investments enhance it. Causality analysis supports a feedback loop between economic growth and renewable energy, but there is a one-way link between renewable energy, financial development, ICT, and foreign investments. The study underscores the importance of making a clean environment a top governmental priority to achieve environmental goals: to enhance renewable energy in BRICS, bolster governance in energy projects, and concurrently implement green ICT strategies to facilitate renewable energy initiatives.