The dynamic impact of biomass and natural resources on ecological footprint in BRICS economies: A quantile regression evidence
Аннотация
Many emerging economies, including the BRICS economies, are having difficulty meeting the Sustainable Development Goals’ (SDGs) objectives. Consequently, this research discusses the creation of an SDG framework for the BRICS economies, which can be utilized as a model for other blocs. To achieve this purpose, this research probes into the effect of biomass energy usage on ecological footprint in the BRICS economies between 1992 and 2018, considering the roles of gross capital formation, natural resources, and globalization. The novel Methods of Moments-Quantile-Regression (MMQR) approach with fixed effects is used, the outcomes of which reveal that in all quantiles (10th to 90th), globalization and biomass energy use mitigate environmental degradation, whereas economic growth, natural resources, and gross capital formation contribute to environmental degradation. The present research applied a series of techniques such as panel FMOLS, and DOLS, FE-OLS, the outcomes of which disclosed that globalization and biomass energy utilization help mitigate environmental degradation, while economic growth, natural resources, and gross capital formation improve environmental degradation. On the basis of the study’s findings, we suggest a shift in energy policies away from fossil fuels toward renewable energy alternatives by taking measures regarding the innovation of biomass to improve conversion efficiency.