Driving Sustainable Energy Goals: Testing the Impact of Investment, Technological Innovations, and Oil Rent on Renewable Energy Development in Brazil, Russia, India, China, and South Africa Economies

Renewable energy development is paramount in supporting the transition to a cleaner environment through green transition policies. Thus, policies and measures that support renewable energy development are fundamental. To this end, studies that examine how renewable energy development is achieved have been performed, but the role of research and development, which is crucial in fostering technological innovations and the role of investment in energy in achieving renewable energy development, is lacking. Therefore, this research was employed to investigate the role of research and development and investment in energy in the BRICS economies. The data of the BRICS economies were used for the period from 2000 to 2021. This study used the ‘Methods of Moments Quantile Regression’ to ensure robust findings are presented, hence informing policies that are crucial in achieving environmental sustainability through using renewable energy in the BRICS economies. Major findings showed that investment in energy, research and development, economic growth, and the overall inflation rate raised RE use in the BRICS countries. Oil rent, financial development, and institutional quality reduced RE development. This research suggests the adoption of vigorous policies that ensure financial resources are channeled toward financing the development of RE in the BRICS economies. Through supporting investment in energy and research and development, the BRICS economies can achieve the goal of sustainable carbon neutrality.