Balancing Growth and Sustainability: The Role of Fossil and Renewable Energy in BRICS Economies

This study investigates the relationships between fossil fuel availability, access to renewable energy, economic growth, and CO2 emissions in BRICS countries over the period 1990–2019. Employing FMOLS, DOLS, and Method of Moments Quantile Regression, the analysis reveals that fossil fuel availability and renewable energy access both exhibit a significant negative impact on economic growth in FMOLS and DOLS estimations, suggesting a limited role in driving growth in these countries. However, fossil fuels significantly increase CO2 emissions, while renewable energy access significantly reduces emissions, highlighting their contrasting environmental effects. The quantile regression results further show that fossil fuel availability consistently hinders economic growth across all quantiles but raises CO2 emissions, whereas renewable energy positively influences economic growth and lowers emissions throughout all quantile levels. These findings underscore the complex interplay between energy sources, economic development, and environmental sustainability, offering important policy implications for promoting balanced growth and emission reductions in the BRICS economies.