Does tourism development, financial development and renewable energy drive high-quality economic development?
1Jin Zhong Municipal Party School, Jinzhong, 030600, China. tracyjht@sina.com.
Environmental Science and Pollution Research International
|March 19, 2024
Summary
Tourism and renewable energy boost green economic growth in BRICS nations. However, urbanization and financial sector expansion negatively impact this growth, necessitating targeted green policies.
Area of Science:
- Environmental Economics
- Sustainable Development
- Energy Policy
Background:
- Green development is crucial for environmentally responsible economic growth.
- Renewable energy adoption is a key driver for economic progress in developed and developing nations.
- Tourism is recognized as a significant tool for economic advancement.
Purpose of the Study:
- To investigate the impact of tourism and renewable energy on green economic growth in BRICS nations (2001-2022).
- To analyze the influence of urbanization and the financial industry on green economic development.
- To explore causal relationships between key economic and environmental factors.
Main Methods:
- Applied the Augmented Mean Group (AMG) test for panel data analysis.
- Utilized the Common Correlated Effects Mean Group (CCEMG) and Dynamic Common Correlated Effects Mean Group (DCCEMG) tests.
- Employed the D-H panel causality test to determine directional relationships.
Main Results:
- Tourism, renewable energy, and the digital economy positively influence green economic growth.
- Urbanization and the financial industry negatively affect green economic growth.
- Causality confirmed between tourism development and green economic growth, and between green economic growth and renewable energy usage.
Conclusions:
- BRICS nations should implement green growth policies while managing environmental pollution for sustainable development.
- Policies should focus on enhancing tourism, the digital economy, and financial institutions to improve environmental quality.
- Findings offer significant policy implications for promoting sustainable economic development in BRICS countries.
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