Powering Tomorrow: Financial Development and The Clean Energy Transition in BRICS+ Nations

Firlana, Abidin (2025) Powering Tomorrow: Financial Development and The Clean Energy Transition in BRICS+ Nations. S1 thesis, Universitas Andalas.

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Abstract

This study looks at how financial development affects the use of renewable energy in BRICS+ countries, focusing on both the short-term and long-term impacts. It tries to understand how financial institutions and markets, in a nonlinear way, influence the adoption of renewable energy. The research uses ARDL (Autoregressive Distributed Lag) and NARDL (Nonlinear Autoregressive Distributed Lag) models, with data from 1992 to 2021 for ten BRICS+ countries, considering important economic factors like GDP, FDI, and inflation rate. The findings show that both financial institutions and markets have an impact on renewable energy adoption, but the significancy differ in the short and long term. This research gives insights to understand how financial systems can help countries move toward cleaner energy, especially in emerging economies, and gives useful advice for policymakers and investors in the BRICS+ countries. Keywords: Financial Development, Renewable Energy Consumption, BRICS+

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