The Role of Renewable Energy and R&D Expenditures in the Economies of BRICS Countries
Acta Polytechnica Hungarica, vol.23, no.6, pp.148-170, 2026 (SCI-Expanded, Scopus)
- Publication Type: Article / Article
- Volume: 23 Issue: 6
- Publication Date: 2026
- Doi Number: 10.12700/aph.23.6.2026.6.9
- Journal Name: Acta Polytechnica Hungarica
- Journal Indexes: Science Citation Index Expanded (SCI-EXPANDED), Scopus
- Page Numbers: pp.148-170
- Keywords: electricity production, renewable electricity, renewable energy, research and development (R&D) expenditures
- Open Archive Collection: Digital Heritage Collection
- Azerbaijan State University of Economics (UNEC) Affiliated: Yes
Abstract
Countries will ensure energy supply security to increase their supply sources and reduce their dependence on imported fossil energy sources, they turn to various avenues to benefit from new and renewable energy sources. In this study, the effects of renewable energy production on economic growth are examined from the perspective of the renewable energy policies of BRICS (Brazil, Russia, India, China, South Africa) countries in the context of the renewable energy sector. In addition, per capita research and development (R&D) expenditures are also included in the analysis to measure the relationship between renewable energy sources and R&D expenditures. In this context, the analysis was carried out with the data of the BRICS countries between 1996 and 2015. The result of the panel analysis and the Driscoll-Kraay estimator gives a meaningful result. However, no significant relationship was found between the amount of energy produced from renewable sources and economic growth. As a result of the correlation relationship, it is seen that the relationship between economic growth and R&D data in BRICS countries is at a very strong level. The findings of this study strongly support endogenous and Schumpeterian growth approaches. The statistically insignificant impact of renewable energy production on economic growth in BRICS countries is consistent with neoclassical and energy-based growth models. In contrast, the strong relationship between per capita R&D expenditure and economic growth confirms the validity of knowledge and innovation-driven growth theories.