Observational analysis shows energy and foreign direct investment boost economic growth in BRICS+ countries, highlighting the role of financial development.
Key Points
Energy consumption and foreign direct investment positively influence economic growth in BRICS+ countries.
Disaggregated analysis reveals renewable energy promotes growth while non-renewables hinder it, showcasing their contrasting impacts.
Financial development amplifies the benefits of energy use but restrains the growth impact of foreign direct investment.
Robust findings remain stable before and after the Paris Agreement, emphasizing the importance of tailored energy strategies.