The impact of the green technology on the renewable energy innovation: Fresh pieces of evidence under the role of research & development and digital economy

Abstract

Renewable energy needs to be expanded because it is important for sustainble development. There is the need to study the importance of factors that drive renewable energy. This study mainly focuses on assessing the impact of green technology (GTI), research and development (RDT), and the digital economy (DEC) on renewable energy innovation (RENT) in BRICS countries. The study used FMOLS and DOLS as the main econometric methods to determine the long-run empirical estimates from 2000 to 2022. The research is expected to provide important implications to policy planners as to how they should expand the scope of renewable energy. The findings of the study are as follows: (1) Green technology positively influenced RENT in BRICS countries. (2) The study documented a positive relationship between RDT and RENT. (3) The DOLS analysis shows that the DEC fosters renewable energy companies. (4) The findings also indicate a negative correlation between DEC and RENT in BRICS countries. It is recommended that policymakers in BRICS economies formulate and execute policies that promote green technology advancement, research, and development initiatives, and foster digital economy integration to spur renewable energy innovation.