The impact of economic growth, tourism, natural resources, technological innovation on carbon dioxide emission: evidence from BRICS countries

The main objective of this manuscript was to investigate the relationships among economic development, tourism, the use of natural resources, technical advancement, and carbon dioxide emissions in the BRICS group of nations. Data from the panel was gathered from 1995 to 2018. Modern methodology tools including the CS-ARDL tests, Westerlund cointegration tests, and panel data unit root tests have been used in this study. Results of the models show that all the variables were transformed to the first difference to make it stationary. The Westerlund model test results suggest that dependent and independent variables have robust cointegration. Results of the CS-ARDL models reveal that all the variables signed, and significance are aligned with the economic theory. It indicates that except for tourism, the rest of the variables like technical innovation, natural resources, and economic growth have positive and significant effects on carbon dioxide emissions both in the short and long runs. Additionally, a 1% rise in economic growth, technical innovation, and natural resources over the long term would raise carbon dioxide emissions in the BRICS economies by 1.79%, 0.15%, and 0.10%, respectively. However, a 1% increase in tourism would result in a 0.39% decrease in carbon dioxide emissions among the nations in the panel data set. Therefore, the promotion of sustainable tourism and advancement in technological innovation is highly important in these countries, so the high impact of environmental degradation pressure may reduce to some extent. An in-addition comprehensive set of policies should be made on encouraging low-carbon transportation, promoting sustainable tourism certification, boosting local produce, reducing waste management, and provide education and awareness campaigns to tourists.