Analisis Pengaruh Investasi Energi Baru Terbarukan (EBT) terhadap Stabilitas Ekonomi Negara BRICS di Era Transisi Energi

Novita Ramdhani; Muhammad Nasim  Harahap

Authors

Novita Ramdhani Universitas Sultan Ageng Tirtayasa
Muhammad Nasim Harahap Universitas Sultan Ageng Tirtayasa, Banten

Keywords:

Renewable Energy Investment (REI); Economic Stability; Energy Transition; BRICS; PMG-ARDL

Abstract

This study aims to analyze the impact of Renewable Energy Investment (REI) on Economic Stability in BRICS countries during the period 2000–2023, within the context of the global shift towards clean energy transition. BRICS countries hold a strategic position in the global energy transition agenda given their significant contribution to global energy consumption and carbon emissions. This research utilizes the Pooled Mean Group (PMG) model to examine the short-term and long-term effects of macroeconomic variables such as Inflation, Trade Openness, Domestic Credit, Political Stability Index, and Debt-to-GDP Ratio on Economic Stability, measured using the Economic Risk Index from the International Country Risk Guide (ICRG). The analysis results indicate that Renewable Energy Investment (REI) has a negative impact in the short term. However, in the long term, Renewable Energy Investment (REI) shows a positive and significant impact on Economic Stability, likely due to investments in the real sector and clean energy, contributing to energy diversification, economic resilience, and the creation of long-term added value, thereby structurally reinforcing economic stability. Furthermore, the variables of Domestic Credit and Debt-to-GDP Ratio were also found to have a negative effect on Economic Stability. This study underscores the importance of regulatory certainty, macroeconomic stability, and strong institutional support in promoting investment in the clean energy sector as an effort to achieve sustainable economic growth and carbon neutrality in developing countries, in line with sustainable development goals.

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