CSD test result.

The rapid economic development in emerging economies, particularly in BRICS nations, is closely intertwined with their energy consumption and financial investment in energy sectors. However, the global shift towards sustainability has raised concerns about the continued reliance on fossil fuels and the environmental implications of such practices. Energy finance—particularly the balance between fossil fuel energy finance (FFEF) and renewable energy finance (RENF)—plays a critical role in shaping economic growth trajectories in these economies. At the same time, governance frameworks can either enhance or hinder the effectiveness of energy finance strategies. As the global push for sustainability intensifies, the need to balance these two energy sources becomes increasingly important. This study investigates the impact of energy finance on economic growth in BRICS nations and explores how governance moderates these relationships. Using data from the World Development Indicators (2000–2023) and employing econometric models, including Fully Modified Ordinary Least Squares (FMOLS) and Dynamic Ordinary Least Squares (DOLS) for robustness, the findings reveal that both FFEF and RENF positively impact EGR. However, RENF also offers the added benefit of environmental sustainability, positioning it as a viable alternative for economic development. Good governance emerges as a critical factor that can mitigate the negative environmental effects of FFEF and further amplify the positive impact of RENF on EGR. The study highlights that BRICS nations have the option to shift from FFEF to RENF, as RENF not only promotes economic growth but also aligns with environmental goals. Strengthening governance frameworks will be essential in facilitating this transition and supporting sustainable economic growth.新兴经济体，尤其是金砖国家 (BRICS) 的经济快速发展，与其能源消费及能源领域的金融投资紧密交织。然而，全球向可持续发展转型的浪潮，引发了人们对持续依赖化石燃料及其相关实践所带来的环境影响的担忧。能源金融——尤其是化石燃料能源金融 (FFEF) 与可再生能源金融 (RENF) 之间的平衡——对这些经济体的经济增长轨迹起着至关重要的塑造作用。与此同时，治理框架既可以强化也会削弱能源金融战略的实施成效。随着全球可持续发展推进力度不断加大，平衡这两类能源的需求愈发紧迫。本研究以金砖国家 (BRICS) 为研究对象，探讨能源金融对其经济增长的影响，并分析治理如何调节这一关系。本研究采用世界发展指标 (World Development Indicators, 2000–2023) 的数据，并运用包括完全修正最小二乘法 (FMOLS)、动态最小二乘法 (DOLS) 在内的计量模型进行稳健性检验，结果显示化石燃料能源金融 (FFEF) 与可再生能源金融 (RENF) 均对经济增长率 (EGR) 产生正向影响。不过，可再生能源金融 (RENF) 还附带环境可持续性的额外收益，是经济发展的可行替代方案。良好的治理是关键调节因素，既能够缓解化石燃料能源金融 (FFEF) 带来的负面环境效应，又能进一步强化可再生能源金融 (RENF) 对经济增长率 (EGR) 的正向作用。本研究表明，金砖国家 (BRICS) 可选择从化石燃料能源金融 (FFEF) 转向可再生能源金融 (RENF)，因为后者既能推动经济增长，又能契合环境目标。强化治理框架，将是助力这一转型、支撑可持续经济增长的必要举措。