Emerging economies and ecosystems rely heavily on fossil fuels, and a country’s energy dependence is a strong indicator of its reliance on foreign suppliers. This study investigates the impact of energy dependence on energy intensity, CO₂ emission intensity, and the exploitation of renewable resources in 35 developing and 20 developed nations. It also explores the correlation between renewable energy, GDP growth, and CO₂ emissions. This study utilizes the Generalized Linear Model (GLM) and the Robust Least Squares (RLS) method to investigate the negative correlation between renewable energy and policymakers in established and emerging economies. It also employs distinctive linear panel estimation techniques spanning from 1970 to 2022. This study examines the impact of renewable energy on economic growth, energy consumption, and CO₂ emissions across four continents. Developing countries see an increase in per capita CO₂ emissions when their utilization of renewable energy exceeds their capacity. Even with the introduction of several proxies for renewable energy use using changed techniques, this discovery remains valid. Moreover, this is particularly crucial for industrialized nations with well-established institutions. Energy dependency has increased the energy and carbon intensity needed for expansion across all components, which is surprising. The regional study discovered a spillover impact in most regions, indicating that the consequences of energy reliance are similar in neighboring countries. Regional energy exchange unions play a vital role in reducing the adverse environmental and economic impacts of energy dependence, which is essential for the growth of the renewable energy sector and the decrease in greenhouse gas emissions. Undeveloped countries need to enhance their investment in research and development to advance technologically.

The issue of climate change and global warming is rapidly intensifying due to the extensive emissions of CO₂. In response to this, countries worldwide are implementing policies to enact decarbonization strategies through social and governance investing strategies. The current study examined the effects of environmental, social, and governance investing, eco-innovation, renewable energy production and consumption, and carbon taxes from 2004 to 2023. At the highest, middle, and lowest levels, this paper examines the environmental policies, social and governance economies, and energy of the BRICS nations. We investigate variable relationships through cross-sectional autoregressive distributed latency. The results suggest that Brazil’s focus on sustainability-driven innovation, along with its high renewable energy balance and middle-level status, is indicative of significant environmental initiatives. India’s higher-ups prioritize green finance, and their investments in environmental, social, and governance areas may demonstrate their commitment to sustainable development. China has made considerable progress in renewable energy and carbon trading despite its vast population and high emissions. At a lower level, Russia’s sustainability initiatives are undergoing evolution and have the potential to make significant strides. The nation’s difficulties require a coordinated, long-term strategy. The empirical findings imply that BRICS countries can achieve carbon neutrality by modifying their economic growth and globalization strategies and increasing their focus on renewable energy, as well as investment and policy regulations.