An examination of the relationship between energy consumption, carbon footprint, financial development, economic growth: an empric application on the case of BRICS Countries and Turkey

The use of energy is one of the main factors that has allowed economic development from the ancient times to the present: the realization of economic growth depends on the uninterrupted and sustainable supply of energy. Energy consumption is related to economic growth performance and it is expected that the level of energy consumption will increase in parallel with the economic growth and the increase in social welfare. In the conducted studies, it was concluded that the level of energy consumption and financial development triggered the growth process in economies. Therefore, it can be stated that financial development indirectly affects energy consumption through economic growth. With the effect of industrialization, countries have closely followed technological developments in order to increase their production volumes and income levels. In this process, countries focused only on economic growth and financial development goals, and the damage to the environment was ignored. However, in today's world, it has been noticed that the environment is adversely affected by these factors and the search for solutions has begun. Efforts are being made to find solutions to achieve and sustain economic growth targets without harming the environment. Environmental damage is a global issue and the world is exposed to risks and threats that may arise with the deterioration of environmental quality. In recent studies, it has been seen that the relationship between energy consumption, economic growth and CO2 emissions have been investigated in order to achieve sustainable development goal. In this study, it was aimed to examine the effects of financial development, energy consumption levels and economic growth on the environment for BRICS countries and Turkey.