Climate Change , CO? , and Macroeconomic Stability Nexus: An Economic Growth Analysis in BRICS Economies

Authors

  • Achmad Budi Susetyo
    ✉ Corresponding author: achmad.susetyo@trunojoyo.ac.id
    Universitas Trunojoyo Madura
  • Fitria Idham Chalid Universitas Trunojoyo Madura
  • Enni Endriyati Universitas Trunojoyo Madura

DOI:

https://doi.org/10.33395/owner.v10i4.3544

Keywords:

economic growth, macroeconomic, climate change, ARDL-Panel, CO?

Abstract

This study aims to explore the long- and short-term impacts of macroeconomic factors, Climate Change,  and CO?  emissions on the Economic Growth of BRICS member states during 2002–2023. This study employs a quantitative approach using an ex post facto model. Furthermore, the population consists of the 5 original BRICS member states, with a non-probability sampling technique, namely exhaustive sampling. Consequently, based on the sampling technique applied, five key BRICS member states were selected as the sample, comprising 110 observations. Data analysis was conducted using the PMG ARDL-Panel model. The results indicate that the variables CO? , Foreign Direct Investment (FDI), and Inflation do not have a significant effect. Meanwhile, the variables Climate Change  and Trade openness (TO) have a significant effect in the long run.  In the short term, inflation was found to have a significant effect in Russia but not in the other four countries; conversely, trade openness was significant only in Brazil and not in the other four countries. Based on this analysis, there are significant differences in the variables between the long- and short-term models. This phenomenon implies that macroeconomic conditions, proxied through inflation, trade openness, and Foreign direct investment, as well as Climate Change, proxied through maximum surface temperature (TSMAX) and CO? emissions, exert differing effects over time on Economic Growth in the BRICS member states.

Downloads

Download data is not yet available.

References

Abid, I., Hechmi, S., & Chaabouni, I. (2024). Impact of Energy Intensity and CO? Emissions on Economic Growth in Gulf Cooperation Council Countries. Sustainability (Switzerland), 16(23). https://doi.org/10.3390/su162310266

Acemoglu, D., Aghion, P., Bursztyn, L., & Hemous, D. (2012). The Environment and Directed Technical Change. American Economic Review, 102(1), 131–166. https://doi.org/10.1257/aer.102.1.131

Ahmed, S. K. (2024). How to choose a sampling technique and determine sample size for research: A simplified guide for researchers. Oral Oncology Reports, 12, 100662. https://doi.org/10.1016/j.oor.2024.100662

Alam, M. S., Manigandan, P., & Yagis, O. (2026). Assessing the impact of green finance, innovation, and environmental sustainability on economic growth in BRICS economies. SN Business & Economics, 6(5), 138. https://doi.org/10.1007/s43546-026-01106-8

Alfaro, L., Chanda, A., Kalemli-Ozcan, S., & Sayek, S. (2004). FDI and economic growth: the role of local financial markets. Journal of International Economics, 64(1), 89–112. https://doi.org/10.1016/S0022-1996(03)00081-3

Amin, S. (1997). Capitalism in the Age of Globalization: The Management of Contemporary Society. Bloomsbury Academic. https://books.google.co.id/books?id=m4eVN23FjMcC

Andhika Pratama, & Hukom, A. (2025). Dampak Perubahan Iklim Terhadap Ketahanan Pangan Di Kalimantan Tengah: Analysis of the Ardl Panel. Jurnal Oportunitas?: Ekonomi Pembangunan, 4(2), 169–180. https://doi.org/10.29303/oportunitas.v4i2.2142

Androniceanu, A., & Georgescu, I. (2023). The Impact of CO? Emissions and Energy Consumption on Economic Growth: A Panel Data Analysis. Energies, 16(3), 1342. https://doi.org/10.3390/en16031342

Arrighi, G. (1994). The Long Twentieth Century: Money, Power, and the Origins of Our Times. Verso. https://books.google.co.id/books?id=cFfKtpgn4fkC

Asfaw, H. A. (2014). Trade Policy and Economic Growth in Sub-Saharan Africa: A Panel Data Approach. American Journal of Trade and Policy, 1(3), 95–102. https://doi.org/10.18034/ajtp.v1i3.370

Atigala, P., Maduwanthi, T., Gunathilake, V., Sathsarani, S., & Jayathilaka, R. (2022). Driving the pulse of the economy or the dilution effect: inflation impacting economic growth. PLoS ONE, 17(8 August), 1–17. https://doi.org/10.1371/journal.pone.0273379

Azam, M., & Khan, S. (2022). Threshold effects in the relationship between inflation and economic growth: Further empirical evidence from the developed and developing world. International Journal of Finance & Economics, 27(4), 4224–4243. https://doi.org/10.1002/ijfe.2368

Banday, U. J., Murugan, S., & Maryam, J. (2021). Foreign direct investment, trade openness, and economic growth in BRICS countries: evidence from panel data. Transnational Corporations Review, 13(2), 211–221. https://doi.org/10.1080/19186444.2020.1851162

Barro, R. J. (1989). The Ricardian Approach to Budget Deficits. Journal of Economic Perspectives, 3(2), 37–54. https://doi.org/10.1257/jep.3.2.37

Bhoi, B. K., & Tabasum, G. (2024). Inflation-Growth Relationship: New Evidence for India. Journal of Quantitative Economics, 22(1), 223–239. https://doi.org/10.1007/s40953-024-00388-9

Brueckner, M., & Lederman, D. (2015). Trade Openness and Economic Growth: Panel Data Evidence from Sub?Saharan Africa. Economica, 82(s1), 1302–1323. https://doi.org/10.1111/ecca.12160

Chamley, C. (1986). Optimal Taxation of Capital Income in General Equilibrium with Infinite Lives. Econometrica, 54(3), 607. https://doi.org/10.2307/1911310

Chase-Dunn, C., & Hall, T. D. (2018). Rise and Demise. Routledge. https://doi.org/10.4324/9780429493157

Chatterjee, M., & Naka, I. (2022). Twenty years of BRICS: political and economic transformations through the lens of land. Oxford Development Studies, 50(1), 2–13. https://doi.org/10.1080/13600818.2022.2033191

Chizema, D. (2025). The Impact of Foreign Direct Investment on Economic Development in South Asia and Southeastern Asia.

Coe, D. T., & Helpman, E. T. T.-I. R. spillovers. (1995). International R&D spillovers. European Economic Review, 5, 39–859. https://doi.org/None

Cooley, T. F., & Hansen, G. D. (2013). The Inflation Tax in a Real Business Cycle Model. In Real Business Cycles (Vol. 79, Nomor 4, hal. 214–230). Routledge. https://doi.org/10.4324/9780203070710-18

Cukierman, A., & Meltzer, A. H. (1989). A Political Theory of Government Debt and Deficits in a Neo-Ricardian Framework. The American Economic Review, 79(4), 713–732. http://www.jstor.org/stable/1827928

De Gregorio, J. (1993). Inflation, taxation, and long-run growth. Journal of Monetary Economics, 31(3), 271–298. https://doi.org/10.1016/0304-3932(93)90049-L

Debra, R. (2019). Global Warming. In the Intergovernmental Panel on Climate Change. https://doi.org/10.1002/9780470996621.ch50

DeFleur, M. L., & Ball-Rokeach, S. (1975). Theories of Mass Communication. D. McKay Company. https://books.google.co.id/books?id=D2ArAAAAYAAJ

Dell, M., Jones, B. F., & Olken, B. A. (2012). Temperature Shocks and Economic Growth: Evidence from the Last Half Century. American Economic Journal: Macroeconomics, 4(3), 66–95. https://doi.org/10.1257/mac.4.3.66

Dkhili, H., & Dhiab, L. Ben. (2018). The Relationship between Economic Freedom and FDI versus Economic Growth: Evidence from the GCC Countries. Journal of Risk and Financial Management, 11(4), 81. https://doi.org/10.3390/jrfm11040081

Dou, Y., Zhao, J., Malik, M., & Dong, K. (2021). Assessing the impact of trade openness on CO? emissions: Evidence from China-Japan-ROK FTA countries. Journal of Environmental Management, 296, 113241. https://doi.org/10.1016/j.jenvman.2021.113241

Efayena, O. O., Anthony, B. O., Oniore, J. O., Irikefe, P. O., & Zainudin, A. D. (2026). Revisiting the nexus between electricity consumption, economic growth, and environmental sustainability in the new BRICS: asymmetric panel evidence. Cogent Economics & Finance, 14(1). https://doi.org/10.1080/23322039.2025.2611622

Feriansyah. (2022). Economic Growth and CO2 Emission in ASEAN: Panel-ARDL Approach. Economics and Finance in Indonesia, 68(1), 102–112. https://doi.org/10.47291/efi.2022.04

Fida, F., & Habiba, U. (2026). Drivers of CO? Emissions: The Impact of Energy Consumption, Green Finance, Institutional Quality, and Research and Development in BRICS Countries. Journal of Emerging Business Innovation Management, 2(1), 19–35. https://doi.org/10.65072/jebim.v2i1.2

Fischer, S. (1982). Seigniorage and the Case for a National Money. Journal of Political Economy, 90(2), 295–313. http://www.jstor.org/stable/1830294

Frank, A. G. (1998). ReORIENT: Global Economy in the Asian Age. University of California Press. https://books.google.co.id/books?id=z2SfcwMwpbAC

Freeman, D. G., & Yerger, D. (1997). Inflation and Total Factor Productivity in Germany: A Response to Smyth. Weltwirtschaftliches Archiv, 133(1), 158–163. http://www.jstor.org/stable/40440521

Freire-González, J., Padilla Rosa, E., & Raymond, J. L. (2024). World economies’ progress in decoupling from CO2 emissions. Scientific Reports, 14(1), 20480. https://doi.org/10.1038/s41598-024-71101-2

Ghoshray, A. (2024). Energy Consumption, CO? Emissions, and Economic Growth in MENA Countries. Environmental Economics, 11(1), 133–150. https://doi.org/10.21511/EE.11(1).2020.12

Grossman, G., & Krueger, A. (1991). Environmental Impacts of a North American Free Trade Agreement. https://doi.org/10.3386/w3914

Grossman, G. M., & Helpman, E. (1994). Endogenous Innovation in the Theory of Growth. Journal of Economic Perspectives, 8(1), 23–44. https://doi.org/10.1257/jep.8.1.23

He, Q. (2023). The inverted-U effect of inflation on growth: Cross-country evidence. Economic Modelling, 128, 106501. https://doi.org/10.1016/j.econmod.2023.106501

Helpman, E. (1999). The Structure of Foreign Trade. The Journal of Economic Perspectives, 13(2), 121–144. http://www.jstor.org/stable/2647122

Hidthiir, M. H. bin, Ahmad, Z., Junoh, M. Z. M., & Yusof, M. F. Bin. (2024). Dynamics of economic growth in ASEAN-5 countries: a panel ARDL approach. Discover Sustainability, 5(1). https://doi.org/10.1007/s43621-024-00351-x

Javed, M. H., & Bhutta, D. N. T. (2026). Climate change risk and financial stability in BRICS countries: The moderating role of climate finance. The North American Journal of Economics and Finance, 84, 102636. https://doi.org/10.1016/j.najef.2026.102636

Keho, Y. (2017). The impact of trade openness on economic growth: The case of Cote d’Ivoire. Cogent Economics & Finance, 5(1), 1332820. https://doi.org/10.1080/23322039.2017.1332820

Khalid, W., Aybudak, H. G., Rafay, A., Usman, M., Seraj, M., & Ali, M. (2026). Growth–energy–innovation nexus and environmental sustainability in BRICS-T economies: Evidence from Method of Moments Quantile Regression. Quality & Quantity. https://doi.org/10.1007/s11135-026-02684-3

Khan, A. A., Noreenand, S., & Farooq, M. (2024). Impact of Environmental Degradation, Energy, and FDI on Growth: Panel Analysis of South Asian Economies. 8(2). https://doi.org/10.35484/pssr.2024

Khan, M., & Hanif, W. (2020). Institutional quality and the relationship between inflation and economic growth. Empirical Economics, 58(2), 627–649. https://doi.org/10.1007/s00181-018-1479-7

Khan, S. N., Munir, N., Abdullah, N. N., Alhebri, A., Antohi, V. M., Fortea, C., Zlati, M. L., & Breaz, T. O. (2026). Green growth, globalization, and financial expansion in BRICS: PMG-ARDL insights for economic development. International Review of Economics & Finance, 108, 105235. https://doi.org/10.1016/j.iref.2026.105235

Kilinc-Ata, N., Xavier, B., & Bhat, M. A. (2026). Decoupling economic growth and CO? emissions: a geopolitical comparison of the EU and GCC energy transitions. Quality & Quantity. https://doi.org/10.1007/s11135-026-02572-w

Le, H. T. P., Pham, H., Do, N. T. T., & Duong, K. D. (2024). Foreign direct investment, total factor productivity, and economic growth: evidence in middle-income countries. Humanities and Social Sciences Communications, 11(1), 1388. https://doi.org/10.1057/s41599-024-03462-y

Le, T.-H., Chang, Y., & Park, D. (2020). Renewable and Nonrenewable Energy Consumption, Economic Growth, and Emissions. The Energy Journal, 41(2), 73–92. https://www.jstor.org/stable/26902798

Letta, M., & Tol, R. S. J. (2019). Weather, Climate, and Total Factor Productivity. Environmental and Resource Economics, 73(1), 283–305. https://doi.org/10.1007/s10640-018-0262-8

Levin, A., Lin, C.-F., & James Chu, C.-S. (2002). Unit root tests in panel data: asymptotic and finite-sample properties. Journal of Econometrics, 108(1), 1–24. https://doi.org/10.1016/S0304-4076(01)00098-7

Lucas, R. E. (2000). Inflation and Welfare. Econometrica, 68(2), 247–274. http://www.jstor.org/stable/2999427

Luo, H., & Kamarudin, F. (2024). Macroprudential policies and CO? emissions: A comparative analysis of G7 and BRIC countries. PLOS ONE, 19(1), e0296363. https://doi.org/10.1371/journal.pone.0296363

Ma, X., Song, C., Zhao, C., Zhao, Z., Deng, B., & Liu, Z. (2024). The role of BRICS countries in the optimal low-carbon transition path for sustainable development. Journal of Cleaner Production, 460, 142583. https://doi.org/10.1016/j.jclepro.2024.142583

Maiwan, M. (2017). Geografi, Geopolitik, Dan Globalisasi: Suatu Analisa Terhadap Teori Sistem Dunia Immanuel Wallerstein. Jurnal SPATIAL Wahana Komunikasi dan Informasi Geografi, 17(1), 1. https://doi.org/10.21009/spatial.171.01

Mankiw, N. G. (2019). Macroeconomics. Macmillan Learning. https://books.google.co.id/books?id=Ek6SugEACAAJ

Mejia, S. A. (2023). The economic growth effects of foreign direct investment in developing countries, 1980–2019. International Journal of Sociology, 53(4), 239–260. https://doi.org/10.1080/00207659.2023.2226484

Miti?, P., Fedajev, A., Radulescu, M., & Rehman, A. (2023). The relationship between CO? emissions, economic growth, available energy, and employment in SEE countries. Environmental Science and Pollution Research, 30(6), 16140–16155. https://doi.org/10.1007/s11356-022-23356-3

N Gregory Mankiw, Romer, D., & Growth, D. N. W. T. T.-A. C. to the E. of E. (1992). A Contribution to the Empirics of Economic Growth. The Quarterly Journal of Economics, 2, 107–407. https://doi.org/None

Nguyen, M. L. T., & Bui, T. N. (2021). Trade openness and economic growth: A study on ASEAN-6. Economies, 9(3). https://doi.org/10.3390/economies9030113

Nordhaus, W. D. (2006). Geography and macroeconomics: New data and new findings. Proceedings of the National Academy of Sciences of the United States of America, 103(10), 3510–3517. https://doi.org/10.1073/pnas.0509842103

Owusu, B., & Bökemeier, B. (2026). The economic growth and inflation nexus: New empirical assessment for emerging market economies. International Review of Economics & Finance, 107, 105078. https://doi.org/10.1016/j.iref.2026.105078

Oyekale, A. S. (2024). Energy efficiency and greenhouse gas emissions: A panel ARDL model of top five emitters in Africa. Scientific African, 26, e02362. https://doi.org/10.1016/j.sciaf.2024.e02362

Pedroni, P. (2001). Purchasing Power Parity Tests in Cointegrated Panels. Review of Economics and Statistics, 83(4), 727–731. https://doi.org/10.1162/003465301753237803

Pejanovi?, V., Radovi?, G., Zari?, G., & Popovi?, V. (2026). Climate Change and Agriculture in Regional Economics of BRICS Countries. Vestnik Sibirskogo Instituta Biznesa i Informatsionnykh Tekhnologii, 15(1), 105–112. https://doi.org/10.24412/2225-8264-2026-1-1101

Pesaran, M. H., & Smith, R. (1995). Estimating long-run relationships from dynamic heterogeneous panels. Journal of Econometrics, 68(1), 79–113. https://doi.org/10.1016/0304-4076(94)01644-F

Polat, ?. H. (2026). The New Drivers of CO? Emissions in BRIC Countries: Assessing the Role of Economic Policy Uncertainty, Clean Energy Consumption, and Financial Development. ?ktisadi ?dari ve Siyasal Ara?t?rmalar Dergisi, 29, 292–315. https://doi.org/10.25204/iktisad.1835684

Pratama Putra, A., Liana, D., & Lamin Conteh, M. (2025). The Impact of Trade Openness on Indonesia’s Economic Growth. Journal of Economics Development Issues, 8(1), 52–67. https://doi.org/10.33005/jedi.v8i1.381

Qamruzzaman, M., Almulhim, A. A., & Aljughaiman, A. A. (2025). Nexus between uncertainty, innovation, and environmental sustainability in BRICS: an analysis under the environmental Kuznets Curve (EKC) framework. Frontiers in Environmental Science, 13. https://doi.org/10.3389/fenvs.2025.1570150

Radulescu, M., Cifuentes-Faura, J., Si Mohammed, K., & Alofaysan, H. (2024). Energy efficiency and environmental regulations for mitigating carbon emissions in Chinese provinces. Energy Efficiency, 17(6), 67. https://doi.org/10.1007/s12053-024-10248-3

Raghutla, C. (2020). The effect of trade openness on economic growth: Some empirical evidence from emerging market economies. Journal of Public Affairs, 20(3). https://doi.org/10.1002/pa.2081

Rahimi, M. N., & Kumar, A. (2026). Drivers of carbon dioxide emissions in Brazil, Russia, India, China, and South Africa: a panel vector auto-regression approach. Asia-Pacific Journal of Regional Science, 10(2), 25. https://doi.org/10.1007/s41685-026-00425-w

Rahmawati, A., & Robertus, M. H. (2023). Pengaruh Konsumsi Listrik, Pertumbuhan Ekonomi, Industrialisasi, and Keterbukaan Perdagangan terhadap Emisi CO? di Indonesia, 1983-2019. Diponegoro Journal of Economics, 12(3), 13–21. https://doi.org/10.14710/djoe.39536

Rahmayani, D., Anas, M., Rachman, M. A., & Vikia, Y. M. (2025). The Dynamic Nexus Among Energy Consumption, Economic Growth, and Green Finance on Environmental Quality. Jurnal Economia, 21(3 SE-Articles), 336–353. https://doi.org/10.21831/economia.v21i3.72253

Rao, A., Ali, M., & Smith, J. M. (2024). Foreign direct investment and domestic innovation: Roles of absorptive capacity, quality of regulations, and property rights. PLOS ONE, 19(3), e0298913. https://doi.org/10.1371/journal.pone.0298913

Rehan, M., Alvi, J., Naz, A., & Karaca, S. S. (2026). Economies in transition: carbon emissions and renewable energy in G7 and BRICS. International Journal of Energy Sector Management, 20(1), 65–89. https://doi.org/10.1108/IJESM-06-2024-0016

Riaz, M. H., Alam, M., Ali, A., Ahmed, Z., Uddin, M. S., & Raihan, A. (2025). Resource-Driven Industrialization and Economic Growth in BRICS+: A Pathway to Sustainability or Environmental Tension? Sustainable Futures, 10, 101136. https://doi.org/10.1016/j.sftr.2025.101136

Rigas, N. (2023). The impact of CO? emissions and climate on economic growth and productivity: International evidence. November, 719–740. https://doi.org/10.1111/rode.13075

Rigas, N., & Kounetas, K. E. (2024). The impact of CO2 emissions and climate on economic growth and productivity: International evidence. Review of Development Economics, 28(2), 719–740. https://doi.org/10.1111/rode.13075

Rivera-Batiz, L. A., & Romer, P. M. (1991). Economic Integration and Endogenous Growth. The Quarterly Journal of Economics, 106(2), 531. https://doi.org/10.2307/2937946

Romer, P. M. (1986). Increasing Returns and Long-Run Growth. In Journal of Political Economy (Vol. 94, Nomor 5). https://doi.org/10.1086/261420

Sab’ul Masani, & I Gusti Ngurah Aryawan Asasandi. (2025). Pendekatan Autoregressive Distributed Lag (ARDL) dalam Melihat Pengaruh Nilai Tukar dan Inflasi Terhadap Ekspor Pertanian di Indonesia. Jurnal Ilmiah Mahasiswa Agrokomplek, 4(3), 992–1001. https://doi.org/10.29303/p9trry40

Safira, A., & Setyowati, E. (2025). Analisis Pengaruh Ekspor, Impor, dan Investasi Asing Langsung terhadap Pertumbuhan Ekonomi di ASEAN-4 Tahun 2018-2023. Journal of Accounting and Finance Management, 6(2), 861–870. https://doi.org/10.38035/jafm.v6i2.1778

Samsu, S. (2021). Metode Penelitian:(Teori Dan Aplikasi Penelitian Kualitatif, Kuantitatif, Mixed Methods, Serta Research & Development) (Rusmini (ed.)). Pusaka Jambi. https://doi.org/978-602-51453-3-9

Saqib, N., & Dinc?, G. (2024). Exploring the asymmetric impact of economic complexity, FDI, and green technology on carbon emissions: Policy stringency for clean-energy investing countries. Geoscience Frontiers, 15(4), 101671. https://doi.org/10.1016/j.gsf.2023.101671

Sargent, T. J. (1982). The Ends of Four Big Inflations: Vol. I (hal. 41–98).

Selmey, M. G. S. G., Elkhodary, Y. F. Y., & Elsayed, E. F. E. M. (2024). Economic Policy Uncertainty, Energy Consumption, Trade Openness, and CO? Emissions: Evidence from BRICS Countries. International Journal of Energy Economics and Policy, 14(6), 554–565. https://doi.org/10.32479/ijeep.16885

Shahbaz, M., Patel, N., Du, A. M., & Ahmad, S. (2024). From black to green: Quantifying the impact of economic growth, resource management, and green technologies on CO? emissions. Journal of Environmental Management, 360, 121091. https://doi.org/10.1016/j.jenvman.2024.121091

Smith, D. A., & White, D. R. (1992). Structure and Dynamics of the Global Economy: Network Analysis of International Trade 1965-1980. Social Forces, 70(4), 857. https://doi.org/10.2307/2580193

Stern, D. I. (2004). The Rise and Fall of the Environmental Kuznets Curve. World Development, 32(8), 1419–1439. https://doi.org/10.1016/j.worlddev.2004.03.004

Suharev, O. (2023). Monetary Policy For Economic Growth In Russia: Accumulative Slowing Effect. Obshchestvo i ekonomika, 1, 5. https://doi.org/10.31857/S020736760023986-3

Tobin, J. (1965). Money and Economic Growth. Econometrica, 33(4), 671. https://doi.org/10.2307/1910352

Uddin, I., & Rahman, K. U. (2023). Impact of corruption, unemployment, and inflation on economic growth: evidence from developing countries. Quality and Quantity, 57(3), 2759–2779. https://doi.org/10.1007/s11135-022-01481-y

Wallerstein, I. (2004). World-Systems Analysis. Duke University Press. https://doi.org/10.2307/j.ctv11smzx1

Wang, Q., & Wang, S. (2019). Decoupling economic growth from carbon emissions growth in the United States: The role of research and development. Journal of Cleaner Production, 234, 702–713. https://doi.org/https://doi.org/10.1016/j.jclepro.2019.06.174

Yang, S.-P. (2024). The Determinants and Growth Effects of Foreign Direct Investment: A Comparative Study. Journal of Risk and Financial Management, 17(12), 541. https://doi.org/10.3390/jrfm17120541

Zhang, P., Deschenes, O., Meng, K., & Zhang, J. (2018). Temperature effects on productivity and factor reallocation: Evidence from half a million Chinese manufacturing plants. Journal of Environmental Economics and Management, 88, 1–17. https://doi.org/10.1016/j.jeem.2017.11.001

Downloads

Published

2026-10-01

How to Cite

Susetyo, A. B. ., Chalid, F. I. ., & Endriyati, E. . (2026). Climate Change , CO? , and Macroeconomic Stability Nexus: An Economic Growth Analysis in BRICS Economies. Owner : Riset Dan Jurnal Akuntansi, 10(4), 3681-3698. https://doi.org/10.33395/owner.v10i4.3544