THE ROLE OF GREEN INVESTMENTS IN DIVERSIFYING RESOURCE-DEPENDENT ECONOMIES: EVIDENCE FROM BRICS+ COUNTRIES

This paper investigates the role of green investments in diversifying resource-dependent economies, specifically focusing on the expanded BRICS+ bloc, within the context of the global energy transition. To evaluate the concentration of commodity exports, the Herfindahl-Hirschman Index (HHI) was calculated alongside the UNCTAD Product Complexity Index (PCI) to capture structural shifts. Utilizing data from the World Bank and the International Energy Agency (IEA), a dynamic panel data regression analysis (Pooled OLS and Fixed Effects models) was conducted for the 2010–2025 period. The econometric results indicate that green investments directed toward renewable energy sources (RES) stimulate non-resource exports and mitigate resource dependency over the long term. Concluding the study, actionable policy recommendations are proposed to enhance the Strategic Foreign Economic Activity (FEA) framework of the Republic of Uzbekistan.