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The BRICS nations have made environmental sustainability a top priority in their policies due to concerns about the negative impact of fossil fuel reliance on the environment. Their dependence on fossil fuels, both for energy production and imports, has led to a steady increase in greenhouse gas emissions over time. However, the BRICS nations also have significant potential for renewable energy sources that can be harnessed without harming the environment. In this study, we examine how green finance (GFN) and financial technology (fintech) can contribute to the BRICS nations' goal of achieving carbon neutrality from 2000 to 2018. We also consider the influence of energy innovation, economic growth, and natural resources rent. The results support the Environmental Kuznets Curve hypothesis and indicate that GFN, fintech, and energy innovation promote environmental sustainability. On the other hand, natural resources rent, and economic growth have a negative impact on environmental quality. We also find that there is a bidirectional causality between CO2 emissions and GFN, fintech, and natural resources rent, while GDP and energy innovation exhibit a unidirectional causality with CO2 emissions. Based on these findings, we recommend that the BRICS countries prioritize the development of green financial products and expand the capacity of banks and financial institutions to offer green credit facilities. Furthermore, more resources should be dedicated to research on how to effectively use green finance solutions while managing associated risks.
Udeagha et al. (Sat,) studied this question.