| Title | Green finance, fintech, and environmental sustainability: fresh policy insights from the BRICS nations |
|---|---|
| ID_Doc | 32260 |
| Authors | Udeagha, MC; Muchapondwa, E |
| Title | Green finance, fintech, and environmental sustainability: fresh policy insights from the BRICS nations |
| Year | 2023 |
| Published | International Journal Of Sustainable Development And World Ecology, 30, 6 |
| Abstract | The BRICS region has considered achieving environmental sustainability a top priority in terms of policy. Environmental distress is mostly brought on by the region's continued reliance on fossil fuels to supply local energy needs. Besides, the region has historically been a significant importer of fossil fuels, making it difficult to substantially reduce the region's reliance on them. As a result, the BRICS nations' greenhouse gas (GHG) emission rates have steadily increased over time. Moreover, the region offers vast untapped amounts of renewable energy sources that may be used to generate power without adversely harming the environment. In light of this, this paper examines the combined effects of green finance (GFN) and financial technology (fintech) in achieving the region's carbon neutrality goals from 1990 to 2020, while controlling for energy innovation, economic growth and natural resources rent. The results for the BRICS economies, which are supported by the EKC hypothesis, suggest that GFN, fintech and energy innovation (ENI) promote environmental sustainability. However, natural resources rent (NRR) and economic growth (GDP) degrade environmental quality. Additionally, it has been shown that the bidirectional causality exists between CO2 emissions and GFN, fintech, and NRR. However, GDP and ENI have been shown to exhibit unidirectional causality with CO2 emissions. Based on the empirical findings, it is suggested that the BRICS countries should speed up the development of green financial products and expand the ability of banks and financial institutions to provide green credit facilities, and put into the research on the usage of GFN solutions. |
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