Empowering BRICS economies: The crucial role of green finance, information and communication technology and innovation in sustainable development

This study delves into the crucial role of green finance, information and communication technology (ICT), technological innovation, and renewable energy in the Brazil, Russia, India, and China (BRICS) countries from 2000 to 2021. The findings highlight the importance of green finance in reducing the ecological footprint and promoting eco-friendly initiatives, sustainable practices, environmental technology innovation, and heightened environmental awareness. This means 1% increase in green related finance has reduced ecological footprint by 0.72% in BRICS economies. Additionally, technological innovation and the consumption of renewable energy play a significant role in enhancing environmental sustainability. Conversely, the study reveals that ICT has a considerable impact on the ecological footprint, but the interaction effect with green finance helps to mitigate its negative effects and improve the environmental quality. Meanwhile, non-renewable energy, gross domestic product (GDP) per capita, and urbanization have an adverse effect on the environment. To strengthen green finance in BRICS countries, governments can establish comprehensive policy frameworks that prioritize sustainability and create a conducive climate for incentivizing investment in environmentally friendly endeavors.