Uncovering the impact of Fintech, Natural Resources, Green Finance and Green Growth on Environment sustainability in BRICS: An MMQR analysis

Abstract

BRICS countries are responsible for most of the pollution and environmental damage all around the world. Their share in the world GDP speaks volumes about the environmental destruction they have caused. The focus on natural resource use and extraction has caused severe environmental problems across the globe, including the BRICS countries. Despite the high research attention towards the issue of sustainability, there is limited success in terms of identifying the means to achieve environmental sustainability in the world. This study used the novel MMQR technique to identify the roles of Fintech, Natural Resources, Green Finance and Green Growth on Environmental sustainability in BRICS countries. The results of the study state that the use of Fintech can help to streamline the finances for green projects, while the continued use of Natural resources is detrimental to environmental sustainability. Green Finance and Green growth can be used as an essential medium to improve environmental sustainability in BRICS countries. The use of Carbon tax in accordance with the use of subsidies for environmental performance is recommended to improve the sustainability practices of the countries. The governments in BRICS countries must use the advances of Fintech to ensure that the firms find it attractive to use green methods and renewable energy and continue the growth pattern, albeit through green development.