BRICS, Sustainability and Green growth: Unveiling the Impact of Macroeconomic Metrics on Carbon Emissions Reduction

Abstract

The BRICS nations—Brazil, Russia, India, China, and South Africa—are pivotal in promoting worldwide sustainable economic progress and eco-friendly growth. This research investigates the influence of various macroeconomic metrics, including GDP expansion, renewable energy usage, public spending on education, and initiatives aimed at eradicating hunger, on carbon dioxide emissions during the timeframe of 2010 to 2022. Employing sophisticated econometric methodologies, such as the Panel ARDL framework and Johansen-Fisher Cointegration analysis, this study uncovers substantial long-term connections among these factors, emphasising the revolutionary impact of investments in renewable energy and educational spending on reducing greenhouse gas emissions. In spite of obstacles like regulatory shortcomings, socio-economic inequalities, and environmental decline, the research highlights the potential for employment generation, global collaboration, and eco-friendly financing to promote sustainable progress within BRICS countries. Decision-makers are encouraged to focus on allocating resources towards renewable energy, sustainable farming practices, and educational initiatives, all while strengthening global partnerships. Through tackling systemic shortcomings and socio-economic disparities, BRICS has the potential to spearhead the worldwide transition towards a more sustainable future.