The role of natural resources, fintech and economic complexity in sustainable development for BRICS nations: A policy insight from advanced panel data techniques

Abstract

In recent times, ecological sustainability has become a pertinent area of interest for policy stakeholders in emerging nations. The BRICS nations are five nations that have significantly contributed to the world's GDP and play a significant role in the environmental policy arena. The ongoing research has confabulated the interconnections among three pertinent economic policy variables, i.e., NTR, FNT, and ECX, on SGR in five selected nations. The research has used the most rigorous method, MMQR, for the empirical outcomes. The empirical outcomes elucidate that ECX and ENT are essential sources to augment SGR. In contrast, NTR is one of the most prominent factors escalating ecological degradation in these nations. The research has provided a few interesting policy insights; for instance, according to the empirical outcomes, environmental taxes can be used to abate CO2 emissions. However, it is recommended that these taxes must be accompanied by green finance and green credit, which ultimately will help the firms and promote green growth. Green growth is an essential tool for boosting SGR in the chosen nations. Furthermore, the chosen nation must focus on strategies that promote the sustainable use of NTR for a cleaner and greener tomorrow.