article · Technology in Society
This research investigated the relationships between financial development, environmental quality, technological innovation, and economic complexity in BRICS economies from 1995 to 2017. It found that economic complexity, technological innovation, and financial development all contribute positively to mitigating carbon emissions. However, economic growth consistently showed a detrimental effect on environmental quality in both the short and long term. Interestingly, the combined effect of financial development and economic complexity had no significant impact on carbon emissions and neutralised the direct environmental benefits of financial development. Conversely, technological innovation was found to moderate financial development, leading to further reductions in carbon emissions. The negative environmental impact of economic growth remained persistent throughout the analysis, highlighting the importance of transferring environmental technologies to improve sustainability in these nations.
Understanding how economic factors, technology, and financial systems interact with environmental quality is crucial for sustainable development. This research provides insights for policymakers in major developing economies like the BRICS nations, helping them design strategies that promote economic growth without compromising environmental health, particularly through the strategic use of technology.
The abstract suggests that transferring environmental-related technologies is important for improving environmental sustainability. While it does not indicate a direct application pathway for specific products or services, it points towards a need for policies and initiatives that facilitate the adoption and diffusion of green technologies within BRICS economies, potentially creating opportunities for technology providers and innovators in the environmental sector.
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The seeming aspects of globalization are certainly not without economic-related opportunities especially in the developing countries such as Brazil, Russia, India, China, and South Africa (BRICS). By employing the cross-sectionally augmented autoregressive distributed lag among other empirical approaches over the period 1995-2017, the following interesting critical results are presented by the investigation. Economic complexity, technological innovation, and financial development all yield desirable outlook toward carbon emission mitigation in the countries while economic growth further shows short- and long-run detrimental effect on environmental quality. Moreover, the combined effect of financial development and economic complexity has no significant effect on carbon emission in the short- and long-run while also neutralizing the direct environmental effect of financial development. Additionally, technological innovation moderate financial development to further mitigate carbon emission, thus justifying the direct and indirect environmental effects of technological innovation. Meanwhile, negative environmental effect of economic growth remained unabated in the entire scenario. This result emphasizes the role of environmental-related technologies transfer in improving the bloc’s environmental sustainability.
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DOI: 10.1016/j.techsoc.2024.102581
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