article · Future Business Journal
Abstract This empirical study examines the impact of green financing for fintech startups on CO₂ emissions in BRICS countries over the period 2000–2024. Empirically, the results show that green financing for fintech has a significant negative effect on long-term CO₂ emissions, while economic growth and urbanization remain major drivers of increased emissions. Green innovation and effective environmental governance appear to be key levers for strengthening emissions reductions, while trade openness has no direct effect in this context. Methodologically, the study employs advanced econometric approaches, including PMG-ARDL, dynamic GMM, and DCCE, to simultaneously account for inter-country heterogeneity, cross-dependencies, and global shocks, ensuring the robustness of the results against potential endogeneities. The results of this paper suggest that the BRICS countries could maximize the effectiveness of green finance by: (i) adopting policies that support innovation and green R&D, (ii) strengthening environmental governance, and (iii) reforming their business systems to integrate sustainable practices. Thus, this study contributes to the literature on green finance and the climate transition in emerging economies by providing robust empirical evidence and concrete recommendations for policymakers.
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DOI: 10.1186/s43093-026-00831-8
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