Achieving green environment in Brazil, Russia, India, China, and South Africa economies: Do composite risk index, green innovation, and environmental policy stringency matter?

Abstract The Paris Accord has brought the world's governments together to begin implementing plans for their individual economies become carbon‐free. goal of attaining low‐carbon growth is not, however, as simple it would appear since world economies, which are dependent on fossil fuels and fast expanding, concentrated accelerating economic expansion at price worse environmental effects. In light this, study aims investigate combined effects composite risk index (CRI), green innovation (GINOV), policy stringency (EPS) carbon dioxide (CO 2 ) emissions in context Brazil, Russia, India, China, South Africa (BRICS) countries while controlling gross domestic product (GDP) renewable energy research development (RERD) over period from 1960 2020. addresses problems cross‐sectional dependence slope heterogeneity data set used analysis by using second‐generation cross‐sectionally augmented autoregressive distributed lags framework evaluate long‐ short‐run models. corresponding findings show cointegrating relationships between variables. Additionally, results regression demonstrate that EPS, GINOV, RERD contribute a long‐term decrease CO emissions. CRI GDP, increase It suggested policies be tightened, GINOV expenditures promoted, political stability institutional quality maintained, clean strategies adopted order help BRICS reduce sectoral risks, create sustainable environment, decarbonize respective economies.