Fintech innovation for sustainable environment: Understanding the role of natural resources and human capital in BRICS using MMQR

Abstract

BRICS countries constitute some of the biggest polluting countries in the world. Their dominance in the world economy speaks volumes about the level of industrialization in their respective economies. The CO2 emissions caused by these countries need to be addressed urgently to mitigate the environmental challenges the world is facing in many different parts. This study is conducted to identify the impact of Fintech innovation (FNT), Natural resources (NTR) and Human Capital (HCP) on the Sustainable environment (SEN) in BRICS countriesand has used the MMQR technique. The study's findings suggest that the use of FNT is an integral weapon in the fight against environmental damage as the use of FNT can help to digitalize the financial industry and reduce the CO2 emissions of the banking industry. Furthermore, the use and extraction of NTR can have a detrimental impact on the quest towards SEN. Additionally, using HCP can help develop sustainable innovations, which can help achieve SEN. The BRICS countries are recommended to develop standard environmental regulations and promote green purchasing in government procurements, promote the use of FNT to develop green finance and use a carbon tax to limit the emissions by companies. Furthermore, providing subsidies for the transition towards renewable energy can be one of the critical ways BRICS countries can achieve their much-publicized SEN targets.