The measurement of green economic quality in the BRICS countries: Should they prioritize financing for environmental protection, economic growth, or social goals?

Abstract

The study presents a Green Economy Index that evaluates the quality of green economies in the BRICS countries based on three pillars: environment, economic performance, and quality of green living. Research findings suggest that the BRICS nations are gradually shifting their focus from mere economic growth to encompassing environmental, social welfare, and equality concerns. Russia showcased the best balance among these three pillars from 2011 to 2020, while India and China made notable strides. Nevertheless, Brazil and South Africa face obstacles in improving their economies and increasing social welfare. The indicators highlight specific challenges each country must address, including high unemployment in Brazil and South Africa, low energy intensity in Russia and China, and air pollution and low Human Development Index in India, alongside shared issues like low government transparency. Based on the research significant findings, the study attempts to address whether the BRICS nations should prioritize financing environmental protection, economic growth, or social goals to maintain a balance among all the three pillars and achieve their green economy objectives.