Author(s): Mehak Kohli and Roop Lal Sharma
The issues of climate change and environmental sustainability have emerged as pressing global challenges, especially for developing economies like the BRICS nations (Brazil, Russia, India, China, and South Africa). This research investigates the impact of eco-friendly technology and energy costs on diminishing CO??? emissions and promoting environmental sustainability within BRICS nations. This study utilises empirical evidence sourced from global organisations to investigate the relationships among economic expansion, the implementation of renewable energy, carbon taxation, and institutional frameworks. The results indicate that heightened investments in sustainable technology and elevated fossil fuel costs substantially diminish CO??? emissions, with China and India at the forefront of the shift towards low-carbon economies. In contrast, Russia and Brazil, characterised by fragile regulatory structures and a significant dependence on fossil fuel subsidies, demonstrate a more sluggish advancement in reducing carbon emissions. South Africa continues to navigate a period of transformation, characterised by moderate implementation of policies and limitations within its energy infrastructure. The research bolsters the Environmental Kuznets Curve (EKC) theory, suggesting that economic expansion first causes an increase in emissions, but ultimately results in a decrease in emissions due to technological innovations and rigorous policy measures. Moreover, robust carbon pricing strategies and the elimination of fossil fuel subsidies are crucial for hastening the shift towards renewable energy. For the attainment of enduring sustainability, the BRICS countries need to bolster the enforcement of policies, broaden financial incentives for renewable energy, and improve collaboration across borders. Subsequent investigations ought to concentrate on tailored decarbonisation strategies for distinct sectors and innovative financial solutions to bolster objectives aimed at achieving carbon neutrality.