Striving towards carbon neutrality target in BRICS economies: Assessing the implications of composite risk index, green innovation, and environmental policy stringency

The world governments have come together under the Paris Agreement to begin decarbonization and transition a zero-carbon economy. goal of attaining low-carbon growth is not as simple it may appear, however, because fast developing fossil fuel-dependent global economies are concentrated on accelerating economic expansion at expense catastrophic environmental repercussions. In light these circumstances, this study aims investigate combined implications composite risk (CRI), green innovation (GINOV), policy stringency (EPS) carbon dioxide (CO2) emissions in context Brazil, Russia, India, China, South Africa (BRICS), while controlling for (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 (CS-ARDL) framework evaluate long- short-run models. accompanying findings confirm cointegrating relationships between variables. Additionally, results regression demonstrate that EPS, GINOV, RERD contribute long-term reduction CO2 emissions. CRI GDP, increase important conclusions, suggested BRICS nations prevent deterioration strengthening policies promoting development. addition, authorities should encourage use sources ecologically beneficial technologies improve quality achieve neutrality target.