BRICS and Sustainable Development: Assessing the Impact of Green Finance Initiatives on Economic Growth and Environmental Sustainability

This study examines the role of green finance initiatives in achieving sustainable development within the BRICS nations—Brazil, Russia, India, China, and South Africa. Using a normative juridical analysis approach, the research evaluates the legal and regulatory frameworks that govern green finance, exploring their impact on economic growth and environmental sustainability. A comparative analysis reveals significant variations in policy implementation and outcomes among the BRICS nations. The findings highlight that robust legal frameworks and institutional capacities, as seen in China and India, correlate with greater success in integrating green finance into national development strategies. Challenges such as regulatory gaps, enforcement issues, and socio-economic inequalities hinder the broader adoption of green finance initiatives, particularly in Brazil, Russia, and South Africa. The study underscores the importance of tailoring green finance policies to country-specific contexts while fostering global collaboration to align strategies with international sustainability standards. Recommendations are provided to strengthen the efficacy of green finance as a catalyst for sustainable development.