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

Author

Listed:
  • Duc Huu Nguyen

    (Vietnam National University of Forestry at Dongnai, Dong Nai, Vietnam
    Plekhanov Russian University of Economics, Moscow, Russia)

  • Irina P. Khominich

    (Plekhanov Russian University of Economics, Moscow, Russia)

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.

Suggested Citation

  • Duc Huu Nguyen & Irina P. Khominich, 2023. "The measurement of green economic quality in the BRICS countries: Should they prioritize financing for environmental protection, economic growth, or social goals?," Russian Journal of Economics, ARPHA Platform, vol. 9(2), pages 183-200, July.
    • Handle: RePEc:arh:jrujec:v:9:y:2023:i:2:p:183-200
    DOI: 10.32609/j.ruje.9.101612
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    Citations

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    Cited by:

    1. Darie Flavius Cosmin & Miron Alexandra Dorina & Ciurea Iulia Cristina, 2024. "Geoeconomic Dynamics in a New Economic Global Order from West to East," Proceedings of the International Conference on Business Excellence, Sciendo, vol. 18(1), pages 469-481.
    2. Azer Dilanchiev & Bobur Urinov & Sugra Humbatova & Gunay Panahova, 2024. "Catalyzing climate change mitigation: investigating the influence of renewable energy investments across BRICS," Economic Change and Restructuring, Springer, vol. 57(3), pages 1-32, June.

    More about this item

    Keywords

    green economy green economy index three pillars of green economy green financing entropy weight method.;

    JEL classification:

    • E00 - Macroeconomics and Monetary Economics - - General - - - General
    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General
    • G00 - Financial Economics - - General - - - General
    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)

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