The critical role of financial inclusion in green growth: Evidence from BRICS countries

The Sustainable Development Goals (SDGs) of the United Nations emphasize the need for green growth (GG), a concept that balances economic expansion with environmental sustainability. The core principles of GG are mitigating climate change, the transition to renewable energy consumption, and engaging in sustainable consumption. Therefore, this study uses advanced econometric techniques to investigate how financial inclusion influences GG in BRICS countries. The augment mean group (AMG) technique, complemented by the Method of Moment Quantile Regression (MMQR) approach, suggests financial inclusion increases GG in BRICS countries. The MMQR results reveal that financial inclusion fosters GG in the lower and medium quantiles. In line with the findings, financial institutions should focus on producing financial products that support the principles of green finance. This includes green stocks, sustainability funds, credit cards, bonds, and other sustainable financial products.