Econometric Analysis of BRICS Countries’ Activities in 1990–2022: Seeking Evidence of Sustainability

BRICS countries, which cause 43.2 percent of global greenhouse gas emissions, are crucial in the world’s effort toward environmental sustainability. BRICS countries are among the world’s largest maritime traders and account for a good share of carbon emissions through shipping and the degradation of marine ecosystems. This research provides a novel contribution by examining the combined effect of energy intensity, innovation, blue economy activities and renewable energy on environmental sustainability for the period between 1990 and 2022 for BRICS nations under the shadow of ESG—economic, social and governance readiness. The key variables are energy intensity, renewable energy usage, innovation, blue economy and ESG readiness, with a critical focus on the environmental consequences. By applying Driscoll and Kraay’s robust adopting-type approach and panel quantile estimation, the findings indicate that adopting renewable energy and increased innovation significantly lowers GHG emissions across BRICS economies. The study further establishes that international ocean trade and fishing activities contribute to the deterioration of the environment through the overexploitation of resources and emissions resulting from shipping activities, with the consideration of these as the backbone of the blue economy. However, social and positive influences on sustainable practice in the BRICS region, as reflected through policy frameworks, economic development, and technical cooperation among members, positively influence the adoption of sustainable practices, thereby driving progress toward environmental goals. This study underlines the importance of continued technical cooperation among BRICS countries, with a commitment to sustainable innovation and a transition to renewable energy as essential strategies to reduce environmental degradation and enhance long-term sustainability.