Few researches have inspected the task of green finance in reducing CO emissions, while earlier studies have inspected the influence of economic development on carbon emissions. A green finance development index is built using four indicators to fill in this knowledge gap: green credit, green insurance, green securities, and green investing. Using data spanning the years 2005-2019, a panel quantile regression is applied to investigate the links between green finance, renewable energy, and CO emissions. Increases in renewable energy use and advances in the green finance development index have contributed to a reduction in CO emissions from BRICS countries. CO emissions on the other hand slowed the growth of renewable energy use, slowed the flow of investment to green projects, and ultimately hampered the development of green finance. There was also a clear policy-driven influence on renewable energy spending in the countries of the BRICS region. Green finance policies, on the other hand, have consistently failed to have a long-term impact. Therefore, rising the consumption of renewable energy and creating a carbon trading market are all part of this study's recommendations for green finance policy improvement.

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http://www.ncbi.nlm.nih.gov/pmc/articles/PMC8986026PMC
http://dx.doi.org/10.1007/s11356-022-19839-yDOI Listing

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