SUSTAINABLE DEVELOPMENT: THE ROLE OF NEW TECHNOLOGIES AND FINANCIAL INSTITUTIONS IN THE BRICS COUNTRIES

Abstract

The article is devoted to the analysis of the role of new technologies, sustainable development, country policies, digitalization and economic growth of the BRICS members, whose countries are: Brazil, Russian Federation, India, China, South-East Africa, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates (UAE). In the face of climate change, economic inequality and conflicts of world powers in times of political and economic crisis, BRICS at the decision-making stage tries to introduce innovative solutions that can ensure the sustainability of the countries' financial systems. The article will also focus on how innovative technologies that can ensure the stability of economic growth are analyzed and how the financial institutions of the BRICS member countries support these processes. Solving the tasks for sustainable development requires a lot of attention, namely cooperation between countries and states, as well as to take into account all the interests that affected the level and financial capabilities of a country and structures of economic and business introduction.  For long-term cooperation, one of the main ways to address this is to create a set of performance standards for companies in the BRICS countries, which primarily emphasize economic, social and corporate characteristics - ESG-standards.