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%T Sustainable relationship between FDI, R&D, and CO2 emissions in emerging markets: An empirical analysis of BRICS countries %A Lee, Han-Sol %A Moseykin, Yury N. %A Chernikov, Sergey %J Russian Journal of Economics %N 4 %P 297-312 %V 7 %D 2021 %K foreign direct investment; FDI; R&D; environment pollution; panel analysis %@ 2618-7213 %X This paper empirically analyzes sustainable relations between inward FDI (IFDI), outward FDI (OFDI), the R&D expenditure ratio and CO2 emissions based on balanced panel data from the BRICS (namely, Brazil, Russia, India, China and South Africa) countries for the period 2003-2017. Generally, the results confirm a negative effect of IFDI and a positive effect of OFDI on the R&D expenditure ratio, both with statistical significance. Further exploration of the IFDI, OFDI and R&D impacts on CO2 emissions was based on an assumption that innovation development mitigates environmental pollution. The research outcome revealed positive associations between IFDI and the R&D expenditure ratio with CO2 emissions, showing the connection of environmental pollution to growth-focused national economic strategies. Based on these results, we recommend the following policies: (1) rethinking domestic industries protectionism trends and research support to enhance FDI spillover effects, (2) the drafting of New Development Bank specific environment-friendly investment programs aimed at innovation activities, and (3) looking into further easing the green technologies from developed countries. %C RUS %G en %9 Zeitschriftenartikel %W GESIS - http://www.gesis.org %~ SSOAR - http://www.ssoar.info