Sustainable Development Goals in BRICS and G7 countries: Increasing accomplishments through policy synergies in four dimensions

Abstract

AbstractThe United Nation's 17 Sustainable Development Goals (SDGs) represent aspirations for human development that necessitate the epiphany of a universal yet varied set of ethical values, social equity, sustainability, and healthy lifestyle within a clean, safe environment. However, recent events such as Covid‐19 and the Ukraine–Russia Impasse have been a bane to achieving these goals. Consequently, there is the need to find innovative ways to increase accomplishments. Given that the SDGs are inherently interconnected and that achieving one is a suitable springboard for achieving others, we hypothesize the whole SDGs in four dimensions: (i) environmental, (ii) economic, (iii) human development, and (iv) energy sustainability to aid in cost effective implementation and comparative analysis between BRICS and G7 countries. Proxying SDGs 3 and 4 with human development, SDG 8 with economic growth, SDG 13 with environmental sustainability, and SDG 7 with energy sustainability, we use panel data from 2000 to 2020. We conducted a thorough empirical investigation and used sophisticated econometric approaches—Driscoll–Kraay for the principal analysis and fixed effect for robustness check. From the analysis, we conclude that the policy frame of UN‐SDG is inconsistent within the panel (BRICS and G7 nations), suggesting that these policy instruments need a uniform harmonization in the policy framework. In conclusion, a policy framework must be created in such a manner that, while having the ability to improve the environment, the pattern of economic growth is preserved, and human progress pursues its goals with priority access to sustainable energy.