The 16th BRICS Summit, held in Kazan, Russia, marks a decisive moment for the bloc following its recent expansion. With the inclusion of four new members—Egypt, Ethiopia, Iran, and the UAE—the grouping now represents nearly half of the global population and an important portion of the world’s economy. The summit is particularly noteworthy for India, as Prime Minister Narendra Modi is expected to engage in crucial discussions with leaders including China’s Xi Jinping and Russia’s Vladimir Putin, amidst a backdrop of geopolitical tensions and economic realignment.
About BRICS
BRICS is an acronym for Brazil, Russia, China, and South Africa, originally formed to represent large, non-Western economies. The term “BRIC” was first coined in a 2001 Goldman Sachs report, denoting the potential of these nations to dominate global economic growth. The formal grouping began in 2006, with the first summit occurring in 2009. The recent expansion reflects a strategic move to enhance the bloc’s influence on the global stage, particularly as a counterbalance to Western-dominated institutions such as the IMF and World Bank.
Significance of the 2024 Summit
The summit is vital for reinforcing India’s commitment to multilateralism and strengthening ties with BRICS members. Modi’s anticipated meetings with Putin and Xi could pave the way for enhanced cooperation on trade, security, and climate change. The gathering serves as a platform for BRICS to assert its relevance in global governance, especially as Western nations attempt to isolate Russia amid ongoing conflicts, notably the Ukraine war.
Energy Transition and Environmental Commitments
A noteworthy development within the BRICS nations is the anticipated decline of fossil fuel capacity to below 50% of total installed power by the end of 2024. This represents an important shift towards renewable energy sources, with a reported addition of 190 GW of non-fossil power capacity this year alone. The bloc’s commitment to renewables aligns with global climate targets, including the COP28 goal to triple renewable energy capacity by 2030.
Challenges in the Transition
Despite the progress in renewable energy, challenges remain. All BRICS nations, except Ethiopia, continue to develop fossil fuel projects, which could hinder the momentum gained in transitioning to cleaner energy. The ongoing investment in coal, oil, and gas poses a risk to achieving full decarbonisation, denoting the tension between economic growth and environmental sustainability.
Future Prospects for BRICS
The trajectory of BRICS suggests a potential for increased cooperation among member states in addressing global challenges such as climate change, economic disparity, and geopolitical conflicts. The bloc’s ability to navigate internal differences—such as the India-China border dispute—will be crucial in determining its effectiveness as a unified entity. Furthermore, the expansion of BRICS could lead to a more inclusive global dialogue, giving voice to the Global South in international affairs.
Questions for UPSC:
- Discuss the significance of BRICS as a counterweight to Western-dominated financial institutions.
- Analyse the impact of the recent expansion of BRICS on global geopolitics.
- Examine the challenges faced by BRICS nations in their transition to renewable energy.
- Evaluate the role of BRICS in addressing climate change and promoting sustainable development.
- What are the implications of the India-China relationship for the future of BRICS?
