This week, Brazil, Russia, India, China and South Africa (BRICS) will be convening in Johannesburg for the 15th BRICS Summit under the theme, BRICS and Africa: Partnership for Mutually Accelerated Growth, Sustainable Development and Inclusive Multilateralism". The bloc forms a big section of the global emerging economy with more than 42% of the world's population, 30% of its territory, 23% of global GDP, and 18% of global trade, which informs its influence in geopolitical dynamics, including economic and environmental trajectories.
This year's BRICS summit is happening when the globe is battling with challenges such as climate change, inflation, energy and food insecurity, conflict, and domestic issues such as unemployment, inequality, and crime, among others.
However, the summit presents an opportunity to avail solutions to the world's overarching reality, which in this case is climate change. With its evident detrimental impacts, such as floods, droughts and tsunamis as witnessed in member states, the climate crisis cannot be disputed. Moreover, BRICS countries account for more than half of G20 emissions, given their carbon-intensive economic systems, which contribute significantly to global greenhouse emissions. For example, South Africa ranks as one of the world's coal-dependent countries, with coal accounting for 85% of electricity produced. China emits 27% of global carbon dioxide and a third of the world's greenhouse gases. Together with India, they make up 82% of BRICS emissions. Russia's economy is highly dependent on a highly energy-intensive military-industrial complex. Brazil increased its carbon emissions by 9.5% with rainforest logging at the brim, especially during the pandemic.
Nonetheless, the bloc has made credible efforts to prioritize climate action using its position in the G20 to propel the alliance to implement systemic reforms. Member countries have made commitments in the quest to achieve net zero and have, over time, reaffirmed their position to collaborate in the fight against climate change based on common but differentiated responsibilities and respective capabilities. For example, in a joint statement issued by the BRICS high-level meeting on climate change in June this year, the bloc reemphasized its intention to jointly address climate change, exploring approaches to accelerate low-carbon and achieve sustainable, balanced and inclusive recovery and development.
While such commitments are central, there is a need for the BRICS to take up global leadership in accelerating climate action on the ground beyond the usual rhetoric. One way through which this can be done is through the energy sector.
The energy sector is key in achieving almost all Sustainable Development Goals, from its role in poverty eradication, improved health care systems, education, and industrialization to fighting climate change. Moreover, the greening of the energy sector has been featured in the declarations of the BRICS since its inception in 2015 as part of the 2030 Agenda for Sustainable Development.
Notably, BRICS member states are well-positioned to capitalize on this potential. For example, China is a leading producer of solar and wind technologies in the global market. Russia is rich in oil and gas and possesses vast mineral resources for geothermal, biomass and solar energy. India is the 3rd largest world's producer of renewable energy.
Brazil has one of the world's cleanest energy matrix and consists of 60% of the Amazon Basin, contributing immensely to the global fight against climate change. Lastly, South Africa is home to various crucial minerals, such as platinum, needed to produce renewable energy technologies.
However, more needs to be done in regard to strengthening collaborative efforts for accelerating the growth of green energy amongst member states. China, the biggest player in renewable energy, ought to take on leadership in driving and promoting more implementation of projects amongst member states. For example, South Africa, as a new driver of the Just Energy Transition, especially in Africa, will need more strategic partnerships with countries such as China, with expertise in effectively navigating the sustainability and development paradox. China and South Africa's collaborations in green energy could be based on building local industrial green technologies production capacity, promoting advanced enterprises in wind power and photovoltaic industry, and reskilling and upskilling locals with skills deemed necessary for jobs in the energy transition.
Furthermore, as a multilateral funding entity aimed at mobilizing resources for infrastructure and sustainable development, the New Development Bank needs to take more interest in funding green energy development projects in member states and, most importantly, ensuring that the funds yield desired outcomes pegged on its foundation principles. Even though the bank has previously funded some of South Africa's renewable energy development projects, such as the Battery Energy Storage Project, Greenhouse Gas Emissions Reduction and Energy Sector Development Project and the Project Finance Facility Project for Eskom, it has come under criticism for its lack of due diligence and facilitating projects that have rather amplified already existing inequalities amongst communities. More needs to be done in establishing an NDB loan governance structure in member states to oversee the implementation of projects that fully align with the interests of the institution or risk being branded as a financial greenwashing tool.
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As major players in the global economy, the BRICS are positioned to drive low-carbon development, especially in the global South. Amidst geopolitical tensions, developing countries increasingly look to them as alternative enablers of sustainable economic growth. For this to be realized, it is important that this year's summit unlocks more opportunities for mutual collaboration and engagement in averting the climate crisis, especially through greening the energy sector for green growth.
