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Commodity Mid Session News

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(20 May 2025, 12:07)

Economic Buzz: BRICS ministers acknowledge continued role of fossil fuels, advocate efficient use of all energy sources


The BRICS Energy Ministers have reaffirmed their commitment to strengthening energy security and advancing UN Sustainable Development Goal 7 (SDG 7), focusing on universal electricity access, clean cooking, and tackling energy poverty. They emphasized the need for just, inclusive, and balanced energy transitions in response to climate change. While acknowledging the continued role of fossil fuels—particularly in developing countries—they stressed the importance of reducing greenhouse gas emissions in alignment with SDG 7 and global climate targets guided by technological neutrality and the principle of common but differentiated responsibilities and respective capabilities (CBDR-RC).

The Ministers called for stronger partnerships, supported open, fair, and non-discriminatory international energy markets, and encouraged the use of local currencies in energy trade. They recognized the fundamental role of the BRICS Energy Research Cooperation Platform and welcomed the updated BRICS Roadmap for Energy Cooperation (2025–2030) as key to deeper collaboration. Affirming each country's right to determine its own energy transition path and pace, the Ministers advocated efficient use of all energy sources and called for increased concessional and low-cost financing from developed to developing nations. They highlighted the role of the New Development Bank (NDB) in promoting sustainable energy infrastructure, especially through local currency financing. The Ministers advocated for adoption of fair, transparent, and consistent guidelines for assessing carbon intensity, energy classification, and mutual recognition of taxonomies and certifications.


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