New BRICS Members Solidify The Bloc’s Renewable Energy Leadership

The planned expansion of the BRICS bloc, through the addition of new members Saudi Arabia, Iran, United Arab Emirates (UAE), Egypt, Ethiopia and Argentina, will transform the grouping into a global leader in renewable energy in the coming decades, Rystad Energy research shows. The six new members will join the BRICS group of Brazil, Russia, India, China and South Africa in January 2024.

As the transition to cleaner technology accelerates, the alliance is projected to derive over 80% of its power from renewable sources by 2050, with total capacity reaching 11 terawatts (TW), more than double the combined 4.5 TW expected in the Group of Seven (G7) nations Canada, France, Germany, Italy, Japan, the UK and the US.

“Then the sixth angel poured out his bowl on the great river Euphrates, and its water was dried up, so that the way of the kings from the east might be prepared.” Rev. 16:12

Renewable energy is rapidly gaining prominence as costs decline, making it an increasingly attractive prospect for investors in the BRICS+ nations. This appeal is reinforced by the abundant natural resources and affordable labor in most member countries. This creates an opportunity for significant growth in gross domestic product (GDP) per capita, while population growth remains relatively conservative by comparison, underscoring the economic strength of some of the incoming members.

Despite rapid economic growth, BRICS+ nations face a challenge in reducing emissions due to their heavy reliance on fossil fuels. In the G7 nations, the early adoption of green technologies and policies has seen their emissions decline. Both groups are setting ambitious climate targets, underscoring the pivotal role sustainable energy will play in the global energy transition.

The BRICS+ alliance is fundamentally reshaping the global energy landscape.

Read More @ Oil Price HERE