Changing global dynamics by BRICS expansion

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Despite rapid economic growth, BRICS+ nations face a challenge in reducing emissions due to their heavy reliance on fossil fuels.

Official Press Release Rystad Energy:

BRICS expansion to widen the renewable energy gap with the G7, ushering in new global market dynamics

Wind Industry Profile of
BRICS expansion to widen the renewable energy gap with the G7, ushering in new global market dynamics

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.  Renewable energy is rapidly gaining prominence as... ... More: Official Press Release Rystad Energy

Rystad Energy, G7, BRICS, country, expansion, energy, market, danymics, global, production, renewable energy, decades

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