Greening Half the World: Leveraging the New Development Bank for Green Finance

(Mannat Jaspal, Anil Kishora – Observer Research Foundation) In an era of rising minilateralism and newly forged alliances amidst a disruptive global world order, the BRICS grouping has emerged as a powerful and collective voice representing the Global South. Originally comprising Brazil, Russia, India, and China in 2006—with South Africa joining in 2010—the group has expanded following the Johannesburg Declaration in 2023. As of 2026, the enlarged membership comprises ten member countries: the five founding members and five additional members, viz., Egypt, Ethiopia, Indonesia, Iran and the United Arab Emirates (UAE). In addition to full membership, BRICS allows countries to contribute as “partners”. Through an agreement in the Johannesburg Declaration, formalised at the 2024 Kazan Summit, BRICS can invite partner countries to the Leaders’ Summit and other engagements. This mechanism promotes inclusive representation and South-South cooperation on sustainable development by reinforcing shared interests and policy convergences. At the time of writing this report, ten countries hold partner status: Belarus, Bolivia, Cuba, Kazakhstan, Malaysia, Nigeria, Thailand, Uganda, Uzbekistan, and Vietnam. More than 30 countries expressed interest in participating in the BRICS grouping as either members or partners in 2024—a strong reflection of its growing popularity and rising significance. While the initial mandate of the grouping was economic integration and expanded market access, the collective agenda has since expanded given the geopolitical, geographic, and demographic profiles of the countries. Today, the grouping stands as a crucial axis for impact, particularly in accelerating green transitions. As emerging economies poised to drive the majority of future energy demand, and consequently emissions, BRICS countries hold tremendous potential to mitigate climate impacts at the lowest marginal cost of abatement. – Greening Half the World: Leveraging the New Development Bank for Green Finance