BRICS Nations Agree to Promote Energy Cooperation, Statement Reads

The BRICS nations agreed on Monday to enhance their energy cooperation and push for a fair energy transition that reflects national circumstances, according to a joint statement released by their foreign ministers at the close of the first day of talks.

"The ministers expressed the intention to promote energy cooperation among the BRICS countries. They emphasized that guaranteeing universal access to affordable and reliable energy and ensuring energy security is a crucial foundation for economic development, social stability, national security, and the welfare of all nations worldwide," it read.

The ministers stressed the importance of enhancing energy security and market stability by promoting competitive markets and spoke in favor of promoting a "just and balanced" energy transition that benefits national priorities by allowing the efficient use of all energy sources, including nuclear and hydrogen.

They underscored the need to ensure the resilience of the global supply of minerals and other materials that are critical for the energy transition. They noted the establishment of a dedicated UN panel on critical energy transition minerals, warning that "the rush for these minerals, which are mostly found in the developing world, should not replicate the previous injustice and inhumane history of colonialism."

"The ministers called for these minerals to be beneficial to the socio-economic well-being of the societies and countries where the minerals are found. They further agreed that the countries where those minerals are available should have the opportunity to be a part of the global value chains without any discrimination rather than just be exporters of raw materials," they said.

SPIEF 2024

CAR Considers Joining BRICS in Line With Multipolarity Policy, Prime Minister Says

10 June, 14:39

Proposals for mediating the conflict in Ukraine, which were welcomed by the officials, were also included in the joint statement.

"The ministers recalled their national positions concerning the situation in and around Ukraine as expressed in the appropriate form, including the UN Security Council and UN General Assembly. They noted with appreciation relevant proposals of mediation and good offices aimed at peaceful resolution of the conflict through dialogue and diplomacy," the ministers said in a statement published by the Indian Ministry of External Affairs.

Furthermore, the BRICS foreign ministers emphasized the importance of the enhanced use of national currencies in trade and financial transactions between the member states.

"The ministers underscored the importance of the enhanced use of local currencies in trade and financial transactions between the BRICS countries. They recalled paragraph 45 of the Johannesburg II Declaration, tasking the Finance Ministers and Central Bank Governors of the BRICS countries to consider the issue of local currencies, payment instruments, and platforms and to report back to the BRICS Leaders," the statement read.