Brics consists of 11 member states, including Indonesia, covering half the world's population and 40% of the global economy. With its growing size, the contradictions within the grouping become evident, particularly with many autocracies in its ranks. Brics calls for reforms in global institutions and recognizes the need for climate action, creating a development bank for green industrialization. Member states have made strides in renewable energy, accounting for less than half of its electricity generation. This signals a shift away from traditional reliance on hydrocarbons and open trade.
Brics now counts 11 member states, including Indonesia, representing half the world's population and 40% of the global economy, outpacing the G7 by $20tn.
Brics emphasizes the need for reform in financial global institutions like the IMF; the rich world has failed to honor climate finance promises.
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