BRICS sustainable energy: Challenges and opportunities

Saint-Petersburg University

^* Andrey.yemishyan@mail.ru

Abstract

This was a study of the progress of BRICS countries in achieving sustainable energy development. The work highlights that most BRICS countries have set clear goals for achieving carbon neutrality: Ethiopia, South Africa, Egypt, the United Arab Emirates and Brazil by 2050; China and the Russian Federation by 2060; India by 2070. Analysis of the energy strategies of these countries shows that they all share one common feature: a focus on reducing CO2 emissions, increasing the share of renewable energy sources, diversifying energy sources, and improving energy efficiency. From 2016 to 2022, the share of renewables in the total volume of electricity produced by BRICS countries has grown from 5.56% to 13.20%, and coal consumption over the period under review has shrunk by 4.02%. Since 2015, most BRICS countries have shown an increase in at least three of the defining criteria of the energy trilemma: sustainability, equity, and security. Recently, India recorded the largest increase in energy equity by 19.84 points, while South Africa’s energy security rose by 8.54 points, the largest improvement. Unlike many other nations, BRICS nations take a pragmatic approach to energy agenda issues. While they are oriented towards sustainable energy, which has been characterized by above-average growth worldwide, they also take into account the potential economic consequences of such a rapid abandonment of non-renewable sources; one likely outcome is rising electricity prices that could negatively impact households and industry, and perhaps even capital flight. Therefore, the energy strategies of the BRICS countries are in line with the imperatives of sustainable development and involve a balanced approach to carbon neutrality in accordance with economic realities. It is on this basis that BRICS countries will implement these strategies so that they can take the necessary steps to realize their ambitious plans for a transition to sustainable energy.