BRICS

The acronym BRIC was coined by Goldman Sachs in 2001 to indicate the emerging powers that would be, alongside the United States, the 5 largest economies of the world in the 21st century.

In 2006, BRIC countries started their dialogue, which since 2009 takes place at annual meetings of heads of state and government. In 2011, with South Africa joining the group, the BRICS reached its final composition, incorporating a country from the African continent.

Since the beginning of their dialogue, in 2006, these countries have sought to establish fairest international governance, one that would be more suitable to their national interests. This goal would be achieved, for example, through the reform of the International Monetary Fund quota system, which came to include, for the 1st time, Brazil, Russia, India, and China amongst the top 10 largest shareholders.

Throughout its 1st decade, BRICS has developed sectorial cooperations in different areas, such as science and technology, trade promotion, energy, health, education, innovation and fight against transnational crime.

At the Fortaleza Summit (2014), in Brazil, important institutions were created: the New Development Bank (NDB) and the Contingent Reserve Arrangement (CRA). So far, the NDB has approved more than $8 billion in infrastructure and renewable energy financing projects in the BRICS countries.

The NDB is already playing a special role in activating multilateral energy cooperation. Thus, the 1st approved projects involved joint investments in renewable energy in China, Brazil, South Africa and India for $ 811 million, as well as in the development of small-scale energy in Russia's Karelia.

According to the International Energy Agency (IEA), BRICS countries account for 36.4 % primary energy supply and this is set to rise to 40–50 % by 2040.

BRICS countries include both the largest and fastest-growing energy producers and consumers in the world. Russia and Brazil rely heavily on their primary energy exports, with Russia boasting the world's largest natural gas production, while China and India are among the world's top importers of oil, natural gas, and coal.