The BRICS expansion has revolutionized how we approach social and economic sustainability. This brings positive change at a uniquely challenging time
Gregory September
Follow me for sustainability and geopolitics insights | Co-Founder and CEO of SAUP (Sustainability Awareness and Upliftment Projects NPC) | Published author of 3 books
The BRICS expansion brings with it positive change at a uniquely challenging time in history -? revolutionizing how we approach social and economic sustainability.?
THE WORLD IS ON FIRE, literally and figuratively, drought and storms raging. Multipolarity has redefined #SocialSustainability.
Problem Statement:?
Current social sustainability frameworks lack cultural context, financial investments and diversity considerations; decolonize ESG standards may resolve inequalities.
Western-centric ESG frameworks often overlook developing nations' unique sustainability challenges and growth imperatives.
Findings:
Developing countries are seeking deeper cooperation; they view BRICS as a vital platform to pursue growth and development. Increasingly, new nations are joining, representing currently 46% of global population according to the IMF data.?
How do we ensure inclusive growth?
International politics are ever evolving. The rapid growth of emerging economies (BRICS+) resulted in a multipolar world influencing the world economy and trade in a unique way. Stemming from the original five reasonably strong states desire to collaborate. This modus operandi is bringing about world order change; breaking the traditional hegemony of the US.?
This dramatic evolvement, give rise to what is today known as BRICS+ (‘Global South’) movement to restore imbalances. With the latest Kazan addition of ‘partner countries’ the prospects of dramatic inclusion of countries with western links like Turkey raise the bar further for emerging markets development and expansion.?
"Western social metrics fail to capture BRICS social progress – Is it time to decolonize ESG standards and affirm improved sustainability mechanisms?"?
Interestingly, as witnessed during the G20 Delhi deliberations and declarations the signal is clear, greater investments are needed that requires the multilateral development banks (MDB) with bigger, bolder, better investments; aligned to national priorities to address SDGs, opening the doorway to emerging markets equal proliferation with multipolarity fundamentals as group.
This ‘Multipolarity’ collective forms a political system in international relations with a working balance-of-power arrangement, to achieve specific objectives. In the case scenario of BRICS+ more than three or more nations holds significant power and influence based on consensus, inviting other states to become members. Here diplomatic ideological positioning based on fundamental declarations and the distribution of power, secures the collective stronghold.
BRICS nations now control 37.6% of global GDP at purchasing power parity in 2027, challenging traditional economic models.
"While the West pioneers ESG standards, BRICS nations are silently building their own sustainable finance framework – without Western oversight."
Multipolarity is complex and multifaceted, it may lead to greater instability if two or more states cannot agree. No one actor as state has sufficient preponderant power to overwhelm the other. The success within multipolarity is vested in mutual respect, understanding the dynamics of each country and nature of state sovereignty. This multipolarity relationship is based on accountability and how best nations manage to responsibly appreciate the value of bilateral and multilateral relationships. Acknowledging the push and pull phenomenon in geopolitics amongst the growing number and diversity of actors that through the BRICS Sherpas negotiations pave deliberation leading to decision-making.?
Solutions:
"Emerging technologies like advanced energy storage systems, particularly solid-state and flow batteries, address renewable energy sources, Green hydrogen,?carbon capture, utilisation, and storage (CCUS) technologies are crucial for significantly reducing emissions in industrial processes, Dr Ajaj?2024?
The dollar's reserve position is deteriorating more aggressively than generally recognised by the west
The Kazan Declaration proposed a range of financial instruments, such as BRICS Pay (conceptualised 2018, based on blockchain and digital currencies) designed to undertake cross-border payments and combat economic sanctions; an SWIFT potential challenger. Currently 12 countries are moving away from the dollar. They are Argentina, Brazil, Bolivia, China, Ghana, India, Iran, Malaysia, Russia, Saudi Arabia, Turkey and Venezuela.?
The 47th President of the US is determined to take on countries that threaten to cut ties with the US dollar, this will have direct bearing on hoe relationships will influence the success of ESG. The President-elect vowed to put 100% tariff on all goods entering the US from countries that want to end reliance on the US dollar, this may escalate a trade war after January 20, 2025 when Trump take his oath. Thus, the multipolar world order will be tested to keep the US supremacy viable. Strategically upsetting the multipolar unity may be a focus for the future as the Trump administration may force an aggressively protectionist economic and trade policy to regain.?
An equitable balance must be find between the world’s top 10 GDP producing countries and the (EMDEs)?
This balance will embrace greater financial accountability for the needed funding to address the SDGs aspirations for the next generations wellness and environmental protection are indeed dependent on their responsible action to CSI of our time.
Time and political tolerance dictates the future. Observer status or partner country in BRICS may offer many diversifications of supply chains through partnerships. Robust implementation and equitable measures to support article 6 of the Paris Agreement is a priority to improved outcomes of sustainability.
Strength, resilience, strategy and political statesmanship will make the difference or will the future tell the story of divide and rule.
?? Find this valuable? Repost to help upskill others on BRICS ??.
?? Follow @Gregory September for more sustainability and geopolitical insights, inclusive of BRICS+
References and definitions.
The BRICS Sherpas are a group of representatives from the BRICS countries who meet to discuss and coordinate the partnership's activities.
#SocialImpact #Sustainability #CulturalDiversity #BRICS #MultipolarWorld #BRICSEconomy, #ESGInvesting