Introduction
RÍO DE JANEIRO – On July 6 and 7, Rio de Janeiro hosted the Summit of Presidents and Heads of State of the BRICS+ group. With ten current member states and many others aspiring to join, BRICS+ brings together countries with diverse political, cultural, and civilizational perspectives but united in their commitment to fostering South-South cooperation and pursuing a more equitable, multipolar world order.
Relevance of BRICS+
The BRICS+ group, under Brazil’s presidency amidst a fragmented global economy, presents a historic opportunity to develop a cooperation model tailored to the development needs of the Global South. This initiative is crucial as climate change mitigation and adaptation cannot be separated from socioeconomic development. Addressing such a complex, multifaceted challenge requires integration into higher tiers of the value chain through sustainability-based strategies.
Key Areas of Focus
Sustainable Industrial Development
Industrial decarbonization depends on knowledge-intensive sectors and technologies, which require political will, strategic planning, risk appetite for long-term projects, and increased productivity through efficient resource use. BRICS+ should focus on identifying complementarities between strategic sectors and activities, enabling member states to drive innovation and strengthen international competitiveness without undermining each other.
Stakeholder Engagement
To translate commitments into concrete actions, policymakers must engage a broader coalition of stakeholders—including businesses, civil society, labor unions, and academia—to jointly develop policies, guiding principles, and common standards. This collaborative approach not only strengthens relationships but also enhances sustainability and corporate reputation, fostering greater public acceptance and reducing potential resistance or conflict.
Labor and Gender Equality Standards
New investments may necessitate labor safeguards such as fair working conditions, prohibition of child and forced labor, and protection of freedom of association and collective bargaining rights, in line with international agreements and national legislation. Additionally, safeguards promoting gender equality and eliminating racial discrimination will support a more inclusive, comprehensive understanding of sustainability, informed by Global South perspectives.
Financial Support
State-owned financial institutions of BRICS+ members are best positioned to direct capital towards strategic sectors and coordinate efforts with private investors. These institutions, with long-term investment mandates, technical expertise, and proven experience in supporting structural change and sustainable development initiatives, offer fertile ground for increased cooperation—especially through innovative financial instruments that can bolster the role of the New Development Bank.
Conclusion: A Coordinated Effort
An effective BRICS+ development agenda requires coordinated mobilization of resources and institutional efforts, with the state playing a central role in guiding the overall strategy. Beyond mere market correction, public institutions should act as early-stage investors to catalyze necessary structural transformation, influencing private decisions along the value chain through social and environmental conditions in investment frameworks.
Author
Fernando Amorim Teixeira is the coordinator of the Industrial Working Group of the Brazilian Network for Integration of Peoples (REBRIp), Director of Sustainability and Special Projects at the Brazilian Forum of Sovereign Funds (FFSB), and Coordinator of Public Policies at the Brazilian Center for Sustainable Finance (CeFiS).
