Nexus between energy and development: the case of BRICS

Abstract

As developing nations, BRICS countries have similar development objectives. The security of the supply of energy is thus imperative for all BRICS countries to realise their development objectives. This has been reiterated in all BRICS summits. During the Sixth BRICS Summit, held in Brazil in 2014, the delegates from the BRICS countries highlighted that financial and energy security were the main agenda on the BRICS development trajectory. Accordingly, the member countries saw it necessary to establish the BRICS development bank (New Development Bank) and BRICS energy association.