At a time when the world’s economic and energy orders are being redrawn, the BRICS+ bloc and its Global South partners are making bold moves to reshape how nations cooperate, trade, and power their futures. With debates over de-dollarisation intensifying and energy demand booming across emerging economies, the latest developments from India’s diplomatic corridors and the St. Petersburg International Gas Forum (SPIGF) offer a revealing look at the shifting global landscape.
India, which is set to chair BRICS in 2026, has made it clear that the group’s mission is not about rivalry, but about forging new partnerships. On October 17, 2025, Indian officials reiterated that BRICS was formed for cooperation, not competition—a message echoed by policymakers and diplomats as the bloc expands its influence. According to StratNewsGlobal, the enlarged BRICS+ now accounts for more than half of global economic growth and nearly 40% of the world’s GDP. That’s a staggering share, underscoring the group’s rising clout in shaping international rules and institutions.
Yet, as BRICS+ grows, so do the challenges. Debt sustainability remains a pressing concern, especially for developing nations vulnerable to currency fluctuations and global market volatility. South Africa’s Acting High Commissioner Cedrick Crowley, speaking at the “BRICS+ and the Global South: Shaping a New Architecture of Cooperation” event, highlighted the risks many African countries face when borrowing in U.S. dollars or euros. “Many African countries have borrowed in U.S. dollars or euros, subjecting them to a significant risk where their own currency fluctuates and depreciates. Hence, we hope to find acceptable mechanisms of financing in local currencies,” Crowley said, according to Chintan Research Foundation.
To address these risks, BRICS+ members are actively exploring ways to diversify trade settlements. Purushendra Singh of CUTS International told StratNewsGlobal that the group is considering a range of currencies—including the Chinese yuan, Russian ruble, Indian rupee, Indonesian rupiah, and even the Japanese yen (despite Japan not being a formal BRICS+ member). The list also features the Petro yuan, cryptocurrencies, and digital currencies, reflecting the group’s willingness to embrace new technologies and alternatives to the dollar. Singh noted, “Discussions on the inclusion of digital currencies, blockchain technology and cryptocurrencies as possible dollar alternatives are ongoing.”
Japan’s potential role in inter-BRICS trade transactions has not gone unnoticed. Historically, the yen has been used in United Nations trade and as aid to Africa, making it a viable candidate for future transactions—even if Japan is not yet part of the BRICS+ family. Singh added that the Japan-India-Africa trilateral partnership could play a significant role in the evolving currency landscape.
Innovation is not limited to financial systems. The BRICS Pay system, launched at the 2024 Kazan Summit, now offers an alternative mechanism for cross-border transactions in non-dollar currencies. This initiative is one of several aimed at giving member states more autonomy and flexibility in global commerce.
Looking ahead to India’s upcoming BRICS chairship, Sudhakar Dalela, Secretary (Economic Relations) at the Ministry of External Affairs, laid out ambitious priorities: reforming multilateral development banks, pushing for equitable trade rules, fostering mutual investments, and building resilient supply chains. Dalela also stressed the need for urgent conflict resolution—especially regarding food, fertilizer, and energy security—and the protection of global commons. Technology, too, is front and center. “India will also focus on mutual investments, resilient and reliable supply chains, urgent resolution of conflicts that are impacting food, fertiliser and energy security, the protection of global commons, and a collaborative leveraging of technology for development,” Dalela said.
Central to these efforts is the New Development Bank, which is expected to become a major source of sustainable finance. India’s ongoing focus on climate sustainability and robust partnerships aligns with the group’s broader aims. Joint cooperation on emerging technologies, regulatory governance, and shipping arrangements—especially within the blue economy—will also be in the spotlight. The blue economy, which encompasses ocean-related commercial activity, contributes about 4% to India’s GDP. According to Mongabay India, 95% of India’s trade moves by sea, and roughly 28 million people are employed in fisheries, aquaculture, and related sectors. Maritime trade discussions within BRICS could have significant implications for livelihoods and economic growth across the region.
The energy dimension of this transformation was on full display at the 14th St. Petersburg International Gas Forum in 2025. The event drew 34,000 participants from 53 countries, with 110 business events and 800 expert presentations. As reported by TV BRICS, the Global South already accounts for 60% of global gas consumption—a figure projected to reach 70% by 2050. Russia, China, and India together represent nearly 39% of the world’s gas consumption, making them pivotal players in the sector.
Russia, in particular, stands out as a heavyweight in both gas production and reserves. With over 685 billion cubic metres produced annually and proven reserves of 67 trillion cubic metres, Russia is aggressively expanding its pipeline network to Asia. In September 2025, Russia and China signed agreements to boost gas transit via the Power of Siberia pipeline and laid the groundwork for Power of Siberia 2, which is expected to supply 50 billion cubic metres. The Power of Siberia pipeline is already operating at full capacity (38 billion cubic metres per year), and expansion deals are in place. Russia is also ramping up its liquefied natural gas (LNG) production, aiming to triple output from 34 million tonnes (8% of global supply) to 100 million tonnes by 2030.
The interest in Russian energy is not limited to gas. In June 2025, the Russian Ministry of Energy reported growing demand from BRICS countries for Russian LNG, coal, and oil. India, the Commonwealth of Independent States (CIS), and Southeast Asian nations are seen as the main growth markets for LNG exports, according to expert Anzhelika Eremeeva.
But the energy transition doesn’t stop at fossil fuels. BRICS countries are also betting big on low-carbon sources. China, India, Brazil, and Russia are collaborating on solar, wind, and bioenergy projects, with India leading the International Solar Alliance. Hydrogen technologies are also gaining traction. Russia plans to build a nuclear power plant with a high-temperature gas-cooled reactor integrated with an electrochemical hydrogen production complex, aiming to deliver hydrogen at a competitive US$1.5 per kilogram. However, experts caution that hydrogen’s cost advantage diminishes over long distances, making proximity to consumers crucial.
Natural hydrogen has also piqued interest, with a notable example in Mali, Africa, where a hydrogen generator operates on gas that’s 98% hydrogen. Scientists estimate the Earth’s subsurface holds a staggering 5.6 trillion tonnes of hydrogen, though most of it remains out of reach with current technology.
The Arctic, meanwhile, looms large in the energy conversation. Russia’s Arctic natural gas reserves are estimated at 87 trillion cubic metres, but tapping these resources requires advanced technology due to the region’s harsh climate and unique geology. Joint BRICS and Shanghai Cooperation Organization (SCO) projects in the Arctic have been discussed for years, with political, technological, and environmental challenges all at play. As Eremeeva told TV BRICS, “Joint projects by BRICS and SCO countries in the Arctic region have been under discussion for several years. This issue requires a comprehensive approach, considering political, technological and, most importantly, environmental factors.”
In this era of industrialisation, digitalisation, and artificial intelligence, energy is more than just fuel—it’s the backbone of progress. As BRICS+ and its partners chart new paths for cooperation, innovation, and sustainability, their decisions will reverberate far beyond their borders, shaping the world’s economic and energy future for decades to come.
