The BRICS+ Agenda for Development in the Global South
Fernando Amorim Teixeira: Coordinator of the Industrial Working Group of the Brazilian Network for Integration of Peoples (Rebrip), Director of Sustainability and Special Projects at the Brazilian Sovereign Wealth Funds Forum (FFSB), and Coordinator of Public Policies at the Brazilian Center for Sustainable Finance (CeFiS).
On July 6 and 7, Rio de Janeiro will host a summit of BRICS+ Heads of State and Government. With ten current member countries and many others seeking to join, BRICS+ unites nations with diverse political, cultural, and civilizational orientations, all committed to enhancing cooperation among southern countries and striving for a fairer, multipolar global system.
Such efforts are now more necessary than ever, as the consequences of climate change and adaptation are inseparable from social and economic development. From a production perspective, responding to such a complex and multifaceted challenge requires integration into the higher tiers of value chains, leveraging strategies based on robust sustainability principles. Practically, this means adopting policies to stimulate energy-efficient production methods and expanding output in industries with higher added value.
However, decarbonizing industry relies on knowledge-intensive sectors and technologies, and investments in these areas do not arise organically from market dynamics. They require political will, strategic planning, and a willingness to take risks on long-term projects, with the most important aspect being the enhancement of productivity through more efficient use of natural resources. Such an agenda necessitates empowering states; it calls for the strategic mobilization of public institutions capable of operating with relative independence from financial constraints.
In this context, BRICS+ should focus on identifying synergies among sectors and strategic activities, enabling member countries to drive innovation and enhance their international competitiveness without undermining one another. Initiatives such as the Partnership for a New Industrial Revolution (PartNIR) represent significant steps in this direction.
However, moving beyond dialogue is an essential necessity. To translate commitments into concrete measures, policymakers must engage a broader coalition of stakeholders—including businesses, civil society, trade unions, and academia—in shaping policies, guiding principles, and shared standards. Creating shared value between companies and communities not only bolsters relations but also enhances sustainability and the reputations of those companies. This, in turn, fosters public acceptance and reduces the likelihood of resistance or conflict.
Specifically, new investments may require labor guarantees such as fair working conditions, bans on child labor and forced labor, and protection of the rights to freedom of association and collective bargaining, all in accordance with international conventions and national legislation. Furthermore, guarantees promoting gender equality and the elimination of racial discrimination would support a more inclusive understanding of sustainability, informed by the perspectives of southern countries.
Financing is another critical pillar. Here, state-owned financial institutions in member countries should take the lead in dialogue, as these institutions are best positioned to direct capital to strategic sectors and coordinate efforts with private sector investors. BRICS+ countries already possess dozens of public development banks and sovereign wealth funds with long-term investment mandates and technical expertise, demonstrating a clear track record in supporting structural change and sustainable development initiatives. These institutions provide fertile ground for increased cooperation, especially through innovative financial instruments capable of enhancing the role of the New Development Bank.
It is crucial that public development banks and sovereign wealth funds go beyond merely correcting market failures. They should act as early-stage investors to stimulate the necessary structural transformations, including by linking social and environmental conditions to their investment frameworks to influence private sector decisions across the value chain. For instance, companies might be required to share their technologies and knowledge in exchange for public funding, allowing the state to foster new markets and ensure public support contributes to building more inclusive and sustainable economic models.
With clear objectives for the short, medium, and long term—including the BRICS+ goal of tripling renewable energy capacity by 2030—public programs directing resources toward specific sectors enhance natural coordination. Each member country will need to adopt policies targeting sectors poised to improve productivity and efficiency. Dynamics of inputs and outputs can be shaped through various channels, including effective demand, risk-reduction mechanisms, reductions in unit production costs, and measures encouraging private investment, including through public procurement.
The value chains for critical minerals and bioenergy inputs (such as sustainable aviation fuel) are two of these sectors. Countries like Brazil have already made progress in these areas and are in a position to share some technologies and expertise in exchange for strategic funding.
The BRICS+ agenda for effective development requires a coordinated mobilization of resources and institutional efforts, with the state playing a central role in guiding the overall strategy. The public sector is more than just an investor or funder; it is uniquely positioned to stabilize expectations in a world where uncertainty is escalating. Brazil’s presidency of BRICS+, occurring at a time marked by increasing protectionist measures and global economic fragmentation, presents a historic opportunity to advance a cooperation model aligned with the economic realities and development necessities of the global south.
