2 Sustainable Development Goals in Context to BRICS Countries
15
• Seeking investment opportunities for the New Development Bank (NDB) in the
fields of energy efficiency and renewable energy.
Several initiatives were set up to pursue these goals. In 2017, countries launched
an Energy Research Cooperation Platform to support their work on energy efficiency
and energy more widely. Its purpose is to conduct research and analysis, contribute to
implementing BRICS investment projects in the energy sector, develop cooperation
on energy technology, and improve training for personnel in BRICS countries. The
platform is supported by two additional initiatives: the BRICS Network University
and the BRICS Think Tank Council. To mobilize investments, Energy and Green
Economy Working Group was established to encourage public-private partnerships
for energy-efficient technologies. The Working Group is part of the BRICS Business
Council, which was created in 2013 with a vision to strengthen and promote business,
trade, and investment amongst the BRICS business communities.
In 2014, the BRICS forum set up the New Development Bank to assist fund
infrastructure in the BRICS countries. One of the key objectives of the NDB’s job
is to lay energy targets for the BRICS countries to provide reliable and sustainable
investment for the BRICS countries to build their independent renewable energy
capacity (Council 2015). The targets laid down by the NDB triggered the BRICS
countries to develop plans and execute new and existing renewable capacity. In
this regard to achieve these goals, the bank offer loans quickly and flexibly to the
BRICS countries. It’s a great step towards sustainability in the energy field. And
these concerns of BRICS counties can lead to better cooperation between them in
the future.
Though the NDB has brought remarkable advances in the field of renewable
capacity for the BRICS countries, some of them have been seen to miss their targets.
Thereby demand has been placed for the NDB and other multilateral development
banks and financial institutions to increase investment such that the BRICS could
have a massive impact on the environmental damage currently being created by their
energy systems (Council 2015). One of the most perspective and rapidly developing
fields in renewable energy is the Smart grid communications market. It has been
predicted that the Smart grid communications market would reach USD 9.5 billion
by 2020 among the BRICS countries (News on Renewable 2019). The market is
expected to grow rapidly over the next eight years which would be followed by
three distinct phases. In the first phase, a two-way communication system would
be established between utilities and subscribers by the deployment of smart meters.
That would be followed by the incorporation of the new sensors and other devices at
prime junctures of the network. This would help the utilities to develop value-added
services to aid their smart grid infrastructure (News on Renewable 2019; Trindade
et al. 2017). The final phase would comprise of the development of new services and
software for the optimization of smart meter establishment and overall grid.
15
• Seeking investment opportunities for the New Development Bank (NDB) in the
fields of energy efficiency and renewable energy.
Several initiatives were set up to pursue these goals. In 2017, countries launched
an Energy Research Cooperation Platform to support their work on energy efficiency
and energy more widely. Its purpose is to conduct research and analysis, contribute to
implementing BRICS investment projects in the energy sector, develop cooperation
on energy technology, and improve training for personnel in BRICS countries. The
platform is supported by two additional initiatives: the BRICS Network University
and the BRICS Think Tank Council. To mobilize investments, Energy and Green
Economy Working Group was established to encourage public-private partnerships
for energy-efficient technologies. The Working Group is part of the BRICS Business
Council, which was created in 2013 with a vision to strengthen and promote business,
trade, and investment amongst the BRICS business communities.
In 2014, the BRICS forum set up the New Development Bank to assist fund
infrastructure in the BRICS countries. One of the key objectives of the NDB’s job
is to lay energy targets for the BRICS countries to provide reliable and sustainable
investment for the BRICS countries to build their independent renewable energy
capacity (Council 2015). The targets laid down by the NDB triggered the BRICS
countries to develop plans and execute new and existing renewable capacity. In
this regard to achieve these goals, the bank offer loans quickly and flexibly to the
BRICS countries. It’s a great step towards sustainability in the energy field. And
these concerns of BRICS counties can lead to better cooperation between them in
the future.
Though the NDB has brought remarkable advances in the field of renewable
capacity for the BRICS countries, some of them have been seen to miss their targets.
Thereby demand has been placed for the NDB and other multilateral development
banks and financial institutions to increase investment such that the BRICS could
have a massive impact on the environmental damage currently being created by their
energy systems (Council 2015). One of the most perspective and rapidly developing
fields in renewable energy is the Smart grid communications market. It has been
predicted that the Smart grid communications market would reach USD 9.5 billion
by 2020 among the BRICS countries (News on Renewable 2019). The market is
expected to grow rapidly over the next eight years which would be followed by
three distinct phases. In the first phase, a two-way communication system would
be established between utilities and subscribers by the deployment of smart meters.
That would be followed by the incorporation of the new sensors and other devices at
prime junctures of the network. This would help the utilities to develop value-added
services to aid their smart grid infrastructure (News on Renewable 2019; Trindade
et al. 2017). The final phase would comprise of the development of new services and
software for the optimization of smart meter establishment and overall grid.