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BRICS Advocates Using Local Currencies in Energy Trade: Communique
BRICS Advocates Using Local Currencies in Energy Trade: Communique
Sputnik India
The BRICS nations have called for encouraging the use of local currencies in global energy trade, which was one of the key outcomes of the Energy Ministers' Meeting held in Brasilia on Monday.
2025-05-20T14:22+0530
2025-05-20T14:22+0530
2025-05-20T14:22+0530
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The BRICS nations have called for encouraging the use of local currencies in global energy trade, which was one of the key outcomes of the Energy Ministers' Meeting held in Brasilia on Monday.India was represented by Minister of Power Manohar Lal Khattar at the meeting, who highlighted energy security as one of the "most pressing current challenges" for the developing states. The BRICS ministers also acknowledged the continued role of fossil fuels in the global energy mix, particularly for the developing nations in the Global South.At the same time, the BRICS ministers also stressed the importance of reducing greenhouse gas emissions (GHGs) in line with the United Nations (UN) Sustainable Development Goals (SDGs), guided by technological neutrality and the principle of common but differentiated responsibilities and respective capabilities (CBDR-RC), according to the communique."The Ministers advocated efficient use of all energy sources and called for increased concessional and low-cost financing from developed to developing nations. They highlighted the role of the New Development Bank (NDB) in promoting sustainable energy infrastructure, especially through local currency financing," the BRICS statement read."The Ministers advocated for adoption of fair, transparent, and consistent guidelines for assessing carbon intensity, energy classification, and mutual recognition of taxonomies and certifications," the statement read.Importantly, as means of enhancing practical cooperation among BRICS in the energy security and transition, the ministers recognised the key role of BRICS Energy Research Cooperation Platform and welcomed the updated BRICS Roadmap for Energy Cooperation (2025–2030).They also committed to elevating BRICS' global energy role and advancing shared priorities under India’s presidency of the grouping in 2026, the BRICS communique said.
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BRICS Advocates Using Local Currencies in Energy Trade: Communique
BRICS nations are the world’s largest energy producers and consumers. Russia, a major crude producer, has been trading in local currencies with key importers like India and China.
The BRICS nations have called for encouraging the use of local currencies in global energy trade, which was one of the key outcomes of the Energy Ministers' Meeting held in Brasilia on Monday.
"The Ministers called for stronger partnerships, supported open, fair, and non-discriminatory international energy markets, and encouraged the use of local currencies in energy trade," according to the Energy Ministerial Communiqué, the excerpts of which were released by India's Ministry of Power on Tuesday.
India was represented by Minister of Power Manohar Lal Khattar at the meeting, who highlighted energy security as one of the "most pressing current challenges" for the developing states.
Khattar also called for enhancing inter-BRICS cooperation to bolster economic stability and sustainability, as well as to promote equitable access to energy resources globally, the statement said.
The BRICS ministers also acknowledged the continued role of fossil fuels in the global energy mix, particularly for the developing nations in the Global South.
At the same time, the BRICS ministers also stressed the importance of reducing greenhouse gas emissions (GHGs) in line with the United Nations (UN) Sustainable Development Goals (SDGs), guided by technological neutrality and the principle of common but differentiated responsibilities and respective capabilities (CBDR-RC), according to the communique.
The BRICS nations underscored that each country had the right to determine its own energy transition path and pace.
"The Ministers advocated efficient use of all energy sources and called for increased concessional and low-cost financing from developed to developing nations. They highlighted the role of the New Development Bank (NDB) in promoting sustainable energy infrastructure, especially through local currency financing," the BRICS statement read.
The ministers of the Global South grouping underlined that energy security remained critical for the socio-economic development of each country. They also underscored the importance of "market stability, resilient infrastructure, diversified energy sources, and critical minerals for clean technologies".
"The Ministers advocated for adoption of fair, transparent, and consistent guidelines for assessing carbon intensity, energy classification, and mutual recognition of taxonomies and certifications," the statement read.
Importantly, as means of enhancing practical cooperation among BRICS in the energy security and transition, the ministers recognised the key role of BRICS Energy Research Cooperation Platform and welcomed the updated BRICS Roadmap for Energy Cooperation (2025–2030).
They also committed to elevating BRICS' global energy role and advancing shared priorities under India’s presidency of the grouping in 2026, the BRICS communique said.
