BRICS Champions Sustainable Energy Transition and Global Collaboration

India, alongside BRICS countries, urges developed nations to provide concessional financing for low-carbon energy transitions. At the BRICS Energy Ministers' Meeting, countries highlight the New Development Bank's role and stress energy security's importance, calling for fair international energy markets and cooperation to achieve global energy goals.

India, in collaboration with other BRICS nations, is calling for increased concessional and low-cost financing from developed countries to support emerging economies in transitioning to low-carbon energy systems.

Union Minister for Power Manohar Lal is representing India at the BRICS Energy Ministers' Meeting in Brazil, which commenced on May 19. BRICS comprises Brazil, Russia, India, China, and South Africa, with participation from countries like Egypt and Indonesia.

The meeting underscored the necessity for developed nations to assist developing ones financially, advocating efficient use of energy sources and promoting local currency financing through institutions like the New Development Bank. The ministers emphasized the importance of energy security in socio-economic development and sustainable infrastructure.

(With inputs from agencies.)